The Editorial Team |

South African Airways Chairman Ousted in Boardroom Shake-Up

JOHANNESBURG (Capital Markets in Africa) – South African Airways Chairman Dudu Myeni will leave the state-owned airline in a shakeup of the board scheduled for early next month, as the finance ministry puts new management in place to turn around the unprofitable carrier. Myeni, who is friends with South African President Jacob Zuma and heads his charitable foundation, is the most prominent of a number of directors being replaced following the arrival of new Chief Executive Officer Vuyani Jarana. Deputy…

Dangote Cement Profit Jumps on Lower Fuel Costs in Nigeria

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc said nine-month profit surged 45 percent as Africa’s largest producer of the building material lowered fuel costs in its home market of Nigeria. Net income rose to 193 billion naira ($537 million) from 134 billion naira a year earlier, the Lagos-based company said in a statement on Thursday. Revenue increased 37 percent to 604 billion naira. Dangote Cement, controlled by Africa’s richest man Aliko Dangote, is cutting costs and…

Heineken Congo Cuts Jobs as It Blames High Taxes, Economic Slump

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KINSHASA (Capital Markets in Africa) – Bralima SA, Heineken NV’s subsidiary in the Democratic Republic of Congo, said it’s carrying out a reorganization to cut costs because of the country’s high taxes and continuing economic slump. The restructuring, which will include dismissals, was announced in a letter Bralima Director-General Marinus Maria Kruijt sent to employees on Oct. 11 that was seen by Bloomberg and verified by the company. The cost-cutting follows the closure of two of its…

In Ghana, Collecting Tax Starts With Distributing Addresses

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ACCRA (Capital Markets in Africa) – In a country where most households and businesses either don’t know their address or claim not to have one, Ghana’s government is starting afresh to compile a database that will not only make it easier to locate people, but also boost the collection of taxes. Ghana is planning to identify and register every household and business, and give them an address, President Nana Akufo-Addo said in an emailed statement on Wednesday. While…

Weak Links in Emerging Markets Show Where Selloff May Start

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LAGOS (Capital Markets in Africa) – There’s probably just one headline that could end the party in emerging markets, and it’s likely to come from the Federal Reserve. If a rebound in U.S. inflation prompts the central bank to chip away at its wall of money sooner and faster than expected, then the rally that boosted returns in developing-nation stocks, bonds and currencies since January 2016 will be under threat. While money managers don’t see…

Kenya president snubs vote crisis meeting, presses ahead with campaign

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NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta snubbed a crisis meeting called by the top election official for Thursday, saying he would instead spend the day campaigning for next week’s presidential vote re-run. The first presidential vote in August, which Kenyatta won by 1.4 million votes, was annulled by the Supreme Court over procedural irregularities. The re-run is set for Oct. 26 but opposition leader Raila Odinga has pulled out, alleging a…

World Bank Pledges Support to Ivory Coast, Ghana Cocoa Venture

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ACCRA (Capital Markets in Africa) – The World Bank said it will support plans by Ivory Coast and Ghana to develop a coordinated strategy for their cocoa sectors as the two biggest producers seek to exert better control over global prices and derive more value from growing the beans. The pledge by the Washington-based lender comes as the President Alassane Ouattara of Ivory Coast and his Ghanaian counterpart, Nana Akufo-Addo, signed an agreement Tuesday to adopt common policies…

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