The Editorial Team |

Zuma May Face Graft Charges After South Africa Court Ruling

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Supreme Court of Appeal opened the way for the reinstatement of criminal charges against President Jacob Zuma by upholding a lower court’s ruling that a decision by prosecutors to scrap them was “irrational.” Zuma’s lawyers conceded in a Sept. 14 hearing at the High Court that the National Prosecuting Authority’s reasoning in dropping the case eight years ago was wrong but argued that the president should be allowed to make representations before…

Ghana Cocoa Regulator Is Said to Face $280 Million Shortfall

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s cocoa regulator is facing a 1.25 billion ($285 million) cedi budget shortfall for the new harvest as the world’s second-biggest producer of the beans is keeping farmer pay unchanged even after global prices slumped, according to two people familiar with the matter. At a forecast crop of 850,000 metric tons for the new season through September, the Ghana Cocoa Board will lose 1,481 cedis per ton after all expenses are paid,…

Billionaire Agarwal Increases Stake in Anglo American to 19%

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Billionaire Anil Agarwal has increased his stake in Anglo American Plc to 19 percent, making him the biggest shareholder in the London blue-chip mining company. Agarwal’s Volcan Holdings Plc bought 102.2 million shares in Anglo, according to a regulatory filing Friday. The Indian billionaire, who said last month that he planned to buy as much as 1.5 billion pounds ($2 billion) of the stock, paid an average of 14.68 pounds, based on that…

Iron Ore Rallies as China Imports Bust 100 Million Ton Level

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Iron ore imports by China surged above 100 million metric tons to a record, smashing the previous high set in 2015, as the country’s concerted push to clean up the environment stoked demand for higher-grade material from overseas while hurting local mine supply. Prices rallied. Purchases of iron ore expanded to 102.8 million tons in September from 93 million tons a year ago, surpassing the previous record of 96.3 million tons…

What’s Next in Kenya’s Political Crisis Is Anybody’s Guess

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Two months after Kenya staged its presidential election, the East African nation’s political future remains a guessing game. The drama began last month when the Supreme Court — in a first for Africa — annulled the Aug. 8 election because of “illegalities and irregularities” and ordered a fresh vote. That followed allegations by opposition candidate Raila Odinga that the original vote, won by President Uhuru Kenyatta, was rigged. The latest twist came…

George Weah Takes Early Lead in Liberia Presidential Election Count

Posted on by The Editorial Team

MONROVIA (Capital Markets in Africa) Former A.C. Milan soccer star George Weah and Vice President Joseph Boakai lead in Liberia’s presidential election as the electoral commission released provisional results of the October 10 vote. Weah won 39 percent of the vote, while Boakai got 31 percent, with about 548,000 ballots counted, Jerome Korkoya, chairman of the National Elections Commission, told reporters on Friday. The commission didn’t say how many of the 2.2 million registered voters took part in…

Stock Traders Scarce in Kenya as Poll Crisis Clouds Outlook

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Traders are deserting Kenya’s stock market, a star performer earlier this year, as the unresolved crisis around the country’s presidential election discourages foreign investors. Volumes traded on the Nairobi stock exchange have slumped to the lowest this year, dropping to less than 46 million shares in the week ended Oct. 6 from as high as 285 million in June. Values have also dropped, with $870,000 of shares traded Thursday,…

« 1 … 622 623 624 625 626 … 1,078 »