The Editorial Team |

South Sudan Targets Doubling Oil Output in 2018, First Refining

SOUTH SUDAN (Capital Markets in Africa) – South Sudan targets more than doubling oil production to 280,000 barrels per day next year as it restarts output that was suspended at some fields because of an almost four-year civil war. The government is seeking to restore production to about 150,000 barrels per day by the end of 2017, from 130,000 barrels, Petroleum Minister Ezekiel Lul Gatkuoth told an energy industry conference in the capital, Juba, on Wednesday….

Former Cargill Manager Buys Dutch Cocoa Factory With Partners

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ABIDJAN (Capital Markets in Africa) – Pieter Schulting, a former manager at Cargill Incorporation, and two partners have bought Dutch cocoa processor Jan Schoemaker BV. A deal for the 94-year-old company, the last independent cocoa factory in the Netherlands, was signed in late September, according to Schulting. The partners, Daan Reitsma and Paul Silva da Cruz, are managers at Jan Schoemaker. He didn’t disclose the value of the deal. The new management is now operating the…

Upheaval Sends Kenya’s Yields Higher Than Ghana’s for First Time

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NAIROBI (Capital Markets in Africa) – Bond investors are getting worried about the political upheaval in Kenya. Opposition leader Raila Odinga’s decision to pull out of an election rerun on Tuesday, which threatens a constitutional crisis, spurred the yield on the nation’s dollar bonds due 2024 to rise 13 basis points. The rate climbed to 6.48 percent as of 2:50 p.m. in Nairobi, above the yield on Ghana’s Eurobonds due 2023 for the first since 2014. Kenyan notes have lost…

How Deep Will Saudi Cut Its Oil Output? To the Lowest Since 2015?

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LAGOS (Capital Markets in Africa) – Saudi Arabia has promised to do “whatever it takes” to end the global oil glut. If it cuts supplies in November by as much as it pledges, the kingdom will reduce production and exports alike by more or less a million barrels a day compared with last year. And that’s about all the world’s biggest oil exporter — and linchpin of a global plan to bolster crude markets — can do…

Johannesburg’s Executive Mayor Herman Mashaba to address African Real Estate & Infrastructure Summit in Sandton on 25 October

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“Growth in employment opportunities can only come about in the City if we transform the inner city, which has long been neglected; both the inhabitants and building infrastructure. To do this we must also work within the private sector to fix our infrastructure, generate jobs and achieve higher levels of service delivery.” This is according to the Honourable Herman Mashaba, the Executive Mayor of the City of Johannesburg, who will deliver the keynote address during…

Mondi Falls as Rising Costs, Currency Moves Weigh on Earnings

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JOHANNESBURG (Capital Markets in Africa) – Mondi Limited shares slumped the most in more than a year after South Africa’s biggest packaging maker said rising costs and unfavourable currency moves would see full-year earnings come in below expectations. The stock plunged as much as 7 percent in early trade in Johannesburg and London, the most intraday since June 2016. The cost of wood, energy and chemicals increased in the three months through September, while the weaker…

Rand Bulls Snub Risks as ING Sees South African Currency Rising

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JOHANNESBURG (Capital Markets in Africa) – Analysts at Rand Merchant Bank and ING Groep NV predict the South African currency, the second-worst emerging-market performer in the past month, will rebound against the dollar by year-end as the pull of improving fundamentals and the hunt for yield support buyers amid lingering political and fiscal risks. The rand fell to a six-month low of 13.8618 per dollar this week as tepid economic growth, an African National Congress leadership…

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