The Editorial Team |

Rwanda President Sworn In for Third Term After Landslide Victory

KIGALI (Capital Markets in Africa) – Rwandan President Paul Kagame was sworn in for a third term after a landslide victory in the East African nation’s elections earlier this month that critics said took place amid a crackdown on his political opponents. Kagame received almost 99 percent of ballots in the Aug. 4 vote, extending his 17-year rule after a 2015 referendum backed amending the constitution to remove a two-term limit. The 59-year-old took the oath of…

Kenya’s Top Court Expected to Uphold Kenyatta’s Election Win

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s top court will decide over the next two weeks whether to nullify the outcome of this month’s presidential elections that the main opposition says were rigged. Most legal experts and political analysts expect President Uhuru Kenyatta’s victory to be upheld. Opposition leader Raila Odinga alleges that members of the ruling party hacked the electoral authority’s computers to deliver Kenyatta, 55, a second term. Odinga’s five-party National Super Alliance initially ruled out…

Standard Bank’s First-Half Profit Rises 14% as Impairments Drop

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Standard Bank Group Ltd., Africa’s largest lender by assets, said first-half profit rose 14 percent after impairments dropped and costs were contained. Net income climbed to 12.3 billion rand ($937 million) from 10.8 billion rand a year earlier, the Johannesburg-based lender said in a statement on Thursday. Earnings per share excluding one-time items, known locally as headline earnings, advanced 11 percent to 7.56 rand beating the 7.44 rand median estimate of…

Aliko Dangote – Richest Man in Africa to Invest Abroad After $10 Billion Oil Bet

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – “Nothing is impossible.” These three words are on a plaque that Aliko Dangote keeps on his office desk in Lagos, Nigeria, constantly reminding Africa’s richest man how to approach the world. Dangote, who was worth $12.3 billion as of mid-August, according to the Bloomberg Billionaires Index, is modest in his personal life but bold in business.Presiding over an empire that includes cement, freight, infrastructure, agriculture, and—soon—oil refining, Dangote, 60, possesses a…

Africa’s Richest Man Will Fire Wenger If He Buys Arsenal

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian billionaire Aliko Dangote’s first order of business if he succeeds in buying English Premier League soccer club Arsenal will be to fire the manager, Arsene Wenger. Dangote, Africa’s richest man with a net worth of $11.1 billion, has coveted the team since becoming a supporter in the mid-1980s, he said in an interview. He’ll consider making an offer once the construction of an $11 billion oil refinery in Nigeria’s commercial capital, Lagos, is completed…

Kenya Pulls Back From Brink as Vote Dispute Heads for Court

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya pulled back from the brink of a violent electoral dispute after the main opposition buckled to international pressure and agreed to contest the outcome in court. The country has been on a knife-edge since President Uhuru Kenyatta was declared the winner of an Aug. 8 vote that his main rival, Raila Odinga, said was stolen. There have been clashes between security forces and opposition supporters in slums in Nairobi, the capital,…

No Witch Hunt’ for S. Africa’s ANC Rebels, Mantashe Says

Posted on by The Editorial Team

Johannesburg (Capital Markets in Africa) – South Africa’s ruling African National Congress won’t try to expose its lawmakers who voted in secret with the opposition in the no-confidence motion against President Jacob Zuma, the party’s secretary-general said. “There will be no witch hunt for those who voted with the opposition,” Gwede Mantashe said in a post on his Twitter account on Tuesday. “We don’t know who voted what way.” More than two dozen members of the ANC backed…

« 1 … 658 659 660 661 662 … 1,076 »