The Editorial Team |

Tanzania President Urges Increased Control of Mineral Wealth

DAR ES SALAAM (Capital Markets in Africa) Tanzanians are being cheated out of the country’s mineral wealth and should take more control of their natural resources, President John Magufuli said. Investors in Tanzania’s mining industry have “stolen” from the country by failing to provide a fair share of the revenue they generate from gold and other minerals, Magufuli said in a speech in the central region of Singida on Tuesday. “We are surrounded by wealth; we have…

Hennessy Sees Kenya as Growth Frontier as Cognac Sales Start

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NAIROBI (Capital Markets in Africa) Hennessy, the world’s largest maker of cognac, has started distributing its products in Kenya to tap Africa’s second-largest luxury-goods market. The company, a unit of Paris-based LVMH, began distributing its products in the Kenyan capital in May and plans to use the city as a hub for regional distribution, Chief Executive Officer Bernard Peillon said in an interview in Nairobi. A bottle of Hennessy cognac retails for as much as 117,000…

Tullow Plans More Ghana Wells Once Maritime-Border Spat Settled

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc plans to drill more wells off Ghana once a ruling on a border dispute is out of the way. Ghana and Ivory Coast disagree over their maritime boundary, frustrating projects to pump oil and gas offshore. In September, the International Tribunal for the Law of the Sea, or Itlos, will rule on the matter, likely clearing the way for an expansion of Tullow’s Tweneboa-Enyenra-Ntomme project, the company said. “We were…

Cell C Is Said to Sell $464 Million of Bonds Amid Reorganization

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JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. plans to raise as much as $464 million from the sale of two bonds as part of the South African mobile-phone company’s recapitalization that will enable Blue Label Telecoms Ltd. to buy a stake, according to two people familiar with the matter. The country’s third-largest wireless carrier will sell $184 million of three-year senior secured bonds and $280 million of five-year securities, according to the people, who asked…

Kuwait Seeks Energy Venture With Traders From Glencore to Vitol

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LAGOS (Capital Markets in Africa) – OPEC member Kuwait plans to start trading energy and not just producing it, joining other Middle Eastern producers eager to claw back some of the profit traders like Vitol Group and Glencore Plc earn by buying and selling the region’s oil. State-run Kuwait Petroleum Corp. is in talks with both commodities dealers along with some international oil companies about forming a joint venture to trade refined products as early as next year, a…

Zimbabwe Opposition Unity Talks Said to Falter as Elections Near

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HARARE (Capital Markets in Africa) – Negotiations to unite Zimbabwe’s opposition against President Robert Mugabe’s ruling party before elections next year are foundering on disputes over who’ll be the alliance leader and guarantees of seats for smaller groups, according to five officials involved in the talks. Former Vice President Joice Mujuru and ex-Prime Minister Morgan Tsvangiraiare at loggerheads over who’ll lead the coalition, said the officials, who asked not to be identified because the talks haven’t been made…

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