The Editorial Team |

Kenyan Election Body Denies Awarding Deal to Blocked Company

NAIROBI (Capital Markets in Africa) – Kenya’s electoral commission said it’s yet to decide which company will print ballot papers for elections being held in two months, after a local newspaper said the deal had been handed to a Dubai-based firm whose contract has been blocked twice. “We are still working on it,” Andrew Limo, spokesman for the Independent Electoral & Boundaries Commission, said by phone on Wednesday from the capital, Nairobi. “Communication will be…

Nigeria’s Forcados Oil Comes Back in Fresh Blow to OPEC Curbs

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LAGOS (Capital Markets in Africa ) – Royal Dutch Shell Plc lifted restrictions on exports of a key Nigerian crude oil, 472 days after imposing them following militant attacks. The extra flows alone amount to about 20 percent of the supply OPEC has pledged to cut from world markets. Europe’s biggest oil company ended a force majeure of Forcados crude oil shipments at 4 p.m. on Tuesday, a spokesman said. The measure, which allows companies to miss…

PPC Reports Loss on Higher Finance Costs, Low Domestic Prices

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JOHANNESBURG (Capital Markets in Africa) – PPC Limited reported a full-year loss of 295 million rand ($22.9 million) as the South African cement maker incurred higher finance costs following the downgrade of the company’s debt and battled persistent low prices in its home market. Earnings per share excluding one-time items slumped 93 percent to 7 cents a share, the Johannesburg-based company said in a statement on Wednesday. Sales rose 5 percent to 9.6 billion rand, while capacity increased…

OECD Sets Out an Economic To-Do List for Next U.K. Government

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LONDON (Capital Markets in Africa) – As campaigning comes to a close before Thursday’s U.K. election, the Organization for Economic Cooperation and Development has issued a list of priorities for the next government. In its latest global outlook, the OECD says the U.K.’s exposure to international trade has helped the economy, but some industries have suffered and jobs have been lost. It also warned that poorer regions, reliant on manufacturing and agricultural exports, are “exposed to…

British Pound Is Seen Losing the Most If U.K. Vote Delivers No Winner

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LONDON (Capital Markets in Africa) – The pound could plunge to as low as $1.20 on Friday, a level last seen in January, should the U.K. snap election lead to a hung parliament, according to a Bloomberg poll of analysts. Such an outcome, though seen as unlikely, would be marginally more negative than even an electoral upset that sees the Labour Party defying odds to emerge the winner, according to the survey of 11 banks…

Nigeria Energy Overhaul Nears as Lawmakers Aim for December

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LAGOS (Capital Markets in Africa) – After years of delays, Nigeria may finally be about to overhaul its oil and gas industry. Senators on May 25 passed the Petroleum Industry Governance Bill. By December, they should have enacted two more pieces of legislation, completing an overhaul that will replace current laws, Senate President Bukola Saraki said in an interview in Abuja, the capital. The goal of reforming the industry was first set out at the end of 2008. “That’s…

African Energy Plans JSE Listing to Fund $311 Million Deal Drive

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JOHANNESBURG (Capital Markets in Africa) – African Energy Partners Ltd. plans to sell shares on the alternative board of the Johannesburg Stock Exchange later this month to help fund as much as 4 billion rand ($311 million) of planned acquisitions in the energy and power industries. An initial public offering on the JSE’s AltX index and separate stake sale to a selected group of investors could raise as much as 500 million rand, Chief Operating Officer…

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