The Editorial Team |

Congo Nears Eskom Power-Supply Deal to Boost Copper Output

LAGOS (Capital Markets in Africa) – The Democratic Republic of Congo signed a provisional agreement to import power from South Africa that could boost copper production this year by as much as 20 percent, according to the country’s chamber of mines. Congolese state-owned power company SNEL proposed importing 200 megawatts from South African utility Eskom Holdings SOC Ltd. at meetings in Johannesburg on April 20 and April 21, said Ben Munanga, chairman of the energy commission at…

South Sudan Seeks New Oil Investors After Total Talks Collapse

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – South Sudan’s government opened negotiations on two of its biggest oil blocks to new investors after discussions with Total SA collapsed. Discussions about blocks B1 and B2 with the French oil company over the past two weeks reached an impasse over the proposed exploration period and “cost-recovery limit,” Petroleum Minister Ezekiel Lol Gakuoth said in a statement he forwarded by email on Monday. Total didn’t immediately respond to an emailed request for…

South African Inflation Rate Falls to Six-Month Low in March

Posted on by The Editorial Team

JOHANNESBURG (Capital Market in Africa) – South Africa’s inflation rate fell to a six-month low in March after food prices climbed at the slowest rate in 13 months. Consumer inflation eased to 6.1 percent from 6.3 percent in February, Statistics South Africa said in a report released Wednesday in the capital, Pretoria. The median estimate of 15 economists surveyed by Bloomberg was for 6.3 percent. Prices climbed 0.6 percent in the month. The central bank’s Monetary Policy…

Nigerian finance minister says country needs to tap its non-oil revenues

Posted on by The Editorial Team

ABUJA (Capital Markets in Africa) – Nigeria plans to get out of recession by boosting government revenues and cracking down on corruption, Finance Minister Kemi Adeosun said on Thursday, and will also issue more international debt to pay for infrasturcture projects. The country is in its second year of recession, brought on by lower oil prices, which have slashed government revenues, weakened the currency and caused dollar shortages frustrating business and households. World Bank chief…

Ivory Coast slashes budget on low cocoa prices, President Says

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast has cut planned spending for 2017 by 10 percent due to a sharp drop in world prices of cocoa, its leading export, President Alassane Ouattara said, according to Thursday’s edition of national newspaper Le Patriote. The move is a major concession by a government that has prided itself on its stewardship of the West African country – the world’s biggest cocoa exporter – during its recovery from…

Nigeria’s Buhari Suspends Top Aides Over Graft Allegations

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari suspended two senior administration officials linked to graft allegations and ordered an investigation, the presidency said. David Lawal, secretary to the government, is being probed for alleged violations of “law and due process” in the award of contracts, presidential spokesman Femi Adesina said Wednesday in an emailed statement. Ayo Oke, head of the National Intelligence Agency, is facing investigation over the discovery of $38 million and other currencies in…

Economic Growth in Sub-Saharan Africa Rebounds to a Projected 2.6% in 2017

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Sub-Saharan Africa experienced a slowdown in investment growth from nearly 8% in 2014 to 0.6% in 2015, according to the new Africa’s Pulse, a biannual analysis of the state of African economies conducted by the World Bank. This sluggish investment has coincided with a sharp deceleration in economic growth in Africa, the World Bank said in a report on Wednesday. In this issue of the Africa’s Pulse, a special…

« 1 … 700 701 702 703 704 … 1,073 »