The Editorial Team |

Nigeria’s Bad Loans Soar as Banks Battle Slumping Economy

LAGOS (Capital Markets in Africa) – Bad loans in Nigeria’s banking system soared to more than double the limit set by the regulator as the industry struggles with an economic downturn. The ratio of non-performing loans to total credit rose to 11.7 percent at the end of June from 5.3 percent at the end of 2015, the Abuja-based Central Bank of Nigeria, which requires banks to keep the measure below 5 percent, said in a report…

IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices, policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its World Economic Outlook Report Tuesday. Nigeria’s economy will contract 1.7 percent this year and expand 0.6 percent…

BP to Buy LNG From Eni’s Mozambique Field in 20-Year Accord

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – BP Plc has agreed to buy the entire liquefied natural gas production from a field off Mozambique over a period of 20 years. The London-based company will purchase cargoes from the Coral South Floating LNG plant being developed by partners including Italy’s Eni SpA, which is due to get final approval by the end of this year, BP said in a statement on Tuesday. The project is expected to have a…

OPEC Crude Output Rises to Record as Nigeria, Libya Boost Supply

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply. Overall production from the Organization of Petroleum Exporting Countries increased by 170,000 barrels a day from the previous month to 33.75 million barrels a day, the survey of analysts, oil companies and ship-tracking data showed. Nigeria…

South Africa Picks Ports for $3.7 Billion LNG Infrastructure

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa will invest $3.7 billion at the ports of Richards Bay and Coega to build infrastructure for a gas-to-power program aimed at easing the country’s dependence on coal. A plant at Richards Bay will generate 2,000 megawatts of electricity from liquefied natural gas imports, and another at the Coega industrial development zone will produce 1,000 megawatts, the Department of Energy said Monday. The government will seek bidders to manage the…

Congo Leader Says Political Talks Crucial for Nation’s Stability

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo leader Joseph Kabila said that talks with some of the political opposition under way in the capital, Kinshasa, are necessary to maintain peace and stability in Africa’s biggest copper producer. “Our goal is to ensure the country becomes peaceful before, during and after the general elections to be held in December or after December,” Kabila said in an statement e-mailed by Tanzanian President John Magufuli’s office after the two…

South Africa’s Gordhan Says Probe Is ‘Political Mischief’

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Pravin Gordhan said the police investigation into him is nothing but “political mischief” and will be resolved soon. “As far as the so-called investigation is concerned, that’s no more than a bit of political mischief, which every country will have,” Gordhan said in an interview with Bloomberg TV in New York Tuesday. “I’m sure we in South Africa will resolve these issues.” Reports in August that he is…

« 1 … 807 808 809 810 811 … 1,073 »