East Africa | - Part 8

Tanzanian Leader’s War for Taxes Puts Economy in Firing Line

DAR ES SALAAM (Capital Markets in Africa) – Tanzanian President John Magufuli’s deepening dispute with companies he accuses of being tax cheats is rattling investors and dimming the allure of one of Africa’s fastest-growing economies. Since taking office in late 2015, Magufuli has been on a drive to increase revenue from natural resources to help fund his industrialization plans. His administration has passed laws enabling it to renegotiate contracts and ordered foreign mining firms to…

Death Threats, Split Authority Said to Endanger Kenyan Vote

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Death threats to top members of Kenya’s divided electoral body are endangering preparations for a rerun of last month’s annulled presidential election, a senior official at the authority said. The relatives of one administrator at the Independent Electoral & Boundaries Commission fled the country after their lives were threatened, while Chairman Wafula Chebukati made additional security arrangements for his family, said the official, who asked not to be identified…

Kenyan Growth Jitters Rekindled as Court Orders Ballot Rerun

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s economy may pay the price of opposition leader Raila Odinga’s successful bid to nullify the outcome of last month’s election, as prolonged political uncertainty pending a court-ordered rerun weighs on growth and investor confidence. “There was a lot of exuberance that the elections were over,” Kenneth Minjire, head of securities at Genghis Capital in Nairobi, said by phone. “Inquiries had shot up from private-equity firms, from foreign investors, who…

Acacia Drops Most Since July on Output Cut Over Tanzania Row

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) Acacia Mining Plc shares dropped the most since July as the company will stop underground production at Tanzania’s Bulyanhulu mine until a dispute with the government over taxes and exports is resolved. The stock declined as much as 15 percent, the most since July 25, as Acacia cut its output forecast to about 750,000 ounces, from 850,000 to 900,000 ounces, for this year. It traded down 8.9 percent by 11:31…

Kenyan Assets Jolted by Ruling That May Deliver Long-Term Gains

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Short-term pain, long term gain is the prognosis for Kenyan assets after a landmark court ruling that nullified last month’s presidential election and ordered a fresh poll. Yields on Kenya’s foreign debt climbed the most in almost two months, the shilling weakened and stocks tumbled after the judgment. But for investors willing to look past the immediate political risks, it’s good news, according to JPMorgan Asset Management. The court upheld an…

Tanzania Invites Tenders for Africa’s Fourth-Biggest Hydro Plant

Posted on by The Editorial Team

DAR ES SALAM (Capital Markets in Africa) – Tanzania invited bids for the construction of a $2 billion hydro-power plant that will rank as the fourth-biggest in Africa. The proposed Stiegler’s Gorge Project will be built on the Rufiji River in eastern Tanzania with a minimum capacity of 2,100 megawatts, the Energy Ministry said in tender documents emailed from the commercial capital, Dar es Salaam, on Wednesday. Bids must be submitted by Oct. 16 and the facility…

Kenya Opposition Says Audit of Electoral System Shows Misuse

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s main opposition group said an audit of the electoral authority’s computer servers found they were accessed by “anonymous users” and that there’s no trace of data being submitted by polling stations in this month’s presidential election. The National Super Alliance also alleged in documents submitted to the Supreme Court on Tuesday that scrutiny of the Independent Electoral & Boundaries Commission servers showed Chairman Wafula Chebukati’s account was “used…

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