Features | - Part 119

JPMorgan Says Payments to Libya Oil-Fund Fixer Weren’t Bribes

TRIPOLI (Capital Markets in Africa) – JPMorgan Chase & Co. acknowledged that Bear Stearns made millions of dollars of payments to a friend of the son of Libyan dictator Moammar Al Qaddafi around the time it raised $200 million for the country’s wealth fund. But the bank is refuting the Libyan Investment Authority’s central allegation in a London lawsuit that the funds were used to bribe and intimidate officials who awarded the 2007 bond deal. The payments were for help…

Congo Opposition Leader Backs Electoral-Commission Results Delay

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo presidential candidate Felix Tshisekedi backed the electoral commission’s postponement of election results, cleaving the opposition’s response to the delay. The National Independent Electoral Commission, or CENI, put off the announcement of the outcome of the Dec. 30 presidential election indefinitely on Sunday — the day it was scheduled to announce a provisional winner. While two African observer missions endorsed the polls, rival opposition candidate Martin Fayulu criticized the delay…

South African Open: Betting Tips for Golf

Posted on by The Editorial Team

For the calendar year of 2018, there are just two European Tours left to happen in the game of Golf, and they are both scheduled to occur in the beautiful country of South Africa. The coming week will see Johannesburg hosting the South African Open. Where Will The Matches be Played? You can find the action happening at the Randpark Golf Club in Johannesburg. Interestingly it is also going to be the first time since…

Zambia Tax Hike to Make Most Mines Unprofitable, Group Says

Posted on by The Editorial Team

LUSAKA (Capital Markets in Africa) – More than half of the copper mines in Zambia, Africa’s second-biggest producer of the metal, will probably be unprofitable next year with thousands of jobs on the line, as the nation raises taxes for operators, the country’s biggest industry lobby group said. The effective tax rate will range from 86 percent to 105 percent, with about 27,900 jobs at risk, the Zambia Chamber of Mines said in a statement…

Congo Presidential Candidate Says Election Set to Be Delayed

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – A presidential candidate in the Democratic Republic of Congo said the country’s electoral commission plans to postpone elections scheduled for Dec. 23. National Independent Electoral Commission President Corneille Nangaa met candidates or their representatives earlier on Thursday to inform them of the delay, Tryphon Kin-Kiey, an independent candidate, said by phone. Nangaa is due to address a media briefing in the capital, Kinshasa, this afternoon. The electoral commission said…

Congo Plans to Issue First Licenses to Private Insurers by March

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo plans to issue its first licenses to private insurance companies early next year. The central African nation plans to end more than four decades of state monopoly of an industry the Insurance Regulatory Authority estimates is worth $850 million annually and could grow threefold in the next five years. Congo is the continent’s fourth-most populous nation, with about 84 million people. ARCA, as the authority is…

Bain Calls Its South African Tax-Body Work `Serious Failure’

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Bain & Co., the Boston-based consultancy company that was hired to assist in restructuring South Africa’s tax agency in 2015, said it has become “painfully evident” that the firm’s involvement with the authority was a “serious failure.” Not only was Bain’s hiring potentially irregular, but it overstated the need for change at the South African Revenue Service, allowed the former SARS head Tom Moyane to influence its work and didn’t walk away…

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