Features | - Part 121

South Africa Report Urges Eskom, Transnet Criminal Probes

JOHANNESBURG (Capital Markets in Africa) – A forensic report into South Africa’s state-owned electricity utility and ports and rail operator found some executives and board members failed to act in the companies’ best interests and recommended criminal investigations against them. The findings are contained in a report by Fundudzi Forensic Services, which the National Treasury contracted to investigate the following: The acquisition of locomotives at Transnet SOC Ltd. The appointment of U.S. consultancy McKinsey &…

Cigarette Makers Altria, BAT Drop as FDA Considers Menthol Ban

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Altria Group Inc., the maker of Marlboro, fell on news of a possible ban on menthol cigarettes in the U.S., which account for about 20 percent on the company’s profit. A senior U.S. Food and Drug Administration official said last week that the agency is looking at restricting menthol in traditional cigarettes. Doing so would be a step toward eliminating or tightly limiting use of the popular cigarette flavor,…

Former Exxon Manager Leads Congo Opposition Presidency Bid

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s main opposition leaders chose Martin Fayulu as their candidate for next month’s presidential election. The opposition had been expected to select from two better-known politicians: Felix Tshisekedi, head of the biggest opposition party, or Vital Kamerhe, who finished third in the last vote in 2011. Fayulu will face President Joseph Kabila’s anointed successor, Emmanuel Ramazani Shadary, in the Dec. 23 race to lead the world’s largest cobalt…

Africa’s Biggest Democracy Fights Enduring Problem: Rigging

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LAGOS (Capital Markets in Africa) – As Nigeria heads toward general elections in February, it’s in a race to stamp out the bane of the voting system in Africa’s biggest democracy: rigging. Ballot snatching and buying, underage and multiple voting, falsifying results and the suppression of turnout in opposition areas are among the abuses the National Assembly is trying to tackle with new legislation. The bill, passed last month, emerged from talks among the presidency,…

Crypto 2.0 May Be Digital Cash You Can Actually Use to Buy Stuff

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The London clubhouse built for activists who helped redesign Britain’s electoral system nearly two centuries ago offered a fitting setting for the crowd of technology entrepreneurs hoping to reinvent money. Those gathered in the Reform Club near Buckingham Palace late last month were just a small part of a fast-growing cohort of idealists and profit-seekers working feverishly on a new breed of digital currencies. Call them crypto 2.0. These coins should, as…

Tunisia’s Ruling Party Threatens to Quit Government Over `Coup’

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TUNIS (Capital Markets in Africa) – Tunisia’s ruling Nidaa Tounes party demanded on Thursday that its members pull out of the cabinet or face suspension after Prime Minister Youssef Chahed announced a partial reshuffle without consulting President Beji Caid Essebsi. The cabinet changes strengthened Chahed’s hand but deepened a rift with Essebsi as the government seeks to shore up support to tackle strong inflation and strained finances. Both men are members of Nidaa Tounes, which has informally splintered…

Ex-Finance Chief Fingers Zuma in South African Looting Spree

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Former South African Finance Minister Pravin Gordhan directly implicated Jacob Zuma in being part of an orchestrated campaign to loot billions of rand in taxpayer funds and decimate state institutions during his almost nine-year tenure as president. Gordhan, who now oversees state companies, made the allegations in a statement to a judicial panel that’s investigating claims that members of the Gupta family exploited their close relationship with Zuma to influence cabinet appointments and…

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