Features

Once Bitter Foes, Ethiopia, Eritrea Promise `Bridge of Love’

Posted on by The Editorial Team
Once Bitter Foes, Ethiopia, Eritrea Promise `Bridge of Love’

ADDIS ABABA (Capital Markets in Africa) – Ethiopia and Eritrea signed a declaration of peace and agreed to re-establish key economic links after an unprecedented summit between the Horn of Africa nations’ leaders that marked the end of almost two decades of strife. The announcements by an Eritrean official and the Ethiopian state-owned broadcaster Fana followed Prime Minister Abiy Ahmed’s visit to the Eritrean capital, Asmara, on Sunday for talks with President Isaias Afwerki and their decision to…

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Nigeria’s Lawmakers to Probe State Oil Company Over Remittances

Posted on by The Editorial Team
Nigeria’s Lawmakers to Probe State Oil Company Over Remittances

LAGOS (Capital Markets in Africa) – Nigeria’s House of Representatives will investigate the state-owned oil company for allegedly not sending enough funds to the government. The lower chamber voted to start a probe after a motion on Tuesday from Nicholas Ossai, a member of the main opposition People’s Democratic Party and the chairman of the House Committee on Ethics and Privileges. There’s an “urgent need” to investigate Nigerian National Petroleum Corp.’s “under-remittances” to the so-called Federation Account,…

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Western Monitors’ Return Kindles Hope for Free Zimbabwe Vote

Posted on by The Editorial Team
Western Monitors’ Return Kindles Hope for Free Zimbabwe Vote

HARARE (Capital Markets in Africa) – An influx of Western observers is giving Zimbabweans some hope that this month’s elections won’t be a repeat of the tainted contests held during former President Robert Mugabe’s 37-year rule. While Zimbabwe’s past three elections were marred by allegations of rigging, violence and intimidation, new President Emmerson Mnangagwa has welcomed the return of monitors from Western nations whose governments were more critical of Mugabe than teams from African countries. He’s vowed that the…

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McKinsey’s Sneader Says South Africa’s Eskom Was Overcharged

Posted on by The Editorial Team
McKinsey’s Sneader Says South Africa’s Eskom Was Overcharged

JOHANNESBURG (Capital Markets in Africa) – McKinsey & Co. has apologized to South Africa again over how business was handled with state-owned Eskom Holdings SOC Ltd., saying it overcharged the utility and was slow to admit wrongdoing. The consulting firm admitted in October to failing to follow its own procedures while doing business with the power company when it worked alongside Trillian Capital Partners Pty Ltd., a business linked to the Gupta family. McKinsey reached a settlement last week…

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Islamist Militants Focus of Macron-Buhari Talks in Nigeria

Posted on by The Editorial Team
Islamist Militants Focus of Macron-Buhari Talks in Nigeria

LAGOS (Capital Markets in Africa) – French President Emmanuel Macron discussed ways to intensify the battle against Islamist militants in West Africa during talks with Nigerian leader Muhammadu Buhari. Nigeria’s fight against the nine-year-old Boko Haram insurgency in the far northeast has left more than 20,000 people dead and forced millions to flee their homes. In the semi-arid Sahel region south of the Sahara desert, France has deployed 4,000 troops in its Barkhane mission that’s hunting down Islamist…

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U.S. Probe Darkens Glencore Horizons From Africa to Americas

Posted on by The Editorial Team
U.S. Probe Darkens Glencore Horizons From Africa to Americas

JOHANNESBURG (Capital Markets in Africa) – The possibility that the Justice Department would add to the dizzying array of regulatory and legal headaches the Swiss company is facing around the globe — from Russia to Africa and South America — has been a major worry for both executives and shareholders for months, people familiar with the matter said. Those concerns crystallized Tuesday with the announcement that U.S. investigators have subpoenaed documents related to Glencore’s activities in the Democratic Republic…

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Uganda Defends Introduction of Social-Media Tax After Outcry

Posted on by The Editorial Team
Uganda Defends Introduction of Social-Media Tax After Outcry

KAMPALA (Capital Markets in Africa) – Ugandan authorities defended the introduction of a tax on users of social media such as Facebook and Twitter, saying the revenue is necessary to fund public services. The daily levy equivalent to about 5 U.S. cents is “a small contribution of citizens towards the development of their country,” Minister of State for Finance David Bahati was quoted by the state-run Uganda Media Centre as saying on Tuesday. East Africa’s…

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