Features

LAGOS (Capital Markets in Africa) – A U.K. judge told a Swiss asset management firm that it has until next week to explain hundreds of payments as U.K., Swiss and Angolan authorities probe what happened to billions of dollars of assets intended for an Angolan economic development fund. Quantum Global, which had a mandate to manage assets for the Fundo Soberano de Angola and the National Bank of Angola, must turn over details of every…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s move to change the constitution to allow expropriation without compensation could deter investment, according to Moody’s Investors Service. Uncertainty over how this will be achieved “continues to limit near-term investment, and could ultimately lead to a more pronounced fall in investment should the final terms of land reform be particularly onerous to businesses,” Moody’s Vice President Lucie Villa said in an emailed report on Tuesday. Lawmakers have started the…

LUANDA (Capital Markets in Africa) – Angola is targeting an increase of about 250,000 barrels a day in oil output by 2020 and is already in discussions with oil majors Exxon Mobil Corp. and Equinor ASA to achieve this, said Sonangol’s Chairman of the Board Carlos Saturnino. New energy legislation and more favourable investment terms have already spurred interest from international operators, including Chevron Corp. and Total SA, he said in an interview in Vienna….

LAGOS (Capital Markets in Africa) – Italy will urge European Union leaders to push for setting up centres to process would-be migrants south of Libya’s border, Interior Minister Matteo Salvini said during a visit to the north African country. “Italy and Libya cannot be the only countries bearing the costs of migration,” Salvini told reporters, adding that Italy would propose the creation of “identification centers” at the EU summit in Brussels due on Thursday and Friday….

KINSHASA (Capital Markets in Africa) – Former Democratic Republic of Congo Vice President Jean-Pierre Bemba will go home next month, a party official said, after the political heavyweight’s acquittal of war crimes convictions delivered an unexpected twist to this year’s elections. The 55-year-old politician’s return presents President Joseph Kabila and his ruling coalition with a rival they expected to still be behind bars at the International Criminal Court in The Hague. And if Bemba fails to agree partnerships with…