Features | - Part 141

Cobalt Explorers See Congo Mine Law Offset by Price, High Grades

KINSHASA (Capital Markets in Africa) – Junior miners exploring for cobalt in the Democratic Republic of Congo reckon increased prices and the country’s high-grade deposits will offset the added costs of new legislation larger companies have opposed. Congo, the world’s largest source of the metal, this month began implementing an amended mining code that introduces new taxes and increases royalty payments. Miners including Glencore Plc, Randgold Resources Ltd. and China Molybdenum Co. have criticized the new law…

Buhari’s Feuding Party Threatens Re-Election Bid in Nigeria

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Widening splits in Nigerian President Muhammadu Buhari’s ruling All Progressives Congress are jeopardising his bid for re-election next year. As the APC holds its national convention to elect party executives on Saturday, it’s threatened by defections as well as infighting between the presidency and its top lawmakers: Senate President Bukola Saraki and House of Representatives Speaker Yakubu Dogara. They joined a coalition that helped Buhari, 75, become the first opposition leader in…

Billionaire Wiese Takes Blow as Brait Struggles With Losses

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African billionaire Christo Wiese received more bad news as a company in which he’s the biggest shareholder reported a decline in the value of its investments alongside higher borrowings. Brait SE, in which Wiese owns a 35 percent stake, said net asset value was 57.32 rand at the end of March, compared with a restated 77.63 rand a year earlier, with retailer New Look struggling amid a sales slump on…

European Union Says Tariffs on U.S. Imports Will Kick In on June 22

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The European Commission will hit $3.3 billion worth of U.S. goods including Harley Davidson motorcycles and Levi’s blue jeans with a fresh 25% tariff Friday as the trade war between Washington and its biggest global economic partners continues to escalate. Europe has brought forward its response to President Donald Trump’s decision to impose tariffs on steel and aluminium imports, the European Commission said Wednesday, and will impose its own…

Winter Downpours Help Ease Risk of Cape Town Running Dry

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Fears that Cape Town, South Africa’s second-biggest city and most popular tourist attraction, would run out of water have abated as good winter rains help top up dam levels and ease the worst drought on record. The six main dams supplying the city are at 38.1 percent of capacity, compared with 31.8 percent a week earlier and just 23 percent a year ago, the city said on its website on Monday. Cape…

Zimbabwe Opposition Party Denied Access to Voters Roll

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) Zimbabwean opposition party Movement for Democratic Change hasn’t been given an electronic copy of the voters roll despite repeated requests, a party official said. The MDC has been trying to obtain an electronic copy for two weeks, but has been rebuffed on a daily basis, Senator David Coltart told Bloomberg News in a telephone interview from Zimbabwe’s second city, Bulawayo, on Monday. “I’m apoplectic. How come the Zimbabwe Electoral Commission…

Ivory Coast Coalition Partner Rejects Merger Before Elections

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – The main partner in President Alassane Ouattara’s ruling coalition won’t go ahead with a proposal to unify their parties before presidential elections in two years and plans to field its own candidate. The announcement is a setback for Ouattara and plans to merge the six parties that make up the ruling coalition, which would have consolidated its grip on power in the world’s biggest cocoa producer and forced the two…

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