Features | - Part 142

Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost

LAGOS (Capital Markets in Africa) – Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week. “Three OPEC founders are going to stop it,” Iran’s representative to the bloc Hossein Kazempour Ardebili said in comments to Bloomberg on Sunday. “If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity….

South Africa’s New Mining Charter to Credit Past Black Deals

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa will give mining companies credit for past black-empowerment deals even when the investors later sold their shares to whites or foreigners, removing a major concern for the industry. The country’s new Mining Charter, which is aimed at distributing South Africa’s mineral wealth more widely, will apply the “once empowered, always empowered” principle as long they met the previous 26 percent black-ownership requirement. The minimum percentage will also…

Eskom Says Some South Africa Power Stations Hindered by Protests

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Some South African power stations are operating below full strength as workers protest state-owned Eskom Holdings SOC Ltd.’s insistence that it won’t offer pay increases. All the facilities are still running though, and the company, which supplies most of South Africa’s electricity, is determined to “keep the lights on,” Chief Executive Officer Phakamani Hadebe told reporters in Johannesburg. The company is implementing contingency plans and will get court orders to stop…

Zuma’s Defiance Hampers Ramaphosa Bid to Reform South Africa

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JOHANNESBURG (Capital Markets in Africa) – Pressured to resign as the nation’s president in February, Zuma retains significant influence in the ruling African National Congress, and his successor, Cyril Ramaphosa, has been forced to keep some of the former leader’s allies in the cabinet. That’s hampered the new president’s bid to unify the party, fight corruption and implement policies to restore confidence in the economy. Zuma, 76, still attends ANC events, including at least one…

Politicians Look Set for Easy Ride in Kenyan Graft Crackdown

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyan prosecutors have rounded up scores of officials they intend putting on trial for looting billions of shillings from state coffers. Few of their political masters — seen by many as the kingpins behind repeated scandals — look set to face similar censure. The spate of arrests are part of an effort by President Uhuru Kenyatta, who won a disputed election last year, to improve controls over public funds and…

Congo’s Miners Face Harsh New Reality as Mining Law Finalized

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KINSHASA (Capital Markets in Africa) – The options for mining companies battling new legislation in the Democratic Republic of Congo — Africa’s biggest copper producer and the source of two-thirds of the world’s cobalt — have just about run out. After six months of lobbying, companies including Glencore Plc and Randgold Resources Ltd. have got nowhere in their battle to push back against the mining law, which voids existing agreements and increases their costs. Congo approved the final part of…

Congo Premier Rules Out Kabila Candidacy in Vote for President

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo President Joseph Kabila isn’t planning to seek another term in an election scheduled for December as his opponents have speculated, the country’s prime minister said. While the constitution bars Kabila from seeking a third term, he’s refused publicly to rule himself out as a candidate in a vote scheduled for Dec. 23. Attempting to extend his 17-year rule would outrage his opponents and risk destabilizing Africa’s biggest…

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