Features | - Part 153

Congo President Set to Approve Law Changes Despite Miners’ Pleas

KINSHASA (Capital Markets in Africa) – Congolese President Joseph Kabila will sign off on changes to the country’s mining code but left the door open to further talks after a lengthy meeting with senior industry executives who oppose the legal reform. Glencore Plc Chief Executive Officer Ivan Glasenberg, Randgold Resources Ltd.’sMark Bristow and other top officials met Kabila for five hours Wednesday in the capital, Kinshasa, to discuss the new rules. The changes will raise taxes and other costs…

Trump’s Derogatory Comment Dogs Tillerson’s First Day in Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – It didn’t take long for President Donald Trump’s derogatory comment about African nations to come up in Secretary of State Rex Tillerson’s first visit to the continent as top U.S. diplomat. At a press conference with African Union Commission Chairman Moussa Faki in the Ethiopian capital, Addis Ababa, a journalist asked Faki and Tillerson whether the U.S. should apologize for the remark. The reporter said the comment, which Trump has denied,…

SAP Paid $11 Million to Gupta-Linked Companies for Contracts

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – SAP SE said it paid 128.6 million rand ($11 million) to companies linked to South Africa’s Gupta family, which is headed by three brothers accused of using their friendship with former President Jacob Zuma to defraud state-owned entities. The findings represent the first time that an international company has given details on specific payments made to Gupta entities. Other global businesses to become embroiled in the corruption allegations include U.S. consultancy McKinsey…

Saudi Crown Prince Dismisses Feud With Qatar as `Trivial’

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CAIRO (Capital Markets in Africa) – Saudi Arabia’s crown prince brushed off a festering dispute with Gulf neighbour Qatar as “very trivial,” though one that might drag on for a long time, and claimed the kingdom was succeeding in blocking Iran’s regional ambitions, according to Egyptian media. Mohammed Bin Salman, in an interview with newspaper editors in Cairo this week, also accused the Muslim Brotherhood of exploiting democracy in the region and said Turkey,…

Ghana President Seeks to Barter Bauxite for Roads, Bridges

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana will finalize details of an infrastructure program before the end of the year and will pay for it with refined bauxite, said President Nana Akufo-Addo. The West African nation is seeking to derive more value from its bauxite resources by expanding the country’s processing capacity. Last year, Ghana said it signed an agreement with China that may culminate in the development of a $10 billion bauxite venture that will include the…

Tillerson Heads to Africa With Security, Not Aid, as Focus

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Secretary of State Rex Tillerson begins his first official trip to sub-Saharan Africa with a pledge to help shore up trade, civic freedom and good governance in countries that President Donald Trump has harshly criticized. Tillerson arrived on the continent Wednesday with the Trump administration advocating cuts of more than a third in aid to African countries and programs, along with deep reductions to global health initiatives. With several U.S. allies struggling to…

Buhari Grapples With Widening Crises as Nigerian Vote Looms

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Islamist militant attacks, gasoline shortages, worsening violence over grazing land, simmering unrest in the southeast — the crises keep mounting for Nigerian President Muhammadu Buhari less than a year before general elections. The most recent setback came on March 1 when suspected Boko Haram Islamist militants killed three United Nations aid workers and eight soldiers in an attack in the north-eastern town of Rann, about two weeks after they kidnapped more…

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