Features | - Part 186

Regional Power Split Threatens Vote on Zuma’s Succession

JOHANNESBURG (Capital Markets in Africa) – The top leadership of South Africa’s ruling African National Congress starts meeting on Friday in a bid to heal a bitter split in the key region of KwaZulu-Natal that could derail its plans to elect a successor to President Jacob Zuma as party leader in December. The meeting comes after the High Court annulled the election of Zuma allies as the province’s party leadership because the conference that chose them wasn’t lawfully…

Uganda Fires Teargas as Protests Build Against `Life Presidency’

Posted on by The Editorial Team

KAMPALA (Capital Markets in Africa) – Ugandan police fired teargas and arrested students protesting at the capital’s main university, local media reported, as the ruling party prepares to propose a constitutional amendment that would allow President Yoweri Museveni to seek to extend his three-decade rule. The police and army fought running battles with students at Kampala’s Makerere University on Thursday, the Observer newspaper said on its website. It also reported that police arrested the capital’s lord…

Billionaire Agarwal to Boost Anglo Stake by Up to $2 Billion

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Anil Agarwal, an Indian mining billionaire, is buying 1.5 billion pounds ($2 billion) worth of additional Anglo American Plc shares, increasing his stake in the blue-chip British miner that’s benefited from a recovery in commodity prices. Agarwal said Wednesday the purchase, which is the equivalent of about 9 percent, was a family investment and he doesn’t intend to make a takeover offer for the company, according to a statement. It comes…

UK banks to check 70m bank accounts in search for illegal immigrants

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Banks and building societies are to carry out immigration checks on 70m current accounts from January in the biggest extension of Theresa May’s plans to create a “hostile environment” for illegal immigrants in Britain, the Guardian has learned. The Home Office expects to identify 6,000 visa overstayers, failed asylum seekers and foreign national offenders facing deportation in the first year of the checks, which are to be carried out quarterly….

Kenya’s Top Court Slams Electoral Body Over Botched Election

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s top court delivered a stinging rebuke of the nation’s electoral commission, identifying a litany of failures in its handling of last month’s botched presidential elections and describing its explanations for the failure of its systems as unacceptable. The Supreme Court ruled the Aug. 8 election unlawful on Sept. 1, and ordered a rerun. A five-judge bench on Wednesday delivered the court’s detailed judgment, which upheld the main opposition’s complaints that President Uhuru…

Tanzania Needs Clear Rules Amid Economic Transition, Ndulu Says

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) Tanzania needs to provide clear rules to businesses as it improves governance and makes better use of its natural resources, the governor of the central bank said. President John Magufuli’s government has embarked on an industrialization drive that will need the public sector and business to work better together to achieve inclusive growth, Bank of Tanzania Governor Benno Ndulu said Tuesday at a book launch in the commercial capital, Dar es…

South Africa Minister Wants Assurance on KPMG Analysis of Oil Sale

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s probe into the sale of 10 million barrels of its crude oil reserves may be delayed after Energy Minister Mmamoloko Kubayi said she has some concerns because a key financial analysis in the investigation was conducted by KPMG LLP. Kubayi said she wants assurances from the country’s Central Energy Fund about the report after KPMG’s local unit became embroiled in a corruption scandal revolving around members of the…

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