Features | - Part 190

Petra Shutters Tanzanian Mine After Diamond Shipment Seized

DAR ES SALAAM (Capital Markets in Africa) – Petra Diamonds Ltd. halted production at its mine in Tanzania after the government seized a parcel of diamonds suspected of being undervalued, as a dispute between the state and foreign-owned mining companies widens. Petra shares fell the most in 16 years. Employees of the Johannesburg-based company are cooperating with the authorities in the East African nation who are investigating a shipment of 71,654 carats of gems that was…

Nigeria | Cracks Grow in Nigerian Ruling Party Over Buhari’s Plans

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – With doubts growing that Nigerian President Muhammadu Buhari will seek a second term because of lingering health issues, cracks are emerging in the ruling All Progressives Congress as key politicians jostle to succeed him. Women Affairs Minister Aisha Alhassan appeared in an online video last week declaring support for former Vice President Atiku Abubakar to become leader in 2019, when Buhari’s term ends. Alhassan confirmed the recording to the British Broadcasting Corp., saying she…

Why Africa Is Set to Backstop Britain’s Post-Brexit Health Care?

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The South African companies that dominate the U.K.’s growing private hospital industry are counting on more people like Katie Corrie. A children’s party entertainer, Corrie opted to use 13,000 pounds ($17,000) of her savings and inheritance to get a hip replacement rather than spend months on a National Health Service waiting list. Britons like her are forking out almost 1 billion pounds a year to cover their own medical…

Kenya Opposition Sets Conditions for Taking Part in New Vote

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s main opposition alliance demanded the electoral commission be overhauled and said it wants guarantees on fairness in place before it agrees to participate in a rerun of last month’s annulled presidential election. The five-party National Super Alliance urged the Independent Electoral & Boundaries Commission to remove six key officials from its secretariat, including Chief Executive Officer Ezra Chiloba, before the vote is held on Oct. 17, alliance leader Raila Odinga said…

Zuma Faces Fresh Attacks From South African Opposition Parties

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African opposition parties resumed their offensive against President Jacob Zuma after failing to remove him through a motion of no confidence in parliament, urging the nation’s top court to force the legislature to discipline him for failing to uphold the constitution. The Constitutional Court on Tuesday began hearing a lawsuit brought by the main opposition parties to order the parliamentary speaker to convene a committee to investigate whether Zuma’s refusal…

Bell Pottinger Booted From PR Body Over South Africa Conduct

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Bell Pottinger LLP, the public-relations firm started by an adviser to Margaret Thatcher, has been thrown out of the U.K. industry body in an unprecedented ruling after an investigation found its work on behalf of the Gupta family in South Africa had stoked racial tensions. Bell Pottinger ran a potentially divisive social-media campaign aimed at highlighting economic inequality in South Africa along racial grounds and targeted wealthy white individuals…

Zuma Has Broken Businesses’ Trust, South African Lobby Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – President Jacob Zuma and his ruling African National Congress have broken the business community’s trust after he recalled a finance minister from an investment roadshow in the U.K. and then fired him in a cabinet shuffle, the head of Business Leadership South Africa said. The exit of Pravin Gordhan as finance minister prompted two of the three main credit ratings agencies to cut the assessment on South Africa’s foreign-currency debt to junk, thwarting…

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