Features | - Part 209

IEA says record OPEC cut compliance helps oil market rebalance

LAGOS (Capital Markets in Africa) – Global oil output plunged in January as OPEC and non-OPEC producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said on Friday. Oil supplies fell by around 1.5 million barrels per day last month, including by 1 million bpd for OPEC, leading to record initial compliance of 90 percent with a six-month output-cut deal reached in December…

South Africa targets auto sector with fuel cell plant

Posted on by The Editorial Team

CAPE TOWN (Capital Markets in Africa) – Africa’s first fuel cell component plant using platinum as a catalyst will start production by December aiming to take advantage of rising demand for clean energy cars, officials from Isondo Precious Metals said. Isondo has secured a license from U.S-based Chemours Technology to assemble components for fuel cells using platinum, which has mainly been used in catalysts to clean up car emissions. South Africa is the world’s top…

S&P/FMDQ Nigeria Sovereign Bond Index Launched To Mark Signing of MOU

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LONDON, FEB 8, 2017: FMDQ OTC Securities Exchange (“FMDQ”), an organization fostering the development of the Nigerian over-the-counter (OTC) financial markets, and S&P Dow Jones Indices (S&P DJI), one of the world’s leading providers of financial market indices, announced today the signing of a Memorandum of Understanding for a strategic agreement to create and launch new, co-branded fixed income-based indices. The signing took place at a ceremony in Lagos. The agreement marks S&P DJI’s first-ever…

Recession-hit Nigeria targets economy to grow at annual 7 percent by 2020

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ABUJA (Capital Markets in Africa) – Nigeria is targeting economic growth of at least 7 percent a year by 2020, the Ministry of Budget and National Planning said on Tuesday, a far cry from its current recession, the first in 25 years. Nigeria’s economy is heavily dependent on exports of crude oil and is undermined by decades of endemic corruption, It has been hobbled by low global oil prices that have slashed government revenues and…

Angolan Leader Dos Santos to Step Down After 38 Years in Power

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LUANDA (Capital Markets in Africa) – Angolan President Jose Eduardo dos Santos, in power since 1979, won’t stand as the ruling party’s top candidate in elections this year, ending an era that was burdened by civil war while he expanded oil output to rival Nigeria as Africa’s biggest producer. Defense Minister Joao Manuel Goncalves Lourenco will be the pick for the Popular Movement for the Liberation of Angola in the August vote, Dos Santos said at the…

Lufthansa to Suspend Flights to Abuja While Airport Is Closed

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LAGOS (Capital Markets in Africa) – Deutsche Lufthansa AG became the first airline to announce it will suspend its route to Abuja, Nigeria’s capital, while the airport is closed for six weeks for repairs. Germany’s biggest carrier won’t divert its planes to Kaduna, a city about 140 miles (225 kilometres) away, spokeswoman Mirjam Eberts said by phone on Thursday. She didn’t give a reason for the decision. Lufthansa will continue to fly to Lagos, the commercial hub,…

Morocco Rejoining African Union Seen Shaping Leadership Vote

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RABAT (Capital Markets in Africa) – African heads of state gather in the Ethiopian capital on Monday for a two-day African Union summit in which Morocco’s bid for readmission to the continental bloc will shape the election of a new chairperson. Morocco formally submitted its bid to re-join the body last year, when King Mohammed VI set out his government’s objectives of placing the country “at the center” of Africa’s development. The North African nation withdrew from the African…

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