Features | - Part 211

Guinness Nigeria to Convert Loans to Shares to Conserve Funds

LAGOS (Capital Markets in Africa) – Guinness Nigeria Plc, the country’s second-biggest brewer, plans to convert a portion of dollar-denominated loans from parent Diageo Plc into shares to limit the impact of exchange-rate volatility and conserve cash. “We don’t want to be holding foreign-currency loans,” ChairmanBabatunde Savage told shareholders at a meeting in Lagos, Nigeria’s commercial capital, on Tuesday. The company’s cash flow is already under pressure from a Nigerian economic downturn, he said. The company took out…

OPEC Shrugs Off Threat Trump’s America Will Cut Oil Imports

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LAGOS (Capital Markets in Africa) – OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to need crude from abroad. The U.S. is “closely integrated in the global energy market,” Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said, while his Venezuelan counterpart Nelson Martinez said he expects his country’s crude exports to the world’s top consumer to remain stable. “The…

Mauritian Premier Succeeded by Son as Opposition Plans Protest

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Port Louis (Capital Markets in Africa) – Pravind Jugnauth took over as Mauritius’s new prime minister, a day after his father resigned and bequeathed the premiership to his son, as the opposition announced plans to demonstrate against the transfer of power. Jugnauth, 55, was sworn in Monday at a ceremony in the capital, Port Louis, and said he would retain his portfolio in the Finance Ministry. Opposition parties will gather in the city on Friday to…

Equatorial Guinea Offers to Join OPEC After Agreeing to Oil Cuts

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MALABO (Capital Markets in Africa) – Equatorial Guinea said it has offered to become a member of the Organization of Petroleum Exporting Countries after agreeing to cut oil output in cooperation with the group and several other major producers. “There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel,” Minister of Mines, Industry, and Energy Gabriel Mbaga Obiang said in a statement Monday. “We firmly believe that Equatorial…

China Moly Poised to Acquire All of Congolese Copper Project

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CONGO (Capital Markets in Africa) – China Molybdenum Co. reached an agreement to increase its control of one of the Democratic Republic of Congo’s biggest copper and cobalt mines, giving the Chinese miner a powerful position in the market for the two metals. China Moly agreed in May to acquire a 56 percent stake in Tenke Fungurume from Freeport-McMoRan Inc., before Toronto-based Lundin Mining Corp. in November said it was selling its 24 percent stake to Chinese private-equity…

Industrialisation key to Africa’s economic transformation

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DAVOS (Capital Markets in Africa) – Industrialisation is key to making Africa a force to be reckoned with, but without power and infrastructure this will remain a mere dream. On this Building Africa debate CNBC Africa is joined by panellists consisting of Phuthuma Nhleko, Executive Chairman, MTN; Paul Kagame, President of the Republic of Rwanda; Oluyemi Oluleke Osinbajo, Vice President of Nigeria and Siyabonga Gama, CEO, Transnet to discuss what is needed from power to…

South Africa ANC Leaders Break Ranks on Succession, M&G Says

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JOHANNESBURG (Capital Markets in Africa) — Provincial office bearers in South Africa’s ruling party are in disagreement over who should take over as leaders of the African National Congress, the Mail & Guardian reported, citing party members. Free State province Deputy Chairman Thabo Manyoni says party Deputy President Cyril Ramaphosa should succeed Jacob Zuma, in line with party tradition, the Johannesburg-based newspaper reported, citing him. Free State Premier Ace Magashule says leaders are elected at…

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