Features | - Part 222

Nigeria lowers 2016 forecast, expects economy to shrink 1.3 pct

LAGOS (Capital Markets in Africa) – Nigeria’s economy is likely to shrink 1.3 percent in 2016, the National Bureau of Statistics executive said on Wednesday, a sharp downward revision of its estimates he said was prompted by sharp falls in the naira after dollar peg was dropped. The NBS had predicted the Nigerian economy to grow 3.8 percent in 2016, but low oil prices have hammered the OPEC member’s government income and the naira, and recession…

Congo Leader Says Political Talks Crucial for Nation’s Stability

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo leader Joseph Kabila said that talks with some of the political opposition under way in the capital, Kinshasa, are necessary to maintain peace and stability in Africa’s biggest copper producer. “Our goal is to ensure the country becomes peaceful before, during and after the general elections to be held in December or after December,” Kabila said in an statement e-mailed by Tanzanian President John Magufuli’s office after the two…

South Africa’s Gordhan Says Probe Is ‘Political Mischief’

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Pravin Gordhan said the police investigation into him is nothing but “political mischief” and will be resolved soon. “As far as the so-called investigation is concerned, that’s no more than a bit of political mischief, which every country will have,” Gordhan said in an interview with Bloomberg TV in New York Tuesday. “I’m sure we in South Africa will resolve these issues.” Reports in August that he is…

Africa’s Biggest Food Retailer Doubles CEO’s Pay After Bonus

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Shoprite Holdings Ltd. doubled Chief Executive Officer Whitey Basson’s pay last fiscal year to 100.1 million rand ($7.4 million), thanks to a bonus from Africa’s largest food retailer for beating a profit-growth target. Basson’s remuneration included 49.7 million rand in basic pay for the 12 months through June, in line with the previous year, and a 50 million rand one-time performance-related bonus, the Cape Town-based company said in its annual report….

Congo Cement Factory to Boost National Production Four-Fold

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KINSHASA (Capital Markets in Africa) – Democratic Republic of Congo Prime Minister Matata Ponyo Mapon said his government will protect local industry as Lucky Cement Ltd., Pakistan’s biggest producer of the building material, and Groupe Rawji prepare to open a new plant in the country this month that will boost production four-fold in the central African nation. The $270 million project, known as CIMKO, is owned jointly by Lucky and Groupe Rawji, a closely held Congolese company, and…

Glencore Reviewing Bribery Allegations Said to Involve Gertler

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Glencore Plc, the world’s biggest commodity trader, is reviewing allegations by U.S. authorities regarding the bribery of officials in the Democratic Republic of Congo said to implicate its partner, Israeli billionaire Dan Gertler. Some of Gertler’s projects in Congo were funded by Och-Ziff Capital Management Group LLC, which on Thursday agreed to pay more than $400 million to settle a U.S. investigation that it committed bribery violations in Africa. Och-Ziff’s partner in…

Och-Ziff Plea Halts Rise of Hedge-Fund Billionaire’s Protege

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JOHANNESBURG (Capital Markets in Africa) – At the turn of the century, hedge-fund billionaire Daniel Ochsent protege Michael Cohen, still in his twenties, to spearhead Och-Ziff’s expansion into Europe. Cohen’s team bet so successfully on equities and corporate deals that less than a decade later he was able to buy a 900-acre estate in the English countryside. A relentless investor with little patience for small talk, he was always looking for his next score, say people who know him. That led…

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