Features | - Part 229

Nigeria oil min says OPEC cuts unlikely, Algeria meeting could help price

LAGOS, Nigeria, Capital Markets in Africa: Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country’s oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. But he cast…

Nigeria’s Buhari says monetary policy alone not enough to expand economy

Posted on by The Editorial Team

ABUJA, Nigeria, Capital Markets in Africa: Nigeria will need to combine monetary policies with fiscal and structural policies in order to overcome its worst economic crisis in decades and return to growth, President Muhammadu Buhari said on Thursday. Nigeria is in the middle of its worst crisis in decades as a slump in oil revenues hammers public finances and the naira. Gross domestic product shrank in the first quarter and the central bank governor has…

Investors Bet Vote Dispute Won’t Derail Zambia’s IMF Bailout

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LUSAKA, Zambia, Capital Markets in Africa: Investors are betting disputed elections in Zambia won’t derail the government’s plans to secure an International Monetary Fund bailout that could exceed $1.2 billion and is needed to top up foreign reserves. The Finance Ministry announced in April that it hoped to finalize an IMF aid program for Africa’s second-biggest copper producer by the end of the year. Preliminary talks were put on hold until after Aug. 11 elections, which…

South Africa’s ANC Sticks With Zuma, Risking Eroding Support

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: The African National Congress’s senior leaders absolved South African President Jacob Zuma of blame for the ruling party’s worst performance in an election, choosing to take collective responsibility and risking further eroding support before a national vote in less than three years. Still, targeting him could have exposed factions within the party, leading to infighting and a possible split, analysts say. “Taking collective responsibility is a refusal to take responsibility,” Aubrey Matshiqi, an…

Century-Old Barloworld of South Africa Eyes New Regions for Growth

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Johannesburg, South Africa, Capital Markets in Africa: Barloworld Ltd., the South African industrial company founded114 years ago selling woollen goods, will consider opportunities for expansion in East and West Africa as the distributor of Caterpillar Inc. equipment seeks to double revenue by 2020. Barloworld, which on Tuesday marked the 75th anniversary of its listing on the Johannesburg Stock Exchange, is seeking to grow annual sales to more than 120 billion rand ($9.1 billion) by 2020, Chief Executive Officer Clive…

South Africa’s ANC Leans to ‘Fiscal Populism’ After Vote Setback

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s ruling African National Congress is leaning toward more populist economic policies to win back support after its worst performance in an election since Nelson Mandela led the party to victory in a vote that ended apartheid in 1994. The ANC will press the government to prioritize creating jobs and alleviating poverty in the national budget at the four-day cabinet meeting that started Tuesday, Secretary General Gwede Mantashe said after the party’s top…

Mugabe’s Purged Ally Appears With Tsvangirai in Opposition Boost

Posted on by The Editorial Team

HARARE, Capital Markets in Africa: Zimbabwe’s former Vice President Joice Mujuru appeared at rallies with his political foe Morgan Tsvangirai in the central city of Gweru, boosting opposition against President Robert Mugabe. Mujuru, who served in Mugabe’s first cabinet in 1980 and rose to become the 92-year-old leader’s deputy, formed Zimbabwe People First after being expelled from the ruling Zimbabwe African National Union – Patriotic Front in 2014 after she was accused of plotting Mugabe’s…

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