Features | - Part 237

South Africa Current-Account Gap Widens as Dividends Paid Rise

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s current-account deficit widened to 5 percent of gross domestic product in the first quarter as dividend payments by local companies to foreign shareholders increased. The gap on the current account, the broadest measure of trade in goods and services, widened from a revised 4.6 percent in the fourth quarter of last year, the Reserve Bank said in its Quarterly Bulletin released on Tuesday in the capital, Pretoria. The…

Nigeria Oil Militants Give Talk Terms, Threaten Bloodshed

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Nigerian militants whose attacks on oil infrastructure have sent output plunging to its lowest level in 27 years said for the first time that they are considering peace talks, even as they threatened to rethink their policy of avoiding bloodshed. The oil minister said Monday that negotiations with the Niger Delta Avengers had begun. After rejecting talks with the government last week, the militants said they would need “a…

Nigeria | Airlines Exit Nigeria on Slow Economy Hit by Dollar Shortage

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LAGOS, Nigeria, Capital Markets in Africa: International carriers may follow the example of United Airlines and Iberia and halt operations in Nigeria or cut flights as they struggle to move revenue out of the country because the oil-price slump has depleted the West African nation’s foreign exchange reserves. Iberia suspended its route to Africa’s biggest economy on May 12, followed by United, which informed employees that it would end flights from the U.S. to Nigeria at the end of…

Nigeria Food-to-Logistics Company UAC Joins Naira Complaints

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LAGOS, Nigeria, Capital Markets in Africa: UAC of Nigeria Plc, an investor in foods, logistics and real-estate services in Africa’s largest economy, said the central bank’s delays in announcing details of a more flexible foreign-exchange system are holding back business decisions because of confusion over future costs. “They should have done it yesterday, rather than tomorrow,” Larry Ettah, UAC’s chief executive officer, said in an interview Wednesday in Lagos, Nigeria’s commercial capital. “We are hopeful that…

Informal Sector on Tax Radar as East Africa Boosts Spending

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NAIROBI, Kenya, Capital Markets in Africa: Governments in East Africa will levy more tax on their informal sectors as they seek to accelerate growth through increased spending, while economies slow in other parts of the continent. Kenya will reintroduce a new tool to collect revenue from hard-to-tax parts of the economy, Treasury Secretary Henry Rotich announced in his budget speech on Wednesday. His counterpart in Uganda also set out plans to improve compliance in the informal sector….

Investment | Glencore Sells Agri Stake to Canadian Fund for $625 Million

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South Africa, Capital Markets in Africa: Glencore Plc agreed to sell just-under a 10 percent stake in its agriculture unit to Canada’s British Columbia Investment Management Corp. for $624.9 million in cash as it continues to cut debt. The commodities trader and miner, which sold a 40 percent stake in the business to Canada Pension Plan Investment Board for $2.5 billion in April, will retain a majority 50.01 percent stake, it said in a statement on Wednesday. The agreement takes the value…

Mozambique Commits to Repay Debt Used in Public Interest

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MAPUTO, Mozambique, Capital Markets in Africa: Mozambique vowed to honour what it said were illegal debt contracts to state-owned companies even as it aims to only repay loans that have benefited the public interest. Yields on the nation’s Eurobonds fell for the first time in four days. Prime Minister Carlos do Rosario, acknowledging that it seemed “attractive” to default on some payments, told lawmakers on Wednesday that the “good image of the country among international creditors”…

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