Features | - Part 241

Old Mutual’s Asset Management Unit Attracts Possible Buyers

Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, Africa’s largest insurer, said it has been approached by companies interested in buying a stake in its U.S.-based fund management unit. “Old Mutual confirms that it has received approaches from third parties to acquire its stake,” in OM Asset Management Plc, the London-based insurer said in a statement on Tuesday. There’s no certainty that the interest will lead to a purchase, it said. The company plans to split…

South Africa Prosecutor Plans to Appeal Zuma Graft Case Ruling

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s National Prosecuting Authority said it will ask for permission to appeal the High Court’s ruling that found that its decision to drop a corruption case against President Jacob Zuma seven years ago was wrong. The request to have the Supreme Court of Appeals review the judgment, which opened the way for 783 charges to be reinstated against Zuma, was because of legal reasons and hadn’t been discussed with Zuma’s…

MTN Slumps After Nigeria Suspends Talks on $3.9 Billion Fine

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: MTN Group Ltd. shares fell after Nigeria suspended talks about a $3.9 billion fine on the South African mobile-phone company while the country’s House of Representatives completes an investigation into the nature of the penalty. The stock declined as much as 2.9 percent, the most since May 12, and traded 1.5 percent lower at 126.50 rand as of 10:23 a.m. in Johannesburg, valuing the company at 233 billion rand ($15 billion)….

Nigeria | Violent Struggle Over Oil and Money Rattles Global Energy Market

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: After years of relative peace, militants are again blowing up the pipelines that criss-cross the mangrove swamps of Nigeria’s Niger River delta, reducing oil output to the lowest in almost three decades and fueling a rally in global crude prices. The resurgent conflict in Africa’s largest economy has a long history, interweaving corruption and poverty with regional rivalries and presidential politics, but at its core is money. Between 2006 and…

Zimbabwe Cement Industry Demands Dangote Face Import Tariffs

Posted on by The Editorial Team

HARARE, Zimbabwe, Capital Markets in Africa: Zimbabwe’s cement industry has called on the government to impose tariffs on imports from international manufacturers including Dangote Cement Plc of Nigeria, which it says is undercutting local makers of the building material and threatening jobs. The government should impose a tariff of $50 a metric ton on cement made at a lower cost in other countries and then sold in Zimbabwe, the Cement and Concrete Institute of Zimbabwe said in a…

Opportunity | The Commodity That No One Knows About But Everybody Wants to Buy

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: The world’s mines and steel plants got so devalued during the commodity slump that some were just given away by owners struggling to cut losses or debt. But there’s at least one metal that’s been attracting a lot of attention. Niobium — named for a Greek goddess who became a symbol of the tragic mourning mother — is used to produce stronger, lighter steel for industrial pipes and aircraft parts. It is mined in…

Gloves Off in South Africa Power Struggle as Gordhan Fights Back

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: A power struggle between South African President Jacob Zuma and Finance Minister Pravin Gordhan over control of the National Treasury is approaching a tipping point, unnerving investors and weighing on the rand. Gordhan, 67, on Tuesday accused government officials of conspiring to harass him and his family and described allegations that he had spied on taxpayers when he ran the national revenue service as “malicious rumors” that were “manufactured for other motives.”…

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