Features

JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa eased coronavirus restrictions as the rate of new infections dropped, scrapping most limits on alcohol sales, shortening a night-time curfew, and permitting larger public gatherings. The move to virus alert level 1, from level 3, comes a year after the first Covid-19 case was detected in the country, and will remove most remaining shackles on the struggling economy, Ramaphosa said in a televised address to the…

CAIRO (Capital Markets in Africa) — Egyptian billionaire Nassef Sawiris agreed to accept a sweetened $4.7 billion takeover offer for Signature Aviation Plc, a step toward ending the fight for control of the private-jet company. NNS, the investment vehicle of Sawiris, is set to sell its 7.42% stake to a bidding consortium led by Blackstone Group Inc. and Global Infrastructure Partners, according to a statement Monday that confirmed an earlier Bloomberg News report. Sawiris is Signature’s third-biggest…

ALGIER (Capital Markets in Africa) — Algeria replaced its energy minister as part of a cabinet reshuffle that President Abdelmajid Tebboune pledged to restore calm as discontent over the OPEC member’s economic plight grows. Mohamed Arkab will succeed Abdelmajid Attar, who became energy minister in mid-2020. Tebboune also named Mohamed Bacha as industry minister, according to a statement from the presidency. The change comes days after Tebboune decided to dissolve parliament and free dozens of members of the…

JOHANNESBURG (Capital Markets in Africa) — Former South African President Jacob Zuma’s trial on corruption, money laundering, and racketeering charges that date back to the 1990s will begin on May 17, after the courts rejected his repeated applications to have the case dismissed. The case against the 78-year-old resumed briefly in the High Court in the eastern town of Pietermaritzburg on Tuesday, where the trial date was set. A successful conviction would be a boon…

LAGOS (Capital Markets in Africa) — Anglo American Plc’s South African iron ore unit said it plans to spend 3.6 billion rands ($246 million) to extend the life of its giant Sishen open pit operation to 2040 through the use of new technology. The sprawling Sishen operation in South Africa’s Northern Cape province would continue to mine for the next two decades as the company improves efficiency and deploys new technology through its high-density media…

LAGOS (Capital Markets in Africa) — President Joe Biden urged U.S. allies to uphold democracy in his first major speech to an international audience on Friday, warning that the world faces an “inflection point” in history that could result in a tilt toward autocracy. “We are in the midst of a fundamental debate about the future direction of our world,” Biden said in remarks delivered remotely to the Munich Security Conference. “Between those who argue…

LAGOS (Capital Markets in Africa) — The African Union has secured 300 million doses of Russia’s Sputnik V Covid-19 vaccine. The shots will be available for 12 months starting in May, the AU said in a statement on Friday. Finance has been arranged for countries that want to purchase the vaccine. The deal adds to the 270 million doses the AU has arranged to get from Johnson & Johnson, Pfizer Inc. and AstraZeneca Plc. “African…