Features

ALGEIRS (Capital Markets in Africa) –  Battered by more than a month of protests, Algerian President Abdelaziz Bouteflika said he would step down before the end of his fourth term on April 28, but suggested he would still craft the foundations of the transition to come. The announcement on Monday appeared aimed at avoiding what could be a military-sanctioned, and embarrassing, constitutional push to have him declared unfit for office. It was also unclear whether it would…

LAGOS (Capital Markets in Africa) – Boeing Co. says it needs more time to finish a software upgrade for its grounded 737 Max jetliners as company engineers update a stall-prevention system linked to two fatal crashes in five months. The planemaker said last week it would submit final paperwork for the revamp to the Federal Aviation Administration by March 29 to make the system — known as MCAS — less aggressive in pushing down a plane’s…

JOHANNESBURGH (Capital Markets in Africa) – South African President Cyril Ramaphosa granted a judicial commission an extra three months to finish its investigation into allegations of wrongdoing at the government workers’ pension-fund manager. The date by which the commission of inquiry into Public Investment Corp. must submit its final report was moved to July 31 from April 15, the commission said in a statement posted on its Twitter account on Saturday. The commission, whose mandate was also…

LAGOS (Capital Markets in Africa)  – European-listed tech giants are so scarce they are set to be trumped in size by a newcomer that hasn’t decided what to call itself yet. African conglomerate Naspers Ltd. revealed this week that it plans to list a portfolio that includes a range of tech investments, from food delivery to online platforms for second-hand goods. The new Amsterdam-based company will also hold a massive $133 billion stake in Chinese game-maker Tencent Holdings…

JOHANNESBURG (Capital Markets in Africa) – Gold Fields Ltd.’s board has asked Chief Executive Officer Nick Holland and his managers to consider other options for its unprofitable South African mine should the latest turnaround plan fail. After investing more than $800 million in South Deep, Gold Fields hopes that a fifth restructuring in 13 years will see the mine break even by the middle of the year. The company cut more than 1,500 jobs to reduce costs and lowered its…

TRIPOLI (Capital Markets in Africa) – Libya’s government is seeking to repossess telecommunication, hotel, banking and oil assets worth $375 million that were seized by Uganda after the ouster of the North African nation’s former ruler, Moammar Qadaffi, the Daily Monitor reported. A Libyan delegation traveled to the East African country this week to deliver a letter to Ugandan President Yoweri Museveni, the Kampala-based newspaper said, citing Investment Minister Evelyn Anite. The Ugandan government has…

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV’s Unitrans Motor Group, which the embattled retailer is in talks to sell, may be valued at as much as $280 million, according to people familiar with the matter. The lower end of the valuation range may be about $204 million, said two of the people, who asked not to be identified because the negotiations are private. Steinhoff on Thursday said it plans to sell 75…