Kenya Plans $4.1 Billion in New Loans as It Lifts Debt Limit

Kenya Plans $4.1 Billion in New Loans as It Lifts Debt Limit

NAIROBI (Capital Markets in Africa) – Kenya plans to borrow 422 billion shillings ($4.1 billion) from external lenders after lawmakers approved the government’s proposal to increase its debt limit. The government of the East African nation is negotiating or about to sign 44 loan agreements with 15 lenders including the African Development Bank, China, Japan and the World Bank, parliament documents show. The lawmakers last week approved the National Treasury’s proposed debt limit of 9…

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Nigeria Starts Talks With Oil Majors to End $62 Billion Dispute

Nigeria Starts Talks With Oil Majors to End $62 Billion Dispute

LAGOS (Capital Markets in Africa) – Nigeria began preliminary talks with international oil companies to settle a dispute over revenue. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil exceeds $20 a barrel. The companies are challenging the claim. “We have opened up a process of engagement between the…

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Helios Towers IPO Likely to Price at Bottom End of Range

Helios Towers IPO Likely to Price at Bottom End of Range

LAGOS (Capital Markets in Africa) – Helios Towers Ltd. met with a tepid response for a long-delayed share offering that gives investors a foothold in Africa’s fast-growing wireless tower industry. The stock is likely to price at 115 pence apiece before the Tuesday listing, the bottom end of the initial range, bringing proceeds of about $360 million, according to terms seen by Bloomberg. The company was originally looking to raise as much as $500 million. Shareholders…

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Amazon Employs People to Watch Cloud Cam Home Security Footage

Amazon Employs People to Watch Cloud Cam Home Security Footage

NEW YORK (Capital Markets in Africa) – In a promotional video, Amazon.com Inc. says its Cloud Cam home security camera provides “everything you need to monitor your home, day or night.” In fact, the artificially intelligent device requires help from a squad of invisible employees. Dozens of Amazon workers based in India and Romania review select clips captured by Cloud Cam, according to five people who have worked on the program or have direct knowledge of it. Those…

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US White House Focuses on China Stock Limits in Retirement Fund

US White House Focuses on China Stock Limits in Retirement Fund

NEW YORK (Capital Markets in Africa) – The Trump administration is moving ahead with discussions around possible restrictions on portfolio flows into China, with a particular focus on investments made by U.S. government retirement funds, people familiar with the internal deliberations said. The efforts are advancing even after American officials pushed back strongly against a Bloomberg News report late last month that a range of such limits was under review. Trump officials last week held meetings on…

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OPEC Is Prepared to Make Deeper Cuts If Needed, Nigeria Says

OPEC Is Prepared to Make Deeper Cuts If Needed, Nigeria Says

LAGOS (Capital Markets in Africa) – Nigeria and other members of OPEC are ready to cut crude supplies further if prices continue to tumble, according to the country’s oil minister. “Everybody agrees in OPEC that we need to stabilize the market. We cannot allow prices just to plummet,” Nigerian Minister of State for Petroleum Resources Timipre Sylva said in a Bloomberg TV interview Friday. The country is committed to complying fully with its new production quota of 1.774 million barrels a…

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Eskom’s Stand-Alone Credit Rating Cut Deeper Into Junk at Fitch

Eskom’s Stand-Alone Credit Rating Cut Deeper Into Junk at Fitch

JOHANNESBURG (Capital Markets in Africa) – Eskom Holdings SOC Ltd.’s stand-alone credit profile was downgraded one notch at Fitch Ratings, signaling the South African power utility’s deteriorating ability to repay the debt without additional government support. Weakening revenue growth, profit-margin compression because of lower tariff increases, and higher primary energy costs were cited by Fitch as among the reasons for the reduction. Eskom’s poor liquidity and high debt levels are the worst among its peers,…

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