Finance

LAGOS (Capital Markets in Africa) – The international nuclear agreement with Iran might not be the only deal U.S. President Donald Trump has unraveled. On Monday, Saudi Arabian Energy Minister Khalid Al-Falih was repeating his mantra that production cuts by OPEC and its allies must keep going. Within 48 hours, the kingdom had raised the prospect of increasing output. Between the two pronouncements came Trump’s decision to scrap the Iran deal, re-imposing sanctions on the world’s fifth-biggest oil exporter. “There…

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV’s shares plunged to a record low after the retailer warned of impairments beyond the 6 billion euros ($7.2 billion) reported in December and said it’s facing at least five lawsuits. Auditors at PwC have told the owner of Conforma in France and Mattress Firm in the U.S. that the overstatement of profits and the handling of off-balance-sheet entities will result in “material additional” asset write-downs, Steinhoff…

MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corp. said that “in principle” it has enough customers to proceed with its liquefied natural gas project in Mozambique, eight years after making a major Deepwater discovery there. The development of Mozambique’s LNG potential by Anadarko, Eni SpA and Exxon Mobil Corp. is key to stimulating growth in one of the world’s poorest countries. Anadarko signed a 15-year supply deal with Electricite de France SA in February and now needs…

KINSHASA (Capital Markets in Africa) – Katanga Mining Ltd. will soon be the world’s top cobalt miner, churning out thousands of tons of metal and billions of dollars in revenue for Glencore Plc. It’s also turning into a major thorn in the commodity giant’s side. Katanga is controlled by Glencore but trades in Toronto, making it one of few options for equity investors seeking exposure to the coveted battery ingredient. Its shares surged more than 1,200…

JOHANNESBRUG (Capital Markets in Africa) – South African billionaire Christo Wiese denied he did anything wrong when receiving payments from Steinhoff International Holdings NV while he was chairman. The 325 million euros ($402 million) he received related to a planned merger between Steinhoff’s African operations and South African supermarket chain Shoprite Holdings Ltd., in which Wiese is the biggest shareholder, he said by phone. They were cleared by the central bank, and he started returning the cash when the deal…

KAMPALA (Capital Markets in Africa) – Uganda awarded the contract to build its first refinery to General Electric Co. and partners, sealing a deal for the 60,000-barrel-a-day plant after previous agreements collapsed. The Albertine Graben Refinery Consortium, led by Boston-based GE, will develop the refinery in Hoima district, Ugandan President Yoweri Museveni said on his Twitter account after the accord was signed Tuesday. It’s a breakthrough for the long-planned project, which will allow the country to process its…