Finance | - Part 101

Mauritius Suspends Quantum Funds After Angola Official Visit

PORT LOUIS (Capital Markets in Africa) – The seven Quantum Global Group funds that had their licenses suspended by Mauritius’s financial-services regulator followed presentations made by a high-ranking Angolan official to the Mauritian government, according to two people familiar with the matter. Quantum Global Group was founded by Jean-Claude Bastos de Morais, a Swiss-Angolan entrepreneur. Swiss newspaper Le Matin Dimanche reported Nov. 5 that about $3 billion of Angola’s wealth fund, known by the acronym…

Afreximbank Has $500 Million for Africa to Buy Russian Planes

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CAIRO (Capital Markets in Africa) – The African Export-Import Bank will provide African national airlines and privately owned companies $500 million through an export-credit facility provided by the Russia Exim Bank. Another $300 million will be available for an aircraft-leasing facility, targeting airlines that can’t afford upfront cost of purchasing jets, Afreximbank’s director of client relations, Rene Awambeng, told reporters in the Kenyan capital, Nairobi. He spoke during a three-nation roadshow by Russian plane makers…

Exxon Sparks IMF Concern With Weighty Returns in Tiny Guyana

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LAGOS (Capital Markets in Africa) – Exxon Mobil Corp. got such a “favourable” deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honour the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund said in a report seen by Bloomberg News. The country, South America’s third poorest with an…

Uganda Taps Oil Fund for Budget Before Output Even Begins

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KAMPALA (Capital Markets in Africa) – Uganda dipped into its Petroleum Fund for the first time by drawing 125.3 billion shillings ($33.9 million) to bridge its 2017-18 budget deficit, Finance Minister Matia Kasaija said. East Africa’s third-biggest economy will spend the money in the 12 months through June, Kasaija said in a report on the ministry website, leaving the fund at 422.9 billion shillings. Uganda, which is yet to start oil production, raised the money…

Steinhoff Bows to Pressure Over Bonus Payments After Outrage

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV shelved a plan to pay director bonuses after lawmakers questioned whether it was appropriate to release extra funds given the retailer has lost more than 90 percent of its market value amid an accounting scandal. The owner of Conforama in France and Mattress Firm in the U.S. was planning to ask shareholders to approve payouts to board members including Chairman Heather Sonn as a reward for their work…

South African Miners Win Court Fight on Black Ownership Rule

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JOHANNESBURG (Capital Markets in Africa) – South African mining companies won court backing on a crucial black-ownership principle that’s likely to have implications for ongoing negotiations with President Cyril Ramaphosa’s government. Producers don’t need to top up black-shareholding levels in perpetuity if they previously met the minimum 26 percent requirement, the High Court in Pretoria said on Wednesday. The judgment boosts certainty for investors in the world’s top platinum producer and gives mining companies extra muscle…

Hershey to Spend $500 Million Making More Sustainable Kisses

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ACCRA (Capital Markets in Africa)- Hershey Co. is spending $500 million in the hopes of producing its iconic chocolate Kisses from more sustainable cocoa. Through its so-called Cocoa for Good program, the company will invest the funds through 2030 to support four key areas: nourishing children, empowering youth, building prosperous communities and preserving natural ecosystems. The initiative’s goals include eliminating child labour and increasing shade-grown cocoa, which can be productive for as much as 15 years…

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