Finance

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…

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…

HARARE (Capital Markets in Africa) – Kenya is turning to the bond market to finance water and sewage projects as it seeks to plug a funding gap that’s left nearly half the population without access to a tap. Utilities are pooling together loans and packaging them as debt for investors as they seek to fix poorly maintained and aging networks that lose about 43 percent of the water pumped in East Africa’s largest economy, according…

LAGOS (Capital Markets in Africa) – Orange SA is seeking to build partnerships in Africa rather than making major acquisitions or entering new markets as the French phone carrier focuses on its existing businesses in 21 countries on the continent. Mobile-phone operators in Africa have to increasingly share their investment in infrastructure to reduce costs, Bruno Mettling, Orange’s deputy chief executive officer in charge of operations for Africa and the Middle East, said in an interview…