Finance | - Part 120

Glencore’s Role in Paradise Papers: What You Need to Know

JOHANNESBURG (Capital Markets in Africa) – The activities of Glencore Plc, the world’s biggest commodity trader, are under scrutiny after a massive leak of confidential information from offshore law firm Appleby Global Group Services Limited. Glencore was one of the top clients of Appleby, which even had a “Glencore Room” at its Bermuda office that kept information on the trader’s 107 offshore companies, according to an investigation led by the International Consortium of Investigative Journalists. Appleby suffered…

Rwandan President Sees Growth Accelerating on Banking, Mining

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KIGALI (Capital Markets in Africa) – Rwandan economic growth is expected to accelerate this year and next as the outlook for industries including financial services, tourism and mining improves, President Paul Kagame said. The pace of expansion is expected to increase to 7 percent next year from about 6 percent this year, Kagame said Thursday in an interview in Dubai. That compares with 2016’s growth rate of 5.9 percent, which was a three-year low. The pace of…

Rio Tinto Says Africa Key to Growth Even After Costly Missteps

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MAPUTO (Capital Markets in Africa) – Rio Tinto Group said resource-rich Africa is still central to the company’s growth strategy despite a succession of failed investments and scandals in the last 10 years. The continent will expand its production and consumption of metals over the next decades as the economy grows and becomes more industrial, Bold Baatar, Rio’s chief executive of energy and minerals, said in a speech at Bloomberg Intelligence’s LME Week Forum in London….

Nigeria Plans $1 Billion Processing Zone to Boost Exports

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LAGOS (Capital Markets in Africa) Nigeria plans to establish a $1 billion crop-processing park with Turkish investors in the country’s north as part of efforts to improve value and boost agricultural exports, according to the country’s investment-promotion agency. The Badeggi Crop Processing Zone in Niger state is expected to start in June next year, with an initial investment of $250 million by a Turkish investor, deputy director at Abuja-based Nigerian Investment Promotion Council, Aminu Takuma, said in…

Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

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NAIROBI (Capital Markets in Africa) – Creditors owed more than 30 billion shillings ($289 million) by Nakumatt Holdings Ltd. will take a haircut if a plan by East Africa’s biggest retailer to enter administration goes ahead, said Kenya’s Industry & Trade Secretary Adan Mohamed. Nakumatt directors will next week seek the High Court’s approval to appoint an administrator and protection from insolvency in order to buy time from creditors including tax agencies, banks, landlords and suppliers. Approval by…

South Africa’s State Pension Fund Preparing for National Downgrade

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s main government workers’ pension fund is seeking permission to invest more cash in international assets to protect against the impact of a possible downgrade of the country’s local-currency debt to junk status. The Government Employees Pension Fund is in talks with Finance Minister Malusi Gigaba about easing its investment criteria to include more foreign bonds and equities, Abel Sithole, principal executive officer, told reporters in Johannesburg on Tuesday….

MTN Appeals to Court to Dismiss $4.2 Billion Turkcell Case

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Limited has asked South Africa’s High Court in Johannesburg to dismiss a $4.2 billion damages claim by Turkcell Iletisim Hizmetleri AS, five years after the case was first brought in relation to the awarding of an Iranian license in 2005. Africa’s largest wireless operator by sales denies Turkcell’s allegations that it paid bribes to South African and Iranian officials to secure 49 percent of Irancell Telecommunication Company Services, according…

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