Finance | - Part 122

Egypt Calls for Less LNG in Tender as Domestic Gas Boost Looms

CAIRO (Capital Markets in Africa) – State-run Egyptian Natural Gas Holding Co. is seeking 12 LNG cargoes for delivery in the first quarter of 2018 in a tender, according to two people with direct knowledge. That compares with more than 100 cargoes it planned to purchase via tenders or government-to-government contracts for this year. Traders are monitoring how much LNG Egypt will buy next year as Africa’s biggest gas market weighs it needs for imports against a…

Nigeria Seeks to Boost Mining Reserves to Lure Investors

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria plans to spend 15 billion naira ($42 million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. “Because we are starting from a low base, we want to have a portfolio of exploration activities in place that could whet the appetite of the average investor who wants to come in,” Fayemi said in…

Engie Agrees to Buy Solar-Power Firm Fenix to Expand in Africa

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Engie SA agreed to buy U.S. energy-technology start-up Fenix International to help fund the roll out of solar-power systems for Africans with no access to the electricity grid. The French utility will provide capital and help raise debt to expand the electricity service into at least 10 African countries over the next five years, Fenix Chief Executive Officer Lyndsay Handler said in a phone interview. Courbevoie-based Engie decided on the…

Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

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DAR ES SALAM (Capital Markets in Africa) – Barrick Gold Corp. agreed to pay Tanzania’s government $300 million as talks about the state’s tax dispute with unit Acacia Mining Plc continue, Chairman John Thornton said. Acacia shares surged by a record. The payment is a “a show of good faith” as a working group comprised of representatives from both sides seek to establish an ultimate resolution to the disagreement, Thornton said at a briefing Thursday after a…

South African Airways Chairman Ousted in Boardroom Shake-Up

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Airways Chairman Dudu Myeni will leave the state-owned airline in a shakeup of the board scheduled for early next month, as the finance ministry puts new management in place to turn around the unprofitable carrier. Myeni, who is friends with South African President Jacob Zuma and heads his charitable foundation, is the most prominent of a number of directors being replaced following the arrival of new Chief Executive Officer Vuyani Jarana. Deputy…

Zimbabwe says to slash budget deficit despite looming elections

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe plans to cut its budget deficit by half next year to 4 percent of GDP, the national Treasury said, an ambitious goal at a time when the country is expected to hold a presidential vote that veteran President Robert Mugabe is set to contest. The southern African country has over the last four years failed to cut its deficit despite promises to do so, mainly due to high…

Niger Must Halt Job Cuts at Areva’s Uranium Mine, Group Says

Posted on by The Editorial Team

NIGER (Capital Markets in Africa) – Activists in Niger urged President Mahamadou Issoufou to negotiate with Areva SA after the French company said it will cut 200 jobs at one of its uranium mines in the West African nation to adjust to lower prices for the nuclear fuel. “It’s absolutely untrue that the only solution is to lay off staff,” said Al-Moustapha Alhacen, head of Aghirin’man, a non-governmental organization in the northern Nigerien desert town of Arlit, about 1,200 kilometers…

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