Finance

LAGOS (Capital Markets in Africa) – A Nigerian court will hear Royal Dutch Shell Plc’s appeal to overturn an almost $2 billion award against the company for allegedly spilling oil in the West African country.The energy giant is challenging a November 2020 judgment in favor of community members claiming a leak from a company pipeline damaged their land and waterways. A federal court of appeal in the city of Owerri is scheduled to consider applications…

JOHANNESBURGH (Capital Markets in Africa) – The World Bank approved the South African government’s request for $750 million to support efforts to offset the impact of the coronavirus pandemic. The loan was agreed almost two years after the National Treasury first approached the Washington-based lender for help financing a 500 billion-rand ($33 billion) relief package after the onset of the pandemic. The low-interest loan “will contribute towards addressing the financing gap stemming from additional spending…

NAIROBI (Capital Markets in Africa) The International Monetary Fund approved a disbursement of $258.1 million for Kenya after completing a second review under a 38-month program to address debt vulnerabilities, the Covid-19 response and enhancing governance. The delivery of IMF funds brings total disbursements to $972.6 million out of a total $2.34 billion available under the country’s program approved in April, the IMF said in a statement late Friday. Kenyan authorities have kept up a…

CAIRO (Capital Markets in Africa) – Egypt is joining the Middle East’s push to adopt electric cars, tasking a state-owned company to build affordable vehicles with a Chinese firm while taking advantage of its renewable energy boom to power them. Authorities are in contact with three potential companies as they seek a partner for El Nasr Automotive Manufacturing Co. on the project that’ll see 2 billion pounds ($127 million) invested, Public Enterprise Minister Hisham Tawfik said in…

JOHANNESBURG (Capital Markets in Africa) –  South African President Cyril Ramaphosa tested positive for Covid-19 and is receiving treatment for mild symptoms. “The president, who is fully vaccinated, is in self-isolation in Cape Town and has delegated all responsibilities to Deputy President David Mabuza for the next week,” the presidency said in a statement on Sunday. “The president is in good spirits but is being monitored by the South African Military Health Service of the South African…

Jack Dorsey, the co-founder and chief executive officer of Twitter Inc., is stepping down, ceding the position to the company’s Chief Technology Officer Parag Agrawal. The move is effective immediately, though Dorsey will stay on the board of the social media company until his term expires in 2022, Twitter said in a statement Monday.“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders,” Dorsey said in the statement. “My…

LAGOS (Capital Markets in Africa) – Nigeria’s biggest flour miller has cemented its dominant position in Africa’s largest economy with the purchase of a majority stake in Honeywell Flour Mills Plc. Flour Mills of Nigeria Plc will acquire a 77% stake in the nation’s third largest miller, according to a statement on the Nigerian Stock Exchange website. The whole company is valued at 80 billion naira ($194 million). The final price payable will be based on adjusted…