Finance | - Part 153

Uganda to spend $2 bln on power connections, grid: Umeme executive

NAIROBI, Capital Markets in Africa: Uganda plans to spend at least $2 billion in the next five years to connect more people to its electricity grid and raise connection rates, a senior executive at sole power distributor Umeme Ltd said on Thursday. Ugandan officials say they want to boost electricity supply rapidly to power an industrialisation drive. In recent years they have cut subsidies for consumers and introduced a tariff adjustment mechanism. The country said…

Vodafone Squeezed in Egypt as State-Backed Partner Turns Rival

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CAIRO, Capital Markets in Africa: Vodafone Group Plc is getting squeezed in Egypt as its state-backed partner embarks on a solo push into wireless services — crowding the market with a fourth provider while potentially leaving its U.K.-based ally to fend for itself. To finance its own network, Telecom Egypt may sell its 45 percent stake in an existing venture with Vodafone, according to two analysts who have been briefed by the company. The options range from an initial…

As Commodity Slump Batters Africa, Investors Turn to Technology

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LAGOS, Capital Markets in Africa: The titans of Silicon Valley are undeterred by the economic slump afflicting much of Africa. Facebook Inc., Google, Oracle Corp. and Uber Technologies Inc. are at the leading edge of turning the world’s frontier markets digital. As the commodity crash buffets the continent’s biggest economies, the interest and investments couldn’t come at a better time. Almost half of foreign direct investment projects in Africa last year were in technology, telecommunications, financial services…

Old Mutual Said to Mull Wealth Unit Sale, Dropping IPO, on Costs

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JOHANNESBURG, Capital Markets in Africa: Old Mutual Plc, Africa’s largest insurer, may drop plans for a listing of its U.K. wealth management unit because of escalating costs from an upgrade of its investment platform, according to a person familiar with the matter. While managers at Old Mutual Wealth want to proceed with an initial public offering, executives at the group level are leaning towards options including a sale of the unit, the person said, asking not…

Guinea Weighs Mine Tax-Incentive Review Over Investor Abuse

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GUINEA, Capital Markets in Africa: Guinea’s government is considering reviewing tax breaks given to mining companies because foreign investors may be abusing the incentives, Budget Minister Mohamed Lamine Doumbouya said. The West African nation, which has the world’s largest bauxite deposits, waived more than 2 trillion Guinean francs ($220 million) of income over the past five years because of exemptions on mining-equipment and building-material imports, Doumbouya said in an interview. While the mining industry is expanding at an…

Egypt Edges Closer to IMF $12 Billion Loan Approval

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CAIRO, Capital Markets in Africa: Egypt will request a meeting of the International Monetary Fund’s executive board within days after meeting the requirements for a $12 billion loan, the lender’s largest ever in the region. “We are making very good progress on getting the required $5 billion to $6 billion” stipulated by the IMF before the board reviews the loan, Egypt’s Deputy Finance Minister Ahmed Kouchouk told reporters at a two-day Euromoney conference that began on Monday in…

Battle for South Africa’s Finances Rages on Multiple Fronts

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Johannesburg, Capital Markets in Africa: South Africa’s government appears to be at war with itself, as President Jacob Zuma and his Finance Minister Pravin Gordhan grapple for control of the nation’s finances. While Zuma has downplayed the conflict, saying “there is no war within government,” he’s undermined Gordhan’s authority by refusing to back him in stand-offs with the police, national tax agency and loss-making state airline. Several government agencies have been drawn into the fight. Here are the key…

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