Finance | - Part 154

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

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…

Ghana to issue first domestic dollar bond next month – Finance Minister

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ACCRA, Capital Markets in Africa: Ghana plans to issue its first domestic investor only dollar bond next month in efforts to deepen the government’s financing streams and bolster the local bond market, Finance Minister Seth Terkper said on Friday. The two-year bond with a target of about $50 million, would be issued through a book-building system to be arranged by Barclays Bank, Stanbic Bank and brokerage firm Strategic African Securities, Terkper told reporters in Accra….

South Africa’s Renewables Market Is the World’s Fastest Growing

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Johannesburg, Capital Markets in Africa: South Africa’s renewable industry is looking good for project financiers. The African country’s green power sector had the highest growth year-on-year globally for asset finance at 300 percent, according to Moody’s Corp. It drew $4.5 billion in 2015, the credit rating company said in a report on Friday. It highlighted a drop in renewable electricity prices, the growth of independent power producers and increased participation of institutional investors as credit positive…

Funding Nigerian oil cash calls from debt key for economy: minister

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LAGOS, Capital Markets in Africa: Nigeria must get out of paying so-called cash calls to joint ventures with oil and gas companies to stand a chance of pulling its ailing economy out of recession, Finance Minister Kemi Adeosun said on Friday. The minister said the Nigerian National Petroleum Corporation (NNPC) had spent 110 billion naira ($360 million) on cash calls this month, which dwarfed the country’s 41 billion naira income from oil production over the…

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