Finance

JOHANNESBURG (Capital Markets in Africa) – South Africa’s state-owned power company has a plan to restore reliability of supply over the short to medium term and will aim to avoid any more scheduled blackouts, according to the minister responsible. The objective for Eskom Holdings SOC Ltd. remains predictable power supply, Public Enterprises Minister Pravin Gordhan told reporters on Wednesday. If rotating power cuts become necessary, the utility will aim to ensure that a maximum of 1,000 megawatts…

LONDON (Capital Markets in Africa) – In the last decade, Ku Young Bae—a serial entrepreneur and South Korean transplant—has built Singapore’s biggest e-commerce company and fended off giant rivals like Alibaba, Amazon and Tencent. Now he’s keen to expand beyond his home base into Southeast Asia. To do that, and to compete with his cash-rich rivals, he’s hatched an audacious plan to unleash the efficiencies of blockchain technology on e-commerce. In January, his Qoo10 (pronounced “Q-ten”) online mall started a separate…

KAMPALAI (Capital Markets in Africa) – Uganda withdrew from its nascent Petroleum Fund for a second time before it starts producing oil, as the East African nation struggles to narrow its budget gap while increasing infrastructure investments. A sum of 200 billion shillings ($54 million) was removed from the fund to help finance spending plans for the year through June, leaving 288.7 billion shillings in the account, the Finance Ministry said in a report on its…

LAGOS (Capital Markets in Africa) – For brewing giants AB InBev SA, Heineken BV and Diageo Plccompeting for market share in Africa’s most populous country, the Nigerian government’s decision to hike excise duties is another setback in an under-performing economy. President Muhammadu Buhari’s administration followed up its June decision to impose taxes on beer and spirits by deciding in January to implement another phased 17 percent increase in duties on alcoholic beverages. The move, a bid in part…

LAGOS (Capital Markets in Africa) – Majid Al Futtaim Holding LLC, an operator of French retailer Carrefour SA outlets, plans to boost its presence in Kenya as it looks to expand into eastern and southern Africa. Growing the franchise in Africa will boost competition for the likes of Shoprite Holdings Ltd., the continent’s biggest grocer, and Walmart Inc.’s Massmart Holdings Ltd. Those companies are looking to develop outside their home markets in South Africa, where stagnant economic…

LAGOS (Capital Markets in Africa) – Equatorial Guinea signed agreements to develop natural gas from offshore blocks operated by Noble Energy Inc., which will feed the Punta Europa liquefied natural gas plant in an effort to boost exports of the fuel. The Alen Unit joint venture project, located in Blocks O and I, will install a 70-kilometer (44-mile) pipeline from its platform to the LNG plant, operated by Marathon Oil Corp. The gas will then be processed…

JOHANNESBURG (Capital Markets in Africa) – Jumia Technologies AG said Mastercard Inc. has agreed to invest 50 million euros ($56 million) in a private placement ahead of the Africa-focused online retailer’s planned initial public offering in New York. The U.S. credit-card giant joins shareholders such as French drinks maker Pernod Ricard SA, which bought a 5.1 percent stake for 75 million euros in December, and largest investors MTN Group Ltd. and Rocket Internet SE. The Pernod deal valued Jumia at…