Finance

JOHANNESBURG (Capital Markets in Africa) – South Africa’s first deep-water discovery, reported Thursday by French oil major Total SA, may prompt a rush of activity offshore by competitors as the country works to cut its reliance on imported fuels. The Brulpadda find, estimated at about 1 billion barrels by Total Chief Executive Officer Patrick Pouyanne, could be enough to supply South Africa’s refineries for almost four years. That’s a boon for a country that has always been short of…

JOHANNESBURG (Capital Markets in Africa) –  Ascendis Health Ltd., already considering an offer for its Remedica unit, is planning to sell other key businesses as the South African company battles to service debt and ensure survival, according to people familiar with the matter. The debt-laden maker of multivitamins, probiotics and pet nutritional supplements received an unsolicited offer for Cyprian unit Remedica last month, providing relief for the worst performing stock on Johannesburg’s stock exchange last year. Ascendis…

LUANDA (Capital Markets in Africa) – Hamilton, Bermuda, February 6, 2019 – Seadrill Limited (“Seadrill”) announces today that it has entered into a 50:50 joint venture with Empresa de Serviços e Sondagens de Angola Ltda, an affiliate of Sonangol E.P. (“Sonangol”). The new joint venture, Sonadrill, will operate four drillships, focusing on opportunities in Angolan waters. Each of the joint venture parties will bareboat two drillships into Sonadrill. The Seadrill drillships will be from our existing…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest gold producer would consider buying more assets in the country after paying off debt from previous acquisitions. Sibanye Gold Ltd. hasn’t discussed deals, but AngloGold Ashanti Ltd.’s Mponeng mine and Gold Fields Ltd.’s troubled South Deep operation would both fit into the company’s portfolio, Chief Executive Officer Neal Froneman said in an interview in Cape Town. Still, for the next 18 months at least, the CEO — nick-named “Mr Fix-It” for…

TRIPOLI (Capital Markets in Africa) – Libya’s internationally backed government tapped a rival to eastern leader Khalifa Haftar to command a strategic city his army controls, the latest salvo in their struggle for power in the war-ravaged North African nation. The Presidency Council announced the appointment of Ali Kana, a member of the Tuareg tribe, as military chief in the southwestern city of Sebha on its Facebook page on Wednesday. Haftar’s Libyan National Army, the country’s largest…

JOHANNESBURGH (Capital Markets in Africa) – Politics is tying the hands of South African President Cyril Ramaphosa as he weighs policy trade-offs needed to rejuvenate a moribund economy. The labor union leader-turned businessman took office a year ago, shortly after winning control of the ruling African National Congress by a razor-thin margin. With a large party faction remaining loosely aligned to his predecessor Jacob Zuma, Ramaphosa’s political control remains tenuous. He is due to announce the government’s policy…

LONDON (Capital Markets in Africa) – The new year was meant to be a time for final preparations for Brexit, officially slated for March 29. Instead, the U.K. Parliament has yet to approve the divorce accord that Prime Minister Theresa May brought back from Brussels. That’s caused fears of a no-deal exit to ripple dangerously through the real economy, according to the Bloomberg Brexit Barometer. The gauge’s monthly reading fell to a “rainy” minus 7.1 last…