Finance | - Part 84

South Africa Probes Illegal Miners Blast Risk Under City of Gold

JOHANNESBURG (Capital Markets in Africa) – South Africa is probing a potential catastrophe lurking beneath its richest city — illegal gold miners are digging and blasting 30 centimeters (12 inches) from gas pipelines beneath some of Johannesburg’s most vital infrastructure, raising the risk of explosions. The government has been jolted into action after the Sunday Times newspaper reported on the activity that could create an inferno. Some of the illegal miners are digging right below…

Zimbabwe Plans $1 Billion Infrastructure Bond in 2019 for Roads

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe plans to sell $1 billion of bonds next year to fund projects that include expanding the main road between the capital and the border with South Africa, Finance Minister Mthuli Ncube said. The southern African nation wants to improve the highway linking Harare with the border town of Beit Bridge, he told business leaders in the capital Friday. Yesterday, Ncube unveiled his 2019 budget in which he cut…

Google Plans High-Flying Balloons to Provide Internet in Africa

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NAIROBI (Capital Markets in Africa) – The tech giant says a network of high-flying blimps can connect millions. Bringing fast, widespread internet to rural Africa has proven vexing for companies that have tried—and largely failed—with strategies ranging from drones to satellites. Now, a sister company of Google says it has the answer: balloons. Loon, spun out of the search giant’s X innovation lab in July, is teaming up with Telkom Kenya Ltd. to build a…

MTN Rwanda Considers Share Sale as Carrier Seeks Network Upgrade

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KIGALI (Capital Markets in Africa) – MTN Group Ltd.’s Rwanda unit is considering a share sale on the country’s stock exchange to help fund planned network upgrades. The move would follow an initial public offering of MTN’s Ghanaian division earlier this year, pursued by Africa’s largest wireless carrier in exchange for new spectrum. MTN’s Nigeria business has pledged to sell shares in Lagos, while an IPO in Kampala is under review for Uganda. “It is…

South Africa’s High-Speed Rail Network Seeks Cash for Trains

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s high-speed rail network is seeking 4 billion rand ($290 million) to increase its number of trains by 50 percent ahead of a potential expansion to other parts of Johannesburg and Pretoria. The Development Bank of Southern Africa Ltd. is leading the fundraising, a spokeswoman said in an emailed response to questions on Wednesday. Canada’s Bombardier Inc., CRRC Corp. of China and local firm Egoli Rail are among the…

Mozambique May Agree Deals on ProIndicus, MAM Loans This Year

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MAPUTO (Capital Markets in Africa) – The Mozambican government said it may reach an agreement with investors on restructuring about $1.2 billion of loans for state-owned companies ProIndicus and Mozambique Asset Management this year. “We expect that we can get that, but we are still in negotiations,” Finance Minister Adriano Maleiane told reporters in the capital, Maputo, on Thursday. He declined to comment on possible terms as that could jeopardize talks. Maleiane said he was “sure” that…

Nickel Bull Glencore Says Many in the Market Missing Vital Signs

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LAGOS (Capital Markets in Africa) – Commodity powerhouse Glencore Plc gave a ringing endorsement of the prospects for nickel, saying that most participants in the market don’t realize how strong demand for the metal now is and haven’t grasped the magnitude of the global deficit even as stockpiles dwindle. Worldwide consumption will outstrip supply by 124,000 metric tons next year after a shortfall of 178,000 tons in 2018 and deficits in the prior two years, the company said in…

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