Finance | - Part 87

Djibouti Nationalizes Port Company Stake in DP World Dispute

LAGOS (Capital Markets in Africa) – Djibouti’s government nationalized the national port company’s stake in the Doraleh Container Terminal, escalating its battle with DP World Ltd. for control of the harbor. The step comes a month after a U.K. tribunal ruled that Djibouti’s cancellation in February of DP World’s contract to run DCT was unlawful. It also follows the High Court of England & Wales’ granting of an injunction last week restraining Port de Djibouti SA, or PDSA, from treating…

MTN Seeks Nigeria Court Injunction in $10 Billion Payment Spat

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – MTN Group Ltd. applied to Nigeria’s Federal High Court to stop the government enforcing $10 billion in claims against the mobile phone company, buying itself some time as it tries to defuse the dispute. Africa’s biggest wireless carrier repeated a denial that it illegally transferred $8.1 billion out of Nigeria and owed a further $2 billion in back taxes. The crisis has wiped almost a third off MTN’s share price…

Ghana on Hook for China Deal If Bauxite Pay Is Insufficient

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ACCRA(Capital Markets in Africa) – Ghana will have to use alternative sources to pay back China’s Sinohydro Corp. for $2 billion in infrastructure if the revenue from an earmarked bauxite project is insufficient to meet installments. Sinohydro agreed to a deal with the West African nation in May to build bridges, roads, hospitals and housing as part of the government of President Nana Akufo-Addo’s plans to lift economic growth. In return, Ghana undertook to repay the…

Tokio Buys Stake in South African Insurer Hollard to Expand

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LAGOS (Capital Markets in Africa) – Japanese insurer Tokio Marine Holdings Inc. agreed to buy a minority stake in South Africa’s Hollard Insurance Co Ltd. to help both companies expand through Africa. Tokio Marine will pay 5 billion rand ($327 million) for a 22.5 percent shareholding in Johannesburg-base Hollard, one of sub-Saharan Africa’s largest providers of property and casualty insurance. The deal will enable Tokio to gain a foothold in markets such as South Africa and…

The Latest Hip African Coffee? Nespresso Says It’s Zimbabwe Brew

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HARARE (Capital Markets in Africa) – As single-origin beans from nations like Ethiopia and Kenya gain in popularity, Nespresso is poised to add Zimbabwe to the list of trendy African coffees. The unit of Nestle SA plans to start selling limited-edition Zimbabwe capsules in May in 15 countries including the U.S. and the U.K., according to Chief Executive Officer Jean-Marc Duvoisin. Nespresso has been working with non-profit partner TechnoServe since 2017 to revive the southern African nation’s struggling…

Zambia to Trim Budget Gap; May Be Considering Higher Mine Taxes

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LUSAKA (Capital Markets in Africa) – Zambia plans to trim its fiscal deficit next year even as Africa’s second-biggest copper producer boosts spending. It may be considering raising mine taxes to achieve that, according to analysts. The Finance Ministry is targeting a budget shortfall of 6.5 percent of gross domestic product next year, compared to 7.4 percent this year, according to a medium-term expenditure plan that sets its fiscal course until 2021. At the same time, it…

Kenya Plans to Court Ryanair, easyJet to Boost Beach Tourism

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NAIROBI (Capital Markets in Africa) – Kenya plans discussions with low-cost airlines such as Ryanair Holdings Plc and easyJet Plc to begin flying to the East African nation famous for its beaches and safaris, its tourism minister said. Tourism is one of the country’s biggest generators of foreign exchange after remittances and agricultural exports, and earned the nation 119.9 billion shillings ($1.2 billion) last year, according to the Kenya Tourism Board. “We are developing a strategy to encourage low-cost…

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