Finance | - Part 97

Landlocked Ethiopia May Establish Naval Base at Kenyan Port

ADDIS ABABA (Capital Markets in Africa) – Ethiopia, landlocked since the secession of Eritrea a quarter century ago, may consider building a naval base in neighbouring Kenya to strengthen its military capabilities, the head of the state shipping company said. The facility could form part of a port the Kenyan government is building at Lamu, said Roba Megerssa Akawak, chief executive officer of the state-owned Ethiopian Shipping & Logistics Services Enterprise. The 390 billion-shilling ($3.87…

Africa Oil Giant Needs $12 Billion to Avoid Missing LNG Boat

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LAGOS (Capital Markets in Africa) – On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan. Operator Nigeria LNG Ltd. says it will decide later this year whether to invest more than $10 billion to boost capacity by 40 percent. That would allow the Bonny Island terminal — an hour’s ferry ride from the oil…

Egypt Eyes Sovereign Fund By Year End to Shake Up State Assets

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CAIRO (Capital Markets in Africa) – Egypt plans to launch its first sovereign fund by the end of the year and will begin a roadshow in the first half of 2019 to drum up private investment, the country’s planning minister said. Modelled after sovereign funds in India and Malaysia, Egypt’s new investment arm will seek to generate additional wealth from under-utilized state assets rather than investing surplus oil and gas revenues as Gulf countries do….

Steinhoff Wins Reprieve as Creditors Agree to Hold Fire on Debts

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV soared more than 50 percent after winning support from a majority of its key creditors for a standstill agreement through the end of June, giving the scandal-hit retailer breathing space to avoid insolvency proceedings. The so-called support letter for Steinhoff’s restructuring plan is the first step taken by creditors toward a debt agreement with the South African company, which in December reported accounting wrongdoing that wiped more than…

Threat of Cobalt Shock Is a Top Risk for Electric Vehicles

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JOHANNESBURG (Capital Markets in Africa) – A burgeoning risk of a supply crunch in cobalt — a key battery metal that’s more than tripled in price in two years — poses one of the biggest threats to forecasts for rising electric vehicle adoption. Major investment in mines is required to avoid price spikes that could see cost reductions for lithium-ion batteries stall, Bloomberg New Energy Finance analysts said Monday in a report. Shortages of cobalt are likely earlier than…

Libya’s Oil Output Is Said to Wilt as Hot Weather Halts Turbines

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TRIPOLI (Capital Markets in Africa) – Libya’s crude production tumbled by at least 120,000 barrels a day after some oil-field equipment stopped operating due to hot weather, according to a person with direct knowledge of the matter. Output at the Libyan Arabian Gulf Oil Co., known as Agoco, dropped to about 145,000 barrels a day on Tuesday from about 260,000, the person said, asking not to be identified for lack of authority to speak to…

Carmakers in Battle With South Africa Over Support Plan

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LAGOS (Capital Markets in Africa) – South Africa is proposing automakers including Toyota Motor Corp., Ford Motor Co. and BMW AG more than double production in return for tax breaks so generous that the companies can ship the cars all the way to Europe. The auto industry accounts for about 7 percent of South Africa’s gross domestic product and has been one of the few highlights of a period of sluggish economic growth, according to the National…

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