News | - Part 15

Ugandan firm to open gold refinery by end of 2016

KAMPALA, Capital Markets in Africa: A Ugandan company backed by a Belgian investor is due to open the East African country’s first gold refinery by the end of this year to process raw gold produced mainly from the region, a senior company official told Reuters. Uganda’s mineral reserves are generally viewed as under exploited. Although there are gold deposits, it has no big commercial mine involved in production of the precious metal, leaving the field…

Nigeria Needs Lower Interest Rates, Finance Minister Says

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LAGOS, Capital Markets in Africa: Nigeria’s Monetary Policy Committee needs to cut interest rates to help boost the economy because it’s currently more important to focus on growth than on inflation, according to Finance Minister Kemi Adeosun. “We would like to see the interest-rate increase that happened at the last MPC meeting reconsidered,” Adeosun said in an interview with broadcaster CNBC Africa Monday. “At the moment in the Nigerian economy, growth is the most important thing.”…

Kenya’s Odinga Backs Call for Single Opposition Vote Candidate

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NAIROBI, Capital Markets in Africa: Kenyan opposition leader Raila Odinga backed a call by former Vice President Kalonzo Musyoka for a single candidate to compete in next year’s presidential elections. The nominee should be fielded under banner of the Coalition for Reforms and Democracy, Odinga said in a statement e-mailed Tuesday from the capital, Nairobi. Musyoka has proposed that CORD be registered as a political party and that its three constituents each nominate a candidate, from whom one will…

Oil Climbs as OPEC May Hold Formal Meeting Next Week in Algiers

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ALGIERS, Capital Markets in Africa: Oil rose after Algeria said OPEC may turn its planned informal meeting in Algiers next week into a formal session. The 14-member group may hold a formal meeting as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. “The comments that OPEC may hold an extraordinary meeting next week give the…

South Africa’s Top Gold Miner Says President Zuma Must Quit

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JOHANNESBURG, Capital Markets in Africa: South African President Jacob Zuma “has to go,” with poor governance deterring prospective investors, according to the head of Sibanye Gold Ltd., the biggest producer of bullion in the country. “Any solid investor, any solid company is founded on good governance and what we have in South Africa at the moment is very poor governance, from a government point of view,” Sibanye Chief Executive Officer Neal Froneman said in an interview on Monday from the Denver Gold…

Egypt trade deficit narrows by $7 bln since January: trade minister

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CAIRO, Capital Markets in Africa: Egypt’s trade deficit has narrowed by $7 billion since January, Trade and Industry Minister Tarek Kabil said on Tuesday, adding that exports could rise by 10 percent – helping close the trade gap even more – if authorities devalued the local currency. Pressure has been mounting on the central bank to devalue the currency as Egypt struggles to revive an economy hit by political unrest that has driven away tourists and…

Rwanda’s economic growth slows to 5.4 pct in Q2

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KIGALI, Capital Markets in Africa: Rwanda’s economy grew by 5.4 percent in the second quarter of the year, down from an expansion of 7.2 percent in the same period last year, the statistics office said on Tuesday. The country has had a stellar run in recent years, posting faster growth than other East African economies, but it has been curbed by a weakening of the currency this year, after imports surged. Yusuf Murangwa, the director…

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