News | - Part 16

Violence in Congo as Thousands Urge President to Step Down

CONGO, Capital Markets in Africa: Protesters clashed with security forces across the Democratic Republic of Congo’s capital, Kinshasa, throwing rocks and burning tires as opposition parties marched to call on President Joseph Kabila to step down. Hundreds of armed police, military and presidential guard took up positions around the city center to prevent the protesters from reaching the government district. Agence France-Presse reported that two police officers were killed in clashes with protesters, citing government spokesman Lambert Mende. The…

Nigerian Police Rescue Oil Workers Seized Near Southern Oil Hub

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LAGOS, Capital Markets in Africa: Nigerian police rescued 14 oil workers kidnapped near the southern oil hub of Port Harcourt following a gun fight with the abductors, an official said. “The oil workers were rescued unhurt” after the gunmen abandoned them and fled during the gun battle with the police, Nnamdi Omoni, a police spokesman, said by phone from Port Harcourt on Monday. The 14 employees of Nestoil Ltd., a Nigerian company, were seized on Sept….

Angolan parliament approves smaller 2016 budget due to low oil price

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LUANDA, Capital Markets in Africa: Angola’s parliament on Monday approved a smaller 2016 budget than it had originally planned, after lower oil prices hammered state revenues in Africa’s largest crude exporter. The finance ministry said in July government that spending would be cut to $24 billion from $30 billion projected in the original 2016 budget after projected revenues were slashed to $18 billion from $24.4 billion. “The 2016 state budget revision that we just approved…

Battle for South Africa’s Finances Rages on Multiple Fronts

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Johannesburg, Capital Markets in Africa: South Africa’s government appears to be at war with itself, as President Jacob Zuma and his Finance Minister Pravin Gordhan grapple for control of the nation’s finances. While Zuma has downplayed the conflict, saying “there is no war within government,” he’s undermined Gordhan’s authority by refusing to back him in stand-offs with the police, national tax agency and loss-making state airline. Several government agencies have been drawn into the fight. Here are the key…

South Africa’s corruption watchdog interviews finance ministers in Zuma, Gupta inquiry -paper

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JOHANNESBURG, Capital Markets in Africa: South Africa’s anti-corruption watchdog has interviewed Finance Minister Pravin Gordhan and his deputy Mcebisi Jonas as part of an investigation into whether President Jacob Zuma was influenced by the wealthy Gupta family in making government appointments, the Sunday Times newspaper reported. The paper said Public Protector Thuli Madonsela had written to Zuma informing him of her investigation into whether he breached the executive code of conduct. Madonsela has already interviewed…

Mozambique Reorganizes State Companies Amid Debt Crisis

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MAPUTO, Capital Markets in Africa: Mozambique identified six companies including telecommunications providers Telecomunicacoes de Mocambique and Mocambique Celular Sarl among 20 state-owned entities it plans to reorganize or sell as it battles a debt crisis. Others are the national airline Linhas Aereas de Mocambique and airport operator Aeroportos de Mocambique, a silos and bulk-terminal company at Matola and postal company Correios de Mocambique, the Finance Ministry said in an e-mailed response to questions from the capital,…

IMF says Mozambique president to cooperate on debt audit

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MAPUTO, Capital Markets in Africa: The president of Mozambique on Thursday pledged to work with the International Monetary Fund on the terms of an international audit of its public debt, the IMF said in a statement. President Filipe Nyusi met with IMF Managing Director Christine Lagarde in Washington, where Nyusi visted to try to reassure international institutions and investors over a debt scandal involving more than $2 billion in secret loans that came to light…

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