News | - Part 18

Nigeria’s Biggest Miller Says Firms Face Huge Challenges

LAGOS, Capital Markets in Africa: Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said manufacturers in Africa’s most populous country are finding profits under pressure from a fall in crude prices, a weak naira and rising input costs. “Taken together, these factors have contributed to a perfect storm,” Chairman John Coumantaros told investors at a meeting in the commercial hub, Lagos, on Thursday. Flour Mills was able to “offset the impact” of…

U.A.E. Deposits $1 Billion in Egypt to Shore Up IMF Loan Deal

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CAIRO, Egypt, Capital Markets in Africa: The United Arab Emirates agreed to deposit $1 billion with Egypt’s central bank to help the North African nation meet the requirements for a $12 billion loan deal with the International Monetary Fund. Egypt has secured an initial agreement with the Washington-based lender, but the IMF’s executive board will not consider the loan deal before the country secures commitments of as much as $6 billion from bilateral creditors. The deposit has a six-year tenor,…

Chaos Looms in South Africa Local Councils as Malema Holds Veto

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JOHANNESBURG, Capital Markets in Africa: Sporting a slimmed-down physique and a newly earned university degree, South Africa’s political provocateur Julius Malema has emerged as the kingmaker in several key cities where the ruling party has lost outright control. The result may be chaotic. With neither the ruling African National Congress nor the main opposition Democratic Alliance winning a majority in 27 towns in Aug. 3 elections, Malema, 35, and his Economic Freedom Fighters may wield a veto…

South Africa’s Richest Man Says Continent Is ‘Retailer’s Dream’

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SOUTH AFRICA, Capital Markets in Africa: Africa’s large and youthful population represents an opportunity for retailers to expand even as conducting business in many countries remains a challenge, according to Christo Wiese, the billionaire chairman of the continent’s biggest food chain, Shoprite Holdings Limited. The potential is “a retailer’s dream,’’ Wiese, 74, who describes himself as an ‘Afro-optimist,’ said in an interview this week in Cape Town. “I don’t know how people ignore the fact that Africa…

Mozambique Says Deal With Opposition Was Imposed by Mediators

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MAPUTO, Capital Markets in Africa: The Mozambican government’s delegation at peace talks with the main opposition party said it was forced by mediators to agree to a proposal that the ruling party cedes control in provinces where its rival had won elections. The Mozambique National Resistance, or Renamo, has been fighting to govern six provinces where it garnered more support than the ruling Front for the Liberation of Mozambique, or Frelimo, in elections in 2014. The opposition…

Mozambique Agrees to Provincial Devolution, Renamo Says

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MAPUTO, Mozambique, Capital Markets in Africa: Mozambique’s government has agreed to make constitutional changes that will allow the main opposition party to govern in six provinces where it won more votes than the ruling party in elections in 2014, a Renamo spokesman said. The Mozambique National Resistance, or Renamo, has been battling to win concessions on provincial devolution in central and northern regions. The ruling Front for the Liberation of Mozambique, or Frelimo, has used its majority to…

Egypt Expects Arab Allies to Provide Aid as Part of IMF Deal

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CAIRO, Egypt, Capital Markets in Africa: Egypt expects its oil-rich allies such as Saudi Arabia and the United Arab Emirates to provide funding as the country moves to finalize a $12 billion loan program with the International Monetary Fund, Prime Minister Sherif Ismail said. International financial institutions will also help finance the government’s three-year program with the Washington-based lender, Ismail told Bloomberg News in Cairo on Wednesday. The IMF’s Executive Board will not consider the loan deal before…

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