News | - Part 22

Zimbabwe Says It’s on Course to Clear $1.8 Billion Loan Arrears

HARARE, Capital Markets in Africa: Zimbabwe will clear the $1.8 billion of arrears it owes the World Bank, International Monetary Fund and African Development Bank once it has a new financing plan with the three multilateral lenders, Finance Minister Patrick Chinamasa said. The southern African nation is continuing negotiations with the three on financing industries such as agriculture, Chinamasa said in an interview in Rwanda’s capital, Kigali. A survey of how much money is required is being undertaken and once agreed,…

Mozambique Hires Lazard, Legal Advisers to Assess External Debts

Posted on by The Editorial Team

MAPUTO, Capital Markets in Africa: Lazard Ltd. as a financial adviser to help assess its foreign debt as it struggles to service borrowings by state-owned companies. The ministry of economy and finance also appointed White & Case LLP as a legal adviser, it said in a statement e-mailed by Lazard’s London-based spokesman, Richard Creswell. The two will “assist the ministry with the assessment of Mozambique’s current external debt situation,” according to the statement. “The ministry has started to work…

Guptas’ Oakbay Listing May Be Suspended on Lack of Sponsor

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: Oakbay Resources & Energy Ltd., the company controlled by the Gupta family, may have its listing suspended by the Johannesburg Stock Exchange, the latest setback to the business interests of the friends of South African President Jacob Zuma who also lost their auditor and had the country’s major banks refuse to do business with them. JSE Ltd., which runs the exchange, said in a statement it may suspend Oakbay after it failed…

Mozambique Says Foreign Loans Breached Laws as Probe Deepens

Posted on by The Editorial Team

MAPUTO, Capital Markets in Africa: Mozambique’s attorney-general plans to ask international and domestic experts to help probe loans taken by three state-owned companies that may have breached the southern African nation’s budget laws, spokesman Taibo Mucobora said. The office of the attorney-general has held hearings into loans taken by Empresa Mocambicana de Atum SA, whose debt was converted into a $727 million sovereign Eurobond in April, Mozambique Asset Management and ProIndicus. The borrowings breached limits on guarantees…

Congo Franc Hits New Low Against Dollar on Parallel Market

Posted on by The Editorial Team

Congo, Capital Markets in Africa: The Democratic Republic of Congo’s franc fell to a record low against the dollar on the parallel market as the slump in commodity prices takes its toll on Africa’s biggest copper producer. The Congolese franc traded at an average of 1,001 to the dollar on the parallel market on June 16, the Prime Minister’s office said Monday in an e-mailed statement, bringing its decline this year to 7 percent. On the official market, the…

Nigeria Food-to-Logistics Company UAC Joins Naira Complaints

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: UAC of Nigeria Plc, an investor in foods, logistics and real-estate services in Africa’s largest economy, said the central bank’s delays in announcing details of a more flexible foreign-exchange system are holding back business decisions because of confusion over future costs. “They should have done it yesterday, rather than tomorrow,” Larry Ettah, UAC’s chief executive officer, said in an interview Wednesday in Lagos, Nigeria’s commercial capital. “We are hopeful that…

Mozambique Commits to Repay Debt Used in Public Interest

Posted on by The Editorial Team

MAPUTO, Mozambique, Capital Markets in Africa: Mozambique vowed to honour what it said were illegal debt contracts to state-owned companies even as it aims to only repay loans that have benefited the public interest. Yields on the nation’s Eurobonds fell for the first time in four days. Prime Minister Carlos do Rosario, acknowledging that it seemed “attractive” to default on some payments, told lawmakers on Wednesday that the “good image of the country among international creditors”…

« 1 … 20 21 22 23 24 … 84 »