The Markets | - Part 112

Sibanye Counts Hit to Earnings as Strike at Gold Mines Drags On

JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Ltd. said a protracted strike at its South African gold mines may hurt earnings at a time when the producer remains under pressure to reduce debt. Thousands of workers started a strike in November over pay, and there’s inconsistent output at three mines amid limited operations, spokesman James Wellsted said, without saying how many workers are showing up. Sibanye is assessing the impact on its finances, he said. While the…

Ivory Coast Is Said to Plan Eurobond Sale of at Least $1 Billion

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Ivory Coast is planning to sell at least $1 billion in Eurobonds as the West African nation weighs its finance needs against rising debt costs, according to three people familiar with the matter. The world’s top cocoa grower, which budgeted to raise 1.44 trillion CFA francs ($2.5 billion) in debt in 2019, is reviewing the amount of securities it can sell on the regional market and will seek the remaining…

Mozambique Loan Bribe Claims May Void Debts, Law Professor Says

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – The arrest of Mozambique’s ex-finance minister and three former Credit Suisse AG managers over alleged bribes could render void about $2 billion of project loans to the country, according to Mitu Gulati, a law professor at Duke University in the U.S. The projects, a tuna fishing and coastal protection system, were created to enrich those involved, and at least $200 million of the proceeds went to bribes and kickbacks, according to an…

Gabon Coup Attempt Poses Little Risk to Oil Market

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Any potential disruption to Gabon’s oil output, following a military coup attempt, would only have an impact on a small share of OPEC’s total output because the country produces so little. Military officers seized Gabon’s state broadcaster Monday in what appeared to be a coup against ailing President Ali Bongo. The soldiers who attempted the coup have been arrested and there has been no reported disruption to the country’s oil output, which accounts for…

No Looking Back for S. African Rand as Bears Lose Conviction

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Rand bears are on the retreat as South Africa’s currency heads into 2019. The currency got off to a blistering start to the year, adding 3 percent amid receding worries over the U.S.-China trade war and the Federal Reserve’s second thoughts about policy tightening. And in a sign investor are leaving last year’s 14 percent slump behind them, some bearish indicators back at levels last seen before Turkey’s meltdown in August….

Bitcoin Pushes Past $4,000 as Technical Gauge Turns Positive

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin climbed above $4,000 for the first time this year, helping to push the volatile cryptocurrency into positive territory after a brutal 2017 that saw investor post losses of more than 70 percent. The biggest digital currency gained as much 6.4 percent to $4,077 in New York. Other tokens were One technical measure that traders follow indicates more gains may be in store. The Directional Movement Index crossed into positive territory for…

Total Poised to Start Exports From Big New Oil Field in Nigeria

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Total SA is poised to start exports of crude from a major new offshore field in Nigeria, adding to global supplies at a time when oil prices are plunging. Shipments of Egina crude from a floating offshore production vessel have been scheduled for February, according to a copy of a loading program for the new grade seen by Bloomberg. Initial exports should be just over 100,000 barrels a day but could double in the…

« 1 … 110 111 112 113 114 … 260 »