The Markets | - Part 183

Kenya Says Election Jitters Pose Risks to Growth Prospects

NAIROBI (Capital Markets in Africa) – Political uncertainty surrounding Kenyan elections next month and a dry-up in banks’ lending to businesses and individuals could hurt the short-term growth prospects of East Africa’s biggest economy, according to the Treasury. The Aug. 8 elections may create uncertainty that could weaken foreign and local investor confidence, Treasury Principal Secretary Kamau Thugge said in a statement on the ministry’s website on Thursday. “The economy remains vulnerable to the shocks emanating from the…

Etisalat Nigeria CEO Focused on Stabilizing Business Before Sale

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Etisalat Nigeria is concentrating on steadying the business rather than finding a new operator as the struggling mobile-phone company strives to stay afloat after its Abu Dhabi-based former owners defaulted on a $1.2 billion loan. “The biggest thing we have to do is stabilize the business, try and ensure a good top-line, put some level of control on costs,” Chief Executive Officer Boye Olusanya said in an interview at the wireless…

Huawei Partners With WorldRemit on African Mobile-Money Service

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LAGOS (Capital Markets in Africa) – Huawei Technologies Co. said it will partner with British money-transfer operator WorldRemit Ltd. to let African expatriates send cash home to millions of users of the Chinese company’s mobile-money service platform. The deal will let Huawei and WorldRemit tap into growing demand for remittances from Africans living abroad using mobile-payments services, which are popular in places where banks are scarce or unreliable. All carriers that are Huawei partners can switch on the service,…

OPEC Caps for Libya, Nigeria Wouldn’t Fix Global Oil Glut

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LAGOS (Capital Markets in Africa) – A proposal that Libya and Nigeria could have to accept limits on their crude production probably wouldn’t be enough to put OPEC’s faltering efforts to eliminate a global supply glut back on track. The two African nations — exempt from the supply curbs agreed last year due to internal strife — have added enough production in the last two months to offset Saudi Arabia’s cut. Should the pair accept a cap…

Libya, Nigeria May Be Asked to Cap Oil Output, Kuwait Says

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LAGOS (Capital Markets in Africa) – Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq said. OPEC and non-OPEC producers have invited the two African nations to their committee meeting in St. Petersburg, Russia, on July 24 to discuss the stability of their production, Almarzooq said…

Egypt Raises Fuel Prices as Government Pushes Painful Overhaul

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CAIRO (Capital Markets in Africa) – Egypt raised fuel prices by as much as 55 percent, as the government pushes ahead with reforms to cut the budget deficit and revive the economy that are also putting pressure on households. The price for a liter of 80 octane gasoline or diesel rose to 3.65 pounds (20 cents) from 2.35 pounds, the cabinet said in a statement on Thursday, while 92 octane fuel increased to 5 pounds…

Julius Berger Eyes Oil, Power Deals to Curb Nigeria Risk

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LAGOS (Capita Markets in Africa) – Julius Berger Nigeria Plc, the largest construction company by market value in the West African nation, plans to acquire oil assets and expand into the power industry as it seeks to diversify its business and stay competitive after the country’s worst economic slump in decades. The Abuja-based company, which derives two-thirds of its earnings from government contracts, is also considering bidding for business in other countries in the region,…

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