The Markets | - Part 214

Oil Tankers Head to Key Nigeria Port as Militant Risk Endures

LAGOS, Capital Markets in Africa: Oil tankers able to collect 6 million barrels of crude are heading to the biggest export terminal in Nigeria, where shipments are about to resume at a time when militants continue to pose a threat to the nation’s energy infrastructure. The Suezmax Ottoman Nobility is set to arrive at the Qua Iboe terminal on Tuesday, the first of five vessels due to load Nigeria’s largest export crude grade since terminal operator Exxon Mobil…

South African Rand Advances to Five-Week High After U.S. Debate

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: South Africa’s currency strengthened for a second day, trailing only Mexico’s peso, as traders judged Hillary Clinton to have won the U.S. presidential debate versus Donald Trump. The rand appreciated as much as 1.5 percent against the dollar, heading for the strongest closing level since Aug. 18. It was 1.3 percent stronger at 13.5060 by 9:42 a.m. in Johannesburg. Most of the more than 140 global currencies tracked by Bloomberg gained. After Clinton and Trump’s first face-to-face…

Capitec Plans Insurance Offering as Credit-Card Rollout Starts

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: Capitec Bank Holdings Ltd., South Africa’s fastest-growing lender by profit, said it will start offering insurance products from next year in a bid to diversify sources of income and bolster earnings. “Right now we’re not covering insurance, but we’re working on that and will launch products next year with a partner,” Chief Executive Officer Gerrie Fouriesaid, declining to disclose details on who it will use as a partner. Having sold credit…

OPEC Members Take Up Positions on Freeze Before Algiers Talks

Posted on by The Editorial Team

LAGOS. Capital Markets in Africa: OPEC’s decision to hold informal talks in Algiers this week has fanned speculation that the group might be about to deviate from a two-year-old policy of pumping without limits, which succeeded in hurting rival suppliers but also sent prices into free fall. A previous attempt to agree on an output freeze, including non-OPEC member Russia, collapsed in Doha in April when Saudi Arabia walked away because Iran refused to participate. This…

Kenya Airways in talks with 3-4 parties on stake sale: CEO

Posted on by The Editorial Team

NAIROBI, Capital Markets in Africa: Kenya Airways is talking to “about three or four” foreign institutional investors and airlines about buying a stake to raise cash for the lossmaking carrier, its chief executive said on Monday. The airline, 27 percent-owned by Air France KLM, has been reducing the size of and modernising its fleet, selling land and cutting jobs to recover from losses caused by a slump in tourism. “We are talking to about three…

Anglo American Hires Fortescue’s Debt Slashing Finance Chief

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: Anglo American Plc has picked a debt-cutting specialist as the embattled miner seeks to further reduce its borrowings. It named Fortescue Metals Group Ltd.’s Stephen Pearce its new finance director after he led the drive to slash debt at the world’s fourth-largest iron ore producer. Pearce will join Anglo in January and take up his new post on April 24, the producer said Friday in a statement. The 52-year-old has been chief financial officer of…

OPEC Under Pressure to Act in Algiers as Surplus Triples

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: As OPEC prepares to meet in Algiers next week, the oil market is reminding the group’s members what’s at stake if they fail to reach a deal. More than 800,000 barrels a day of additional crude is pouring into the global market this month compared with August as Russia pumps at an all-time high while Libya and Nigeria restore disrupted supplies, according to statements from their ministry officials. That would…

« 1 … 212 213 214 215 216 … 257 »