The Markets | - Part 217

Anglo American Hires Fortescue’s Debt Slashing Finance Chief

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…

Egypt | To loosen its currency peg Egypt needs sustainable dollar inflows

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CAIRO, Capital Markets in Africa: Egypt is rebuilding its foreign reserves with the help of loans and aid, easing a shortage of dollars and preparing the way for a loosening of its fixed exchange rate. But economists and bankers say that unless it finds a sustainable inflow of dollars the import-dependent country could soon find itself back at square one. Egypt has struggled to earn dollars since a 2011 revolt drove away tourists and foreign…

World Bank Fund For World’s Poorest Nations to Issue First Bonds

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LAGOS, Capital Markets in Africa: The World Bank’s fund for the poorest countries is preparing to tap financial markets for the first time. The International Development Association plans to issue bonds to finance its loans and grants to countries such as Malawi and Niger. Created in 1960, IDA provides loans that charge no interest or very low rates primarily to countries that have an annual per capita income below $1,215. It also gives grants to…

Lafarge Africa raises 60 bln naira in bond issues

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LAGOS, Capital Markets in Africa: Lafarge Africa said on Thursday it has raised 60 billion naira ($184 million) by issuing three and five-year bonds through book building. The local unit of the world’s biggest cement maker, LafargeHolcim, issued a three-year bond at 14.25 percent to raise 26.38 billion naira and sold a five-year bond at 14.75 percent to fetch 33.62 billion naira, it said in a statement. The cement and clinker mixer said in April…

Ugandan firm to open gold refinery by end of 2016

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KAMPALA, Capital Markets in Africa: A Ugandan company backed by a Belgian investor is due to open the East African country’s first gold refinery by the end of this year to process raw gold produced mainly from the region, a senior company official told Reuters. Uganda’s mineral reserves are generally viewed as under exploited. Although there are gold deposits, it has no big commercial mine involved in production of the precious metal, leaving the field…

Saudis Said to Meet With Iran for Oil Talks Before Algiers

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ALGIERS, Capital Markets in Africa: OPEC members Saudi Arabia and Iran, whose rivalry derailed an oil supply accord earlier this year, met in Vienna a week before the organization holds talks in Algeria. The two oil producers, along with fellow OPEC member Qatar, met at the headquarters of the Organization of Petroleum Exporting Countries in Vienna, according to three people familiar with the matter. They were making preparations for informal discussions between energy ministers from OPEC and…

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