The Markets | - Part 218

Ugandan firm to open gold refinery by end of 2016

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…

Kenyan Bond Yields at 14-Month Lows as Rate Cap Hurts Stocks

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NAIROBI, Capital Markets in Africa: Yields on Kenyan government bonds dropped to the lowest in 14 months after a new law capping interest rates charged by commercial banks sparked a stock market slump, sending investors scurrying for the safety of fixed-income securities. Kenyan shilling debt has returned 6.7 percent this quarter, compared with the 3.9 percent average return of high-yield local-currency sovereign debt monitored by Bloomberg. The benchmark stock index plunged 9.2 percent in the…

Namibian President Says $5 Billion Funding Hinges on S. Africa

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WINDHOEK, Capital Markets in Africa: Namibia will seek to raise about $5 billion in loans and bonds over the next decade to help diversify and industrialize its economy with any debt sales to take place in South Africa, according to the country’s president. The southwest African nation plans to issue rand-denominated bonds and get funding from countries including the U.S., China, India and Japan, according to President Hage Geingob. “We’re looking at the South African bond market…

OPEC May Hold Formal Meeting in Algiers as Oil Glut Persists

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ALGIERS, Capital Markets in Africa: OPEC may turn its planned informal meeting in Algiers next week into a formal session as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. OPEC will hold an informal meeting after the closing session of the International Energy Forum conference in Algiers on the afternoon of Sept. 28, Bouterfa said on public radio….

Oil Climbs as OPEC May Hold Formal Meeting Next Week in Algiers

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ALGIERS, Capital Markets in Africa: Oil rose after Algeria said OPEC may turn its planned informal meeting in Algiers next week into a formal session. The 14-member group may hold a formal meeting as it seeks ways with other producers to cut crude supplies by 1 million barrels a day to re-balance markets and stabilize prices, Algerian Energy Minister Noureddine Bouterfa said. “The comments that OPEC may hold an extraordinary meeting next week give the…

Libya Crude Output Rises as Oil Fields Restart, Ports Reopen

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TRIPOLI, Capital Markets in Africa: Libya boosted crude production by more than 70 percent since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years. The North African nation’s crude output rose to 450,000 barrels a day after work resumed at some oil fields, Ibrahim Al-Awami, head of oil measurement department at state-run National Oil Corp., said by phone on Tuesday. Armed conflicts…

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