Africa | - Part 11

Angola Banks Appeal for Bailout as Oil Slump Cuts Liquidity

LUANDA (Capital Markets in Africa) – Angolan banks are appealing to the government to help put together a bailout package to protect account holders as lenders reel from low oil prices that make up almost all of the nation’s foreign-exchange earnings. Financial assistance could come from the administration of President Jose Eduardo dos Santos or be shared by all of the southwest African country’s 28 operational lenders, Amilcar Silva, chairman of the Association of Angolan Banks, said in…

OPEC Shrugs Off Threat Trump’s America Will Cut Oil Imports

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – OPEC’s two biggest suppliers to the U.S. shrugged off a vow by President Donald Trump to end dependence on the group’s oil, saying the world’s biggest economy would continue to need crude from abroad. The U.S. is “closely integrated in the global energy market,” Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih said, while his Venezuelan counterpart Nelson Martinez said he expects his country’s crude exports to the world’s top consumer to remain stable. “The…

Mauritian Premier Succeeded by Son as Opposition Plans Protest

Posted on by The Editorial Team

Port Louis (Capital Markets in Africa) – Pravind Jugnauth took over as Mauritius’s new prime minister, a day after his father resigned and bequeathed the premiership to his son, as the opposition announced plans to demonstrate against the transfer of power. Jugnauth, 55, was sworn in Monday at a ceremony in the capital, Port Louis, and said he would retain his portfolio in the Finance Ministry. Opposition parties will gather in the city on Friday to…

China Moly Poised to Acquire All of Congolese Copper Project

Posted on by The Editorial Team

CONGO (Capital Markets in Africa) – China Molybdenum Co. reached an agreement to increase its control of one of the Democratic Republic of Congo’s biggest copper and cobalt mines, giving the Chinese miner a powerful position in the market for the two metals. China Moly agreed in May to acquire a 56 percent stake in Tenke Fungurume from Freeport-McMoRan Inc., before Toronto-based Lundin Mining Corp. in November said it was selling its 24 percent stake to Chinese private-equity…

Gambia’s Ex-leader Made Off With Millions, Luxury Cars

Posted on by The Editorial Team

Banjul (Capital Markets in Africa) — Exiled Gambian ruler Yahya Jammeh stole millions of dollars in his final weeks in power, plundering the state coffers and shipping out luxury vehicles by cargo plane, a special adviser to the new president said Sunday. Meanwhile, a regional military force rolled in, greeted by cheers, to secure this tiny West African nation so that democratically elected President Adama Barrow could return home. He remained in neighboring Senegal, where he took…

Industrialisation key to Africa’s economic transformation

Posted on by The Editorial Team

DAVOS (Capital Markets in Africa) – Industrialisation is key to making Africa a force to be reckoned with, but without power and infrastructure this will remain a mere dream. On this Building Africa debate CNBC Africa is joined by panellists consisting of Phuthuma Nhleko, Executive Chairman, MTN; Paul Kagame, President of the Republic of Rwanda; Oluyemi Oluleke Osinbajo, Vice President of Nigeria and Siyabonga Gama, CEO, Transnet to discuss what is needed from power to…

PwC Survey: CEO Confidence Rises Despite New Risks, Uncertainty

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Worldwide, CEOs’ confidence levels for their growth prospects and outlook for the economy is back on the rise amidst new risks and uncertainty. In PwC’s (www.PwC.com) 20th annual survey of CEOs worldwide, 38% (2016:35%) are very confident about their company’s growth prospects in the next 12 months while 29% (2016:27%) believe global economic growth will pick up in 2017. Just over one-third (33%) of South African CEOs are very…

« 1 … 9 10 11 12 13 … 45 »