Finance | - Part 11

Guptas Plan to Sell South African Assets as Soon as Possible

JOHANNESBURG (Capital Markets in Africa) – The Gupta family, who are friends of South African President Jacob Zuma and are in business with his son, said they remain intent on selling their business interests in the country after missing their target of completing the divestment last year. “The Gupta family remains committed to disposing of its shareholdings in South Africa as soon as is practically possible, and discussions continue,” the family said in an e-mailed reply to…

Gold Climbs to Four-Week High on Dollar’s Drop and Haven Demand

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Gold climbed to a four-week high as a weaker dollar and uncertainty over the impact of Donald Trump’s policies bolstered demand for a haven. Palladium rose, heading for the biggest five-day surge since November. Bullion has increased every trading session this year, with spot prices rising as much as 1.4 percent to $1,179.43 an ounce on Thursday. Gold is advancing as the Bloomberg Dollar Spot Index’s retreat from the highest in…

Flour Mills, Nigeria benefits from Dollar Scarcity

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, said a shortage of dollars in Africa’s most populous nation is boosting sales as buyers starved of the U.S. currency buy more food products locally. “Everyone is trying to see how to source locally and that is good’’ for Nigerian farmers and processors, Managing Director Paul Gbededo said in a Dec. 16 interview at the company’s corporate headquarters in Lagos,…

Coca Cola buys African bottling from AB InBev for $3.15 bln

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Anheuser-Busch InBev has agreed to sell its majority stake in Africa’s largest Coke bottler to the Coca Cola Company for $3.15 billion, the final planned divestment following its purchase of rival brewer SABMiller. The world’s largest beer maker and Coca Cola said in a joint statement on Wednesday that they had agreed the transfer of AB InBev’s 54.5 percent stake in Coca-Cola Beverages (CCBA). CCBA has operations in South Africa,…

Interswitch Delays IPO Over Nigerian Dollar Supply Concerns

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Interswitch Limited, which processes payments for banks and owns a brand of debit cards in Nigeria, suspended plans to raise as much as $1 billion in an initial public offering as investors fret over further potential weakness in the naira and a shortage of foreign currency. The company, which operates in five African countries, said last year it met with banks including Bank of America Corp., Barclays Plc and Standard Bank…

Kenya, EU Plan Bilateral Trade Deal Apart From Regional Pact

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – The European Union said it may sign a bilateral trade deal with Kenya as other East African nations vacillate on a separate free-trade pact, in a move that will help East Africa’s biggest economy retain market access to the bloc. While Rwanda and Kenya initialed the so-called Economic Partnership Agreement before an Oct. 1 deadline, the other four nations of the East African Community have yet to show similar commitment, making…

AfDB signs US$ 500 million, 2nd tranche of budget support loan for Egypt

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The African Development Bank, on 19th December 2016, signed a loan of US$ 500 million to finance the Egypt Economic Governance and Energy Support Program Phase II. The loan, which was approved by the Bank’s Board of Executive Directors on 13th December 2016, is the second tranche of a three-year, US$ 1.5 billion programmatic series, covering the fiscal years 2015/16 to 2017/18 (July-June). It builds on the first phase of the…

« 1 … 9 10 11 12 13 … 37 »