News | - Part 10

MTN’s FY earnings up nearly 9 pct after Nigeria revenue boost

JOHANNESBURG (Reuters) – Africa’s largest telecom provider MTN Group posted an 8.7 percent rise in full-year earnings on Wednesday after a revenue boost from Nigeria, but warned of possible headwinds as weaker oil prices bring economic doubts to its key market. While Nigeria’s performance was below MTN’s own expectations after regulatory and operational challenges, its revenue increased by more than 12 percent. “In Nigeria some level of uncertainty remains with regards to the implications of…

Nigeria’s Honeywell group plans to spin off two units in next two years

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LAGOS (Reuters) – Nigerian conglomerate Honeywell group plans to invest 150 billion naira ($750 mln) over the next 2-3 years to fund growth across its businesses and will list one or two subsidiaries on the local bourse, its chairman said. Oba Otudeko told the Reuters Africa Investment Summit on Monday that Honeywell, with interests in agriculture, real estate and energy, is expanding capacity to tap into the consumer base in Africa’s biggest economy. “We have…

Abraaj sets up $200 mln North Africa healthcare group

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Dubai, United Arab Emirates, 2nd March 2015: The Abraaj Group, a leading private equity investor operating in global growth markets, today announced the formation of the North Africa Hospital Holdings Group (NAHHG), a healthcare investment platform to enhance the quality and accessibility of health care in Egypt and Tunisia, in partnership with leading development financial institutions – the European Bank for Reconstruction and Development (EBRD), Deutsche Investitions- und Entwickungsgesellschaft mbH (DEG), and the Société de…

Nestle Nigeria slows capex as consumers feel devaluation pinch

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LAGOS (Reuters) – Nestle Nigeria’s chief executive expects the firm’s capital expenditure to slow to its lowest level in five years after a currency devaluation dampened customer spending in Africa’s biggest economy. Dharnesh Gordhon told Reuters Africa Investment Summit that consumers in Africa’s most populous nation were suffering from the devaluation triggered by a sharp drop in the price of oil, Nigeria’s main export. A raging Islamist insurgency in the north had also limited the…

Egypt expects LNG deals with Shell and Total in new bid round

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* New LNG deals expected with Shell and Total * BG Group in line to win higher gas payments * New LNG bid round/talks to start by mid-year By Oleg Vukmanovic and Shadi Bushra March 2 (Reuters) – Egypt expects to agree additional liquefied natural gas (LNG) import deals with Shell and Total, and is close to paying BG Group more for the gas it produces offshore, its oil minister said on Monday. Sherif Ismail…

East African Portland Cement swings into half-year loss

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NAIROBI (Reuters) – East African Portland Cement swung to a first-half loss after a maintenance shutdown of its packing and clinker units but the Kenyan firm said it hoped to recover its market share after the repairs. The company reported a pretax loss of 124 million shillings ($1.36 million) for the six months to end of December, against a profit of 171 million shillings in the same period in 2013.The firm, which also operates in…

Tunisia keeps rates on hold, currency reserves rise in February

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TUNIS (Reuters) – Tunisia’s central bank kept its benchmark interest rate on hold at 4.75 percent on Thursday but said that, despite progress in the political process, economic indicators were still “negative” in major sectors such as industry and tourism. Foreign currency reserves rose to 14.974 billion dinars ($7.73 billion) in February, it said, with a billion-dollar bond sold last month to cover the 2015 budget deficit. Reserves on Feb. 25 of 14.974 billion dinars…

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