Politics | - Part 7

African Leader Son’s Multimillion-Euro Splurge on $80,000 a Year

Equatorial Guinea (Capital Markets in Africa) – The son of Equatorial Guinea’s president bought real estate, a Bugatti Veyron, a Cartier watch and bottles of prestigious Romanee Conti wine on his $80,000-a-year position as a government minister. French prosecutors are demanding he account in court for these and other purchases, which total more than 100 million euros ($112 million). Teodoro Nguema Obiang Mangue, agriculture minister for more than a decade, is accused of amassing real…

Increase in Mali Attacks Shows Need for Regional Force, UN Says

Posted on by The Editorial Team

BAMAKO (Capital Markets in Africa) – Insecurity is spreading in Mali and across its borders as the number of militant attacks rose and new armed groups emerged over the past year, underscoring the need for military cooperation in West Africa, according to the United Nations Secretary General. Violent extremists carried out 201 attacks against the Malian security forces, UN peacekeepers and French troops since June last year, compared to 165 assaults in the previous 12…

Tanzania Says Barrick Agrees to Pay Money Owed to Government

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s presidency said Barrick Gold Corp. is willing to reimburse money that’s owed to the government, after President John Magufuli accused subsidiary Acacia Mining Plc of failing to pay billions of dollars of taxes. Acacia surged as much as 11 percent. Barrick Executive Chairman John Thornton met Magufuli for talks in the commercial capital, Dar es Salaam, on Wednesday, the presidency said in an emailed statement. Barrick confirmed the meeting…

British Pound Slides as U.K. Vote Springs Hung Parliament Before Brexit

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The pound headed for the biggest drop in a year after it emerged that the ruling Conservative Party has fallen short of an overall majority, just 10 days before Brexit negotiations are set to begin. The currency slumped against all of its major peers as Theresa May’s Tories were set to miss the target of 326 seats needed to form a majority government, contrary to what many polls were predicting…

Kenyan Opposition Leader May Consider Tax Cuts to Woo Investors

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyan opposition leader Raila Odinga said he would consider tax cuts to woo foreign investors and measures to boost manufacturing to drive export-led growth if he wins the country’s presidential elections in August. The National Super Alliance also plans measures to assist small-scale businesses and farmers, and a crackdown on corruption to boost revenue collection if it comes to power, Odinga said in an interview Wednesday in the capital, Nairobi. The…

Kenyan Election Body Denies Awarding Deal to Blocked Company

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NAIROBI (Capital Markets in Africa) – Kenya’s electoral commission said it’s yet to decide which company will print ballot papers for elections being held in two months, after a local newspaper said the deal had been handed to a Dubai-based firm whose contract has been blocked twice. “We are still working on it,” Andrew Limo, spokesman for the Independent Electoral & Boundaries Commission, said by phone on Wednesday from the capital, Nairobi. “Communication will be…

British Pound Is Seen Losing the Most If U.K. Vote Delivers No Winner

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The pound could plunge to as low as $1.20 on Friday, a level last seen in January, should the U.K. snap election lead to a hung parliament, according to a Bloomberg poll of analysts. Such an outcome, though seen as unlikely, would be marginally more negative than even an electoral upset that sees the Labour Party defying odds to emerge the winner, according to the survey of 11 banks…

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