Features

Tunisia’s Ruling Party Threatens to Quit Government Over `Coup’

Posted on by The Editorial Team
Tunisia’s Ruling Party Threatens to Quit Government Over `Coup’

TUNIS (Capital Markets in Africa) – Tunisia’s ruling Nidaa Tounes party demanded on Thursday that its members pull out of the cabinet or face suspension after Prime Minister Youssef Chahed announced a partial reshuffle without consulting President Beji Caid Essebsi. The cabinet changes strengthened Chahed’s hand but deepened a rift with Essebsi as the government seeks to shore up support to tackle strong inflation and strained finances. Both men are members of Nidaa Tounes, which has informally splintered…

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Ex-Finance Chief Fingers Zuma in South African Looting Spree

Posted on by The Editorial Team
Ex-Finance Chief Fingers Zuma in South African Looting Spree

JOHANNESBURG (Capital Markets in Africa) – Former South African Finance Minister Pravin Gordhan directly implicated Jacob Zuma in being part of an orchestrated campaign to loot billions of rand in taxpayer funds and decimate state institutions during his almost nine-year tenure as president. Gordhan, who now oversees state companies, made the allegations in a statement to a judicial panel that’s investigating claims that members of the Gupta family exploited their close relationship with Zuma to influence cabinet appointments and…

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Dangote Is Said to Express Interest in Kenyan Cement Firm ARM

Posted on by The Editorial Team
Dangote Is Said to Express Interest in Kenyan Cement Firm ARM

MAPUTO (Capital Markets in Africa) – Dangote Cement Plc, Africa’s biggest producer of the building material, expressed an interest in acquiring Kenyan rival ARM Cement Ltd., according to three people familiar with the matter. ARM has been exploring a sale since at least October 2017. The company, part-owned by CDC Group Plc, was placed in administration in August after failing to find a strategic investor to help it manage debts of 14.4 billion shillings ($141 million). Aliko Dangote,…

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U.S. Raises Support for West Africa Force Fighting Jihadists

Posted on by The Editorial Team
U.S. Raises Support for West Africa Force Fighting Jihadists

LAGOS (Capital Markets in Africa) – The U.S. almost doubled its pledge for the financial support of a West African force that began deploying last year to fight a surge in Islamist militant attacks. Assistance to the force that’s known as G5 Sahel will now total $111 million, from an initial pledge of $60 million made in October 2017, Samantha Reho, a spokeswoman for the U.S. Africa Command in Stuttgart, Germany, said Friday in an emailed response…

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Rising Star of South African Politics Entangled in Scandal

Posted on by The Editorial Team
Rising Star of South African Politics Entangled in Scandal

JOHANNESBURG (Capital Markets in Africa) – Once a rising star in South Africa’s ruling African National Congress and mentioned as a possible future presidential contender, Malusi Gigaba is now fighting for political survival. Anti-graft ombudsman Busisiwe Mkhwebane has given President Cyril Ramaphosa 20 days to take disciplinary action against the former finance minister for lying under oath. Her finding comes seven months after the High Court said Gigaba, now home affairs minister, committed perjury when he denied authorizing a company owned…

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South Africa’s Sanlam to Issue New Shares to Black Shareholders

Posted on by The Editorial Team
South Africa’s Sanlam to Issue New Shares to Black Shareholders

JOHANNEBURG (Capital Markets in Africa) – Sanlam Ltd. will issue new shares to black shareholders through its black empowerment partner as it seeks to win more business from state-owned companies in South Africa. The Cape Town-based insurer will issue 11.35 million shares, or 5 percent of its ordinary share capital, and grant a 2 billion rand ($136.6 million) facility to Ubuntu-Botho Investments or its subsidiaries to help it invest in some Sanlam units. Ubuntu-Botho is a…

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Declaring Civil War Over, South Sudan President Says He’s Sorry

Posted on by The Editorial Team
Declaring Civil War Over, South Sudan President Says He’s Sorry

SOUTH SUDAN (Capital Markets in Africa) – South Sudanese President Salva Kiir apologized to his people for a half-decade of civil war as the African nation’s main rebel leader echoed his commitment to a new peace deal. Insurgent chief Riek Machar temporarily returned to the capital on Wednesday to take part in peace celebrations — his first visit to Juba since being forced to flee more than two years ago. It comes as cease-fire violations and delays cast doubt…

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