Features | - Part 175

Kenyatta Named Winner of Kenyan Vote Rerun as Odinga Cries Foul

NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta was announced as the landslide winner of a chaotic election rerun that his main rival Raila Odinga rejected as a sham. Kenyatta, 56, won 7.48 million votes, or 98.3 percent of the total cast on Oct. 26, Wafula Chebukati, the chairman of the Independent Electoral & Boundaries Commission, said Monday in Nairobi, the capital. The turnout was 38.8 percent, down from 79 percent in an Aug. 8 contest that…

Nigerian President Fires Officials Facing Corruption Allegations

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari fired two top aides facing graft allegations after receiving the report of an investigation he ordered. David Lawal was replaced as the secretary to the government by Boss Mustapha with “immediate effect,” while Ayo Oke was fired as the director general of the National Intelligence Agency without replacement, according to an emailed statement from the presidency. Buhari directed Vice President Yemi Osinbajo in April to lead an investigation into allegations of…

Rwanda Asks UN for Details After Anti-Torture Panel Halts Visit

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – Rwanda’s government called on the United Nations to publicly describe the impediments the global body said prompted its torture prevention panel to cut short a fact-finding visit to the East African country last week. The UN Subcommittee on Prevention of Torture, which was on the fifth day of its one-week visit, said Oct. 20 it couldn’t continue because of “a series of obstructions” from authorities and fears of reprisals among those…

Gigaba in `Hard Place’ With South Africa’s $2.9 Billion Tax Hole

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Malusi Gigaba faces a gaping budget hole — and will have to consider cutting spending, raising taxes and selling state assets if he wants to avoid further ratings downgrades. The economy he oversees is hampered by a deteriorating growth outlook, partly stemming from a battle for control of the ruling party that’s stoked political uncertainty and deterred hiring and investment. Gigaba will outline policy changes in his first mid-term budget…

Hurricane Mayhem May Give Boost to Dampened Reinsurer Earnings

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – While this year’s hurricanes will cost reinsurers billions of dollars in claims, they may eventually bring some relief to the industry’s lackluster earnings. In the German spa town of Baden-Baden, reinsurance executives are this week meeting up with brokers and clients to renegotiate contracts due for renewal in January. Many of them are arguing that the expected damages from hurricanes Harvey, Irma and Maria — as well as earthquakes…

Ramaphosa Damns South African Graft Amid Rumors He’ll Be Fired

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Deputy President Cyril Ramaphosa said mounting allegations that the state has been “captured” by private business interests is damaging the nation’s international reputation, as rumors swirled that he’s about to be fired amid a battle for control of the ruling party. “Our state, comrades, is now being talked about in the most negative terms all over the world,” Ramaphosa said Friday in a speech to members of the National…

Merkel Upends United Kingdom Skeptics and Comes to May’s Aid on Brexit

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – German Chancellor Angela Merkel offered Theresa May the political cover she’s been asking for to take further steps in Brexit talks, calling on both sides to move so that a deal can be reached by year-end. The U.K. prime minister, who was upbeat about the prospect of reaching a good deal, offered a shade more clarity on the divorce bill and said negotiating teams would continue to hash out the details. “We’re going…

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