Features | - Part 203

Miners Ask Congo to Adjust Tax Repayments for Franc Slump

DR CONGO (Capital Markets in Africa) – Mining companies in the Democratic Republic of Congo asked the government to adjust pending value-added tax repayments for a slump in the franc that could cost them as much as $210 million collectively. Federation des Entreprises du Congo, the country’s largest business lobby group, sent the request in a letter to Finance Minister Henri Yav Mulang on May 5. John Nkono, the secretary-general of the FEC’s Chamber of…

Africa poised as the next big thing in emerging-market stocks

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – With plenty of economic and political issues surrounding Africa, many investors are hesitant on whether they should invest in this emerging market. The continent is consistently appearing in the news due to the fact it is struggling to contend with illnesses such as Ebola as well as the many armed conflicts that are being documented, which is making Westerners uneasy. In fact, the continent barely appears on some investors’…

First Quantum Asks Zambian Attorney General to Block Charges

Posted on by The Editorial Team

LUZAKA (Capital Markets in Africa) – First Quantum Minerals Ltd. has asked Zambia’s attorney general to block criminal proceedings that may be brought against its directors by the state-controlled mining-investment company. The copper producer, based in Vancouver, said it’s been “reliably informed” that ZCCM Investments Holdings Plc is considering charging its directors, Matt Pascall, operations director at First Quantum, said in a letter to the attorney general, a copy of which was sent to Bloomberg and confirmed by…

Voter Fatigue May Doom Kenyan Opposition Presidential Nominee

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Former Kenyan Prime Minister Raila Odinga’s three previous presidential election losses may hamstring his ability to generate enough public enthusiasm to mount a serious challenge to President Uhuru Kenyatta in this year’s election. Less than half of the supporters of the opposition National Super Alliance agree with the choice of Odinga, 72, and former Vice President Kalonzo Musyoka as its flag-bearers, the Nairobi-based Star newspaper reported Friday, citing an Ipsos poll. It’s the same ticket that…

Nigeria Senator Says Work on 2017 Budget Stalled by Police Raid

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A Nigerian lawmaker said work on passing the overdue 2017 budget stalled after police raided his house last week and took away key papers. The police denied confiscating any budget-related document. “The police truncated work on the 2017 budget by the invasion of my house,” Senate Appropriations Committee Chairman Danjuma Goje told reporters Wednesday in the capital, Abuja. “I don’t know if the police are now working on the…

South Africa’s Nuclear Plans Stall as Process Ruled Unlawful

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa hasn’t complied with the constitution in seeking bidders for a nuclear-energy program and must cancel any deals that have already been signed, the Western Cape High Court ruled. The government must hold public hearings and debate the estimated 1 trillion-rand ($76 billion) program in Parliament, according to a ruling read out on Wednesday by Judge Lee Bozalek in a case brought by civil-society groups Earthlife Africa and…

Pizza Hut Enters Ethiopia in Latest Expansion Into Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Pizza Hut is set to open three outlets in Ethiopia this year, becoming one of the first international restaurant chains to enter Africa’s second-most populous country. The restaurants are scheduled to begin serving in the capital, Addis Ababa, by November, franchisee Aschalew Belay said in an interview Monday. Aschalew’s company, Belayab Foods and Franchise, will run the local outlets of the Yum! Brands Inc. pizzeria and will have invested $5.5 million…

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