Features | - Part 212

Equatorial Guinea Offers to Join OPEC After Agreeing to Oil Cuts

MALABO (Capital Markets in Africa) – Equatorial Guinea said it has offered to become a member of the Organization of Petroleum Exporting Countries after agreeing to cut oil output in cooperation with the group and several other major producers. “There is a consensus amongst producers that an oversupply of oil has been dragging down the price of the barrel,” Minister of Mines, Industry, and Energy Gabriel Mbaga Obiang said in a statement Monday. “We firmly believe that Equatorial…

China Moly Poised to Acquire All of Congolese Copper Project

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CONGO (Capital Markets in Africa) – China Molybdenum Co. reached an agreement to increase its control of one of the Democratic Republic of Congo’s biggest copper and cobalt mines, giving the Chinese miner a powerful position in the market for the two metals. China Moly agreed in May to acquire a 56 percent stake in Tenke Fungurume from Freeport-McMoRan Inc., before Toronto-based Lundin Mining Corp. in November said it was selling its 24 percent stake to Chinese private-equity…

Industrialisation key to Africa’s economic transformation

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DAVOS (Capital Markets in Africa) – Industrialisation is key to making Africa a force to be reckoned with, but without power and infrastructure this will remain a mere dream. On this Building Africa debate CNBC Africa is joined by panellists consisting of Phuthuma Nhleko, Executive Chairman, MTN; Paul Kagame, President of the Republic of Rwanda; Oluyemi Oluleke Osinbajo, Vice President of Nigeria and Siyabonga Gama, CEO, Transnet to discuss what is needed from power to…

South Africa ANC Leaders Break Ranks on Succession, M&G Says

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JOHANNESBURG (Capital Markets in Africa) — Provincial office bearers in South Africa’s ruling party are in disagreement over who should take over as leaders of the African National Congress, the Mail & Guardian reported, citing party members. Free State province Deputy Chairman Thabo Manyoni says party Deputy President Cyril Ramaphosa should succeed Jacob Zuma, in line with party tradition, the Johannesburg-based newspaper reported, citing him. Free State Premier Ace Magashule says leaders are elected at…

PwC Survey: CEO Confidence Rises Despite New Risks, Uncertainty

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JOHANNESBURG (Capital Markets in Africa) – Worldwide, CEOs’ confidence levels for their growth prospects and outlook for the economy is back on the rise amidst new risks and uncertainty. In PwC’s (www.PwC.com) 20th annual survey of CEOs worldwide, 38% (2016:35%) are very confident about their company’s growth prospects in the next 12 months while 29% (2016:27%) believe global economic growth will pick up in 2017. Just over one-third (33%) of South African CEOs are very…

Trump Takes Reins of Nation as Divisions Deprive Him a Honeymoon

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WASHINGTON (Capital Markets in Africa) Washington Donald Trump takes the oath of office Friday, a celebration of American unity in a country that is anything but unified. Other presidents have been sworn in on the Capitol steps facing war, economic calamity or domestic social strife. Trump, the only president elected with no prior experience in public or military service, confronts a more fundamental challenge to his leadership. He’s the first president since the dawn of national…

Barrow Sworn in as Gambian President as Ex-Leader Seeks Deal

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BANJUL (Capital Markets in Africa) – Adama Barrow was sworn into office as the president of Gambia at a ceremony in neighboring Senegal as mediators sought to negotiate an amnesty deal with the outgoing leader to stave off military intervention by West African states. Barrow, 51, decided to take his oath at the Gambian embassy in the Senegalese capital, Dakar, after Yahya Jammeh, who lost the presidential election, refused to leave office and called for new elections….

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