Features | - Part 224

Kenya car industry urges more incentives to attract investment

NAIROBI (Capital Markets in Africa) – Kenya’s removal of excise duty on locally assembled cars will boost the industry, but the government must make power supplies cheaper and address other concerns to draw more investment, the automobile industry association chief said on Thursday. With little growth in mature markets, automakers are looking to tap into emerging African markets, but there is plenty of competition on the continent for where they might invest. Kenya’s East African…

MTN Denies Illegally Transferring $14 Billion Out of Nigeria

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: MTN Group Ltd. said it “strongly refutes” an accusation by Nigerian lawmakers that the wireless carrier illegally moved almost $14 billion out of the country, as the company tries to quell the latest controversy in its largest market. “The allegations made against MTN are completely unfounded and without any merit,” MTN Nigeria Chief Executive Officer Ferdi Moolman said in a statement on Wednesday. MTN, Africa’s biggest mobile-phone company by sales, is accused of repatriating the funds…

MTN Drops as Phone Carrier Confronts New Allegations in Nigeria

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: MTN Group Ltd. shares slumped the most in three months after Nigerian lawmakers raised new allegations about the wireless carrier, this time accusing the company of illegally moving almost $14 billion out of its largest market. Nigeria’s Senate will thoroughly investigate the claim, it said on its Twitteraccount on Tuesday. The Johannesburg-based company, Africa’s biggest wireless carrier by sales, is accused of repatriating the funds over 10 years starting in 2006, according…

Nigeria Plans 2023 Sugar Self-Sufficiency Even as Woes Mount

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Nigeria, sub-Saharan Africa’s biggest sugar importer, remains on target to become self-sufficient in the sweetener in seven years even as foreign-exchange shortages and insurgents pose a risk to the goal, an industry body said. Refiners Dangote Sugar Refinery Ltd., BUA Refinery Ltd. and Golden Sugar Co., which rely on raw-sugar imports from Brazil, joined a government program in 2013 seeking to meet annual demand of about 1.5 million metric tons within a decade. While…

Marriott to Nearly Double Workforce in Mideast, Africa

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Marriott International Inc., which became the world’s largest hotel operator with its $14 billion purchase of Starwood Hotels & Resorts Worldwide Inc., plans to almost double its workforce in the Middle East and Africa over the next three years. The company expects to add 30,000 more people to its regional workforce of 41,000 as new properties are opened, Marriott’s regional president Alex Kyriakidis said on Sunday. About 6,000 of the new jobs…

Gecamines Says Lundin Withdrawal From Congo Would Be Problematic

Posted on by The Editorial Team

CONGO, Capital Markets in Africa: Gecamines, the Democratic Republic of Congo’s state-owned miner, warned that any decision by Lundin Mining Corp. to withdraw from the Tenke Fungurume copper mine could scupper Freeport McMoRan Inc.’s proposed sale of its stake in the project. By exiting at the same time as Freeport and transferring full ownership of the project to new parties without securing Gecamines’ approval, Lundin and Freeport would further violate the state-owned miner’s rights, Chairman Albert…

Tunisia reaches deal with Petrofac protesters, in company talks

Posted on by The Editorial Team

TUNIS, Capital Markets in Africa: Tunisia has reached a deal with protesters who have disrupted gas production by Petrofac for months, the government said on Friday, part of an effort to stop the British energy firm closing its business. Petrofac, which supplies 13 percent of Tunisia’s gas through the Chergui venture in the south, officially informed the government this week that it had started shutting down its local gas operations. Since January Petrofac has had…

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