Features | - Part 226

Too Many Satellites Means Sky-High Margins Under Pressure

LAGOS, Capital Markets in Africa: Satellite operators are launching more high-powered communications rigs into space, with two more set to join about two-dozen already in orbit by the end of the year, crowding the skies and threatening the industry’s fat profit margins. The new orbiters being launched at a cost of as much as $500 million each are forcing established operators to embark on costly upgrades of their fleets at a time when their business…

Obama’s Africa Power Plan Falls Short, Leaving Continent in Dark

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: President Barack Obama’s signature initiative for Africa — a $9.7 billion plan to double electricity access in the world’s poorest continent — has fallen well short of its goals, so far producing less than 5 percent of the new power generation it promised. Obama announced Power Africa three years ago with an ambitious goal: to add 10,000 megawatts of power and supply electricity to 20 million households within five years. As…

Gold Digger Turns Alchemist Chasing Billions Hidden in Waste

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: With gold output in South Africa mired in a multiyear decline, the country’s biggest producer is turning to an overlooked and potentially cheaper source of supply: the dump. About 6.5 million ounces valued at $8.5 billion is buried inside mammoth mounds of discarded mine waste at sites owned by Sibanye Gold Ltd. They’re leftovers from more than five decades of excavation west of Johannesburg. But there’s a catch. The traces are so small that…

South Africa’s Top Gold Miner Says President Zuma Must Quit

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: South African President Jacob Zuma “has to go,” with poor governance deterring prospective investors, according to the head of Sibanye Gold Ltd., the biggest producer of bullion in the country. “Any solid investor, any solid company is founded on good governance and what we have in South Africa at the moment is very poor governance, from a government point of view,” Sibanye Chief Executive Officer Neal Froneman said in an interview on Monday from the Denver Gold…

Violence in Congo as Thousands Urge President to Step Down

Posted on by The Editorial Team

CONGO, Capital Markets in Africa: Protesters clashed with security forces across the Democratic Republic of Congo’s capital, Kinshasa, throwing rocks and burning tires as opposition parties marched to call on President Joseph Kabila to step down. Hundreds of armed police, military and presidential guard took up positions around the city center to prevent the protesters from reaching the government district. Agence France-Presse reported that two police officers were killed in clashes with protesters, citing government spokesman Lambert Mende. The…

Blackouts, Violence and Now Recession: Nigeria’s Troubles Mount

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: On a site four times the size of Manhattan along the banks of the Niger river, the Ajaokuta steel plant was supposed to symbolize Nigeria’s modernity and prosperity rather than its failure. Russian contractors first started building it in 1979 and estimates on how much has been spent range from $4 billion to $10 billion. The state-owned company that owns the facility calls it “the bedrock of Nigeria’s industrialization.” It’s…

Fastjet Drops Airbus Jets for Embraer While Planning HQ Move

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Africa-focused discount airline Fastjet Plc will switch to a fleet of Embraer SA regional jets from larger Airbus Group SE planes as new Chief Executive Officer Nico Bezuidenhout seeks to stem losses by better matching capacity to demand. The fledgling carrier also plans to move its headquarters to Johannesburg from London to pare expenses and bring the company closer to its key markets, Bezuidenhout, who took over as CEO last month, said in an interview in the South African city, the…

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