Finance | - Part 100

Exxon Sparks IMF Concern With Weighty Returns in Tiny Guyana

LAGOS (Capital Markets in Africa) – Exxon Mobil Corp. got such a “favourable” deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honour the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund said in a report seen by Bloomberg News. The country, South America’s third poorest with an…

Uganda Taps Oil Fund for Budget Before Output Even Begins

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KAMPALA (Capital Markets in Africa) – Uganda dipped into its Petroleum Fund for the first time by drawing 125.3 billion shillings ($33.9 million) to bridge its 2017-18 budget deficit, Finance Minister Matia Kasaija said. East Africa’s third-biggest economy will spend the money in the 12 months through June, Kasaija said in a report on the ministry website, leaving the fund at 422.9 billion shillings. Uganda, which is yet to start oil production, raised the money…

Steinhoff Bows to Pressure Over Bonus Payments After Outrage

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV shelved a plan to pay director bonuses after lawmakers questioned whether it was appropriate to release extra funds given the retailer has lost more than 90 percent of its market value amid an accounting scandal. The owner of Conforama in France and Mattress Firm in the U.S. was planning to ask shareholders to approve payouts to board members including Chairman Heather Sonn as a reward for their work…

South African Miners Win Court Fight on Black Ownership Rule

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JOHANNESBURG (Capital Markets in Africa) – South African mining companies won court backing on a crucial black-ownership principle that’s likely to have implications for ongoing negotiations with President Cyril Ramaphosa’s government. Producers don’t need to top up black-shareholding levels in perpetuity if they previously met the minimum 26 percent requirement, the High Court in Pretoria said on Wednesday. The judgment boosts certainty for investors in the world’s top platinum producer and gives mining companies extra muscle…

Hershey to Spend $500 Million Making More Sustainable Kisses

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ACCRA (Capital Markets in Africa)- Hershey Co. is spending $500 million in the hopes of producing its iconic chocolate Kisses from more sustainable cocoa. Through its so-called Cocoa for Good program, the company will invest the funds through 2030 to support four key areas: nourishing children, empowering youth, building prosperous communities and preserving natural ecosystems. The initiative’s goals include eliminating child labour and increasing shade-grown cocoa, which can be productive for as much as 15 years…

Post-Mugabe Zimbabwe Mining Rush Leaves Big Producers Behind

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HARARE (Capital Markets in Africa) – While Zimbabwe’s leadership change has sparked a race for the nation’s mineral riches among entrepreneurs and tiny explorers, big-name mining companies are taking a wait-and-see approach. New President Emmerson Mnangagwa has a lot to prove as he seeks to revive the economy and attract mining investment that shrivelled under his predecessor, Robert Mugabe. So far, Mnangagwa has pledged investor-friendly policy changes and partially rolled back a law requiring mining companies to be…

Kenya Plans Water Bonds to Plug Funds Gap Leaving Nation Dry

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HARARE (Capital Markets in Africa) – Kenya is turning to the bond market to finance water and sewage projects as it seeks to plug a funding gap that’s left nearly half the population without access to a tap. Utilities are pooling together loans and packaging them as debt for investors as they seek to fix poorly maintained and aging networks that lose about 43 percent of the water pumped in East Africa’s largest economy, according…

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