Finance | - Part 104

Exxon Punished for Departing From Big Oil’s Austerity Hymnal

LAGOS (Capital Markets in Africa) – Exxon Mobil Corp. is ramping up capital spending even as the rest of Big Oil preaches prudence. Investors punished the outlier. The world’s biggest publicly-traded oil company by market value unveiled an aggressive revamp of its upstream portfolio on Wednesday, lifting cash outlays by at least 25 percent to more than $30 billion a year in the early 2020s. That’s in stark contrast to rivals such as Chevron Corp. which…

Aspen CEO Sees China Overtaking South Africa as Biggest Market

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Aspen Pharmacare Holdings Ltd. sees China eventually overtaking South Africa as its biggest market as the company completes its transition to a global therapeutics business from an Africa-focused generic-drugs maker. The business sells medicines in more than 150 countries and is looking for partners as it expands in China, the Middle East and the U.S. The infant-milk formula market is just one area that represents a good opportunity in Asia’s…

Kenya Requests Six-Month Extension of Standby Loan, IMF Says

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NAIROBI (Capital Markets in Africa) – Kenya asked the International Monetary Fund for a six-month extension to a $1.5-billion standby facility to allow more time to complete delayed reviews of an IMF-supported program. The government committed to reducing its fiscal deficit and “substantially modifying” controls on commercial interest rates to achieve the objectives of the program, the Washington-based lender said in an emailed statement. The request for a six-month extension of the precautionary financing will be presented to…

South African Business Leaders Upbeat as Ramaphosa Rings Changes

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa has been a hit with business leaders and investors during his first three weeks in office. Since succeeding Jacob Zuma, who was immersed in scandal during his nine-year tenure, Ramaphosa has fired several ineffective ministers, taken a stand against graft and ordered a review of draft rules that deterred investment in the mining industry. Improved confidence may boost weak economic growth and investment and could help stave…

Equatorial Guinea Energy Outlook Suffers Double Whammy This Week

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GUINEA (Capital Markets in Africa) – OPEC member Equatorial Guinea suffered a double blow this week to its ambition of revitalizing its energy industry. The International Energy Agency said on Monday the West African nation’s crude production is on a “downward slope,” with capacity expected to drop 15 percent over the next six years to 110,000 barrels a day. That’s little more than a third of its peak output of 300,000 barrels a day in…

Africa’s Eurobond Love Fest Set to Continue as Issuers Line Up

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LAGOS (Capital Markets in Africa) – Africa’s strong start to the year in the Eurobond market shows little sign of abating. On Tuesday, Senegal became the continent’s fourth sovereign in succession to attract $10 billion or more of orders when it sold $2.2 billion of euro- and dollar-denominated securities. The West African nation followed Egypt, Nigeria and Kenya, each of which saw investors clamouring to participate in their deals. African sovereigns have now sold $10.7 billion of…

Smurfit Kappa Rejects International Paper’s Takeover Offer

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JOHANNESBURG (Capital Markets in Africa) – Smurfit Kappa Group Plc rejected an unsolicited takeover approach from U.S. rival International Paper Co. in the latest sign of accelerating global consolidation in the booming packaging business. The cash-and-shares proposal “fails entirely” to reflect growth prospects, said the Dublin-based maker of cardboard boxes and paper bags, without disclosing the terms. Smurfit shares soared as much as 20 percent, the biggest intraday gain in almost a decade, giving a market value of about…

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