Finance | - Part 118

Noble Group Buys Into African Project Amid Default Concerns

LILONGWE (Capital Markets in Africa) – Noble Group Limited may be losing money on Asian operations, selling assets in the U.S., and battling concerns it’ll default, but the Hong Kong-based commodity trader has decided that now’s the right time to boost its presence in Africa with a bet on the electric vehicle boom. The company is investing 500,000 pounds ($655,000) in an obscure mining project in Malawi, emerging as Mkango Resources Ltd.’s top shareholder, according to statements from…

South African Airways Meeting Banks to Discuss Debt Rollover

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JOHANNESBURG (Capital Markets in Africa) – South African Airways will meet a group of domestic lenders on Tuesday to negotiate the refinancing of about 6 billion rand ($423 million) in outstanding loans, according to its new chief executive officer. The banks have in principle agreed to extend the loan terms, Vuyani Jarana, who took the helm at the loss-making airline on Nov. 1, said during an interview at Bloomberg’s Johannesburg office on Monday. The group is…

Glencore’s Role in Paradise Papers: What You Need to Know

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JOHANNESBURG (Capital Markets in Africa) – The activities of Glencore Plc, the world’s biggest commodity trader, are under scrutiny after a massive leak of confidential information from offshore law firm Appleby Global Group Services Limited. Glencore was one of the top clients of Appleby, which even had a “Glencore Room” at its Bermuda office that kept information on the trader’s 107 offshore companies, according to an investigation led by the International Consortium of Investigative Journalists. Appleby suffered…

Rwandan President Sees Growth Accelerating on Banking, Mining

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KIGALI (Capital Markets in Africa) – Rwandan economic growth is expected to accelerate this year and next as the outlook for industries including financial services, tourism and mining improves, President Paul Kagame said. The pace of expansion is expected to increase to 7 percent next year from about 6 percent this year, Kagame said Thursday in an interview in Dubai. That compares with 2016’s growth rate of 5.9 percent, which was a three-year low. The pace of…

Rio Tinto Says Africa Key to Growth Even After Costly Missteps

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MAPUTO (Capital Markets in Africa) – Rio Tinto Group said resource-rich Africa is still central to the company’s growth strategy despite a succession of failed investments and scandals in the last 10 years. The continent will expand its production and consumption of metals over the next decades as the economy grows and becomes more industrial, Bold Baatar, Rio’s chief executive of energy and minerals, said in a speech at Bloomberg Intelligence’s LME Week Forum in London….

Nigeria Plans $1 Billion Processing Zone to Boost Exports

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LAGOS (Capital Markets in Africa) Nigeria plans to establish a $1 billion crop-processing park with Turkish investors in the country’s north as part of efforts to improve value and boost agricultural exports, according to the country’s investment-promotion agency. The Badeggi Crop Processing Zone in Niger state is expected to start in June next year, with an initial investment of $250 million by a Turkish investor, deputy director at Abuja-based Nigerian Investment Promotion Council, Aminu Takuma, said in…

Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

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NAIROBI (Capital Markets in Africa) – Creditors owed more than 30 billion shillings ($289 million) by Nakumatt Holdings Ltd. will take a haircut if a plan by East Africa’s biggest retailer to enter administration goes ahead, said Kenya’s Industry & Trade Secretary Adan Mohamed. Nakumatt directors will next week seek the High Court’s approval to appoint an administrator and protection from insolvency in order to buy time from creditors including tax agencies, banks, landlords and suppliers. Approval by…

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