Finance | - Part 119

Nigeria Plans $1 Billion Processing Zone to Boost Exports

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…

South Africa’s State Pension Fund Preparing for National Downgrade

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s main government workers’ pension fund is seeking permission to invest more cash in international assets to protect against the impact of a possible downgrade of the country’s local-currency debt to junk status. The Government Employees Pension Fund is in talks with Finance Minister Malusi Gigaba about easing its investment criteria to include more foreign bonds and equities, Abel Sithole, principal executive officer, told reporters in Johannesburg on Tuesday….

MTN Appeals to Court to Dismiss $4.2 Billion Turkcell Case

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Limited has asked South Africa’s High Court in Johannesburg to dismiss a $4.2 billion damages claim by Turkcell Iletisim Hizmetleri AS, five years after the case was first brought in relation to the awarding of an Iranian license in 2005. Africa’s largest wireless operator by sales denies Turkcell’s allegations that it paid bribes to South African and Iranian officials to secure 49 percent of Irancell Telecommunication Company Services, according…

South Africa’s $14 Billion Question as Downgrade to Junk Looms

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JOHANNESBURG (Capital Markets in Africa) – Wall Street and other global banks say it’s a question of when, not if, South Africa loses investment grade status on its local-currency ratings. The bigger question is how much damage that would cause. Bank of America Corp. estimates there may be $14 billion of outflows if rand debt is excluded from Citigroup Inc.’s World Government Bond Index, which requires non-junk ratings from Moody’s Investors Service and S&P Global Ratings. That…

Moody’s says South Africa budget credit negative; central bank flags growth fears

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JOHANNESBURG (Capital Markets in Africa) – Ratings agency Moody’s said on Monday the budget statement presented by South African Finance Minister Malusi Gigaba last week was credit negative, while a central bank official raised concerns over economic growth. Gigaba shocked markets on Oct. 25 by flagging sharply weaker growth expectations, wider deficits and rising government debt. The comments by Moody‘s, which along with S&P Global is expected to review South Africa’s credit ratings next month,…

Ryanair Pilots Step Up Pressure With Demand to Double Pay Rise

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LONDON (Capital Markets in Africa) – Ryanair Holdings Plc’s pilot uprising shows little signs of abating, with an ad-hoc group demanding that a wage increase turned down by London Stansted crews be doubled and extended across the budget airline’s European bases. The unofficial European Employee Representative Council made the proposal to pilots after cockpit crews at Ryanair’s biggest base rejected the existing offer, according to a document sent to pilots on Sunday and seen by Bloomberg….

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