Finance | - Part 125

Diamonds Fund Zimbabwe’s Secret Police, Global Witness Says

HARARE (Capital Markets in Africa) – Zimbabwe’s government is using money earned from diamond exports to fund its Central Intelligence Organisation, blamed for a raft of human-rights abuses as it’s helped to keep President Robert Mugabe in power since 1980, Global Witness said. Diamonds dug from the Marange fields in eastern Zimbabwe are channelled through Dubai, India, the Netherlands and South Africa by a complicated web of cross-owned companies based in places as diverse as Mauritius, Hong…

Fairfax Is Said to Back AfriSam to Clinch African Cement Deal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Fairfax Financial Holdings Ltd. is prepared to inject as much as 5 billion rand ($386 million) to pay off bank debt owed by AfriSam Group Pty Ltd. and help South Africa’s second-biggest cement producer clinch a tie-up with larger rival PPC Ltd., according to two people familiar with the matter. The money from the African unit of the Canadian insurer will be used to repay bank loans and allow AfriSam to…

Nigeria Says Chinese to Build $5.8 Billion Hydropower Plant

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria said China Civil Engineering Corp. will build a $5.8 billion hydro-power station in the country’s eastern Mambila region with a capacity to generate 3,050 megawatts. China’s Export-Import Bank will provide 85 percent of the funding for the project, which is scheduled to be completed in six years, Power, Works and Housing Minister Babatunde Fashola told reporters on Wednesday in the capital, Abuja. Nigeria will contribute the remaining funds. “The scope…

Death Threats, Court Case Mark Battle for South Africa’s ANC

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Death threats and court challenges mark an intensifying battle for control of South Africa’s ruling African National Congress as factions fight it out in the nation’s provinces before the party elects a new leader to replace Jacob Zuma. In the region with the most ANC members, KwaZulu-Natal, the high court is expected to rule next month on an application by party officials to overturn an 2015 election of provincial leaders…

Tanzania Invites Tenders for Africa’s Fourth-Biggest Hydro Plant

Posted on by The Editorial Team

DAR ES SALAM (Capital Markets in Africa) – Tanzania invited bids for the construction of a $2 billion hydro-power plant that will rank as the fourth-biggest in Africa. The proposed Stiegler’s Gorge Project will be built on the Rufiji River in eastern Tanzania with a minimum capacity of 2,100 megawatts, the Energy Ministry said in tender documents emailed from the commercial capital, Dar es Salaam, on Wednesday. Bids must be submitted by Oct. 16 and the facility…

Short-term Personal Loan and its Features

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Among the different types of loans that are, today, available in the market, the personal loan is one of the most popular ones. This kind of loan is borrowed for a short time-period and repaid in full along with the interest. Installments are also available for repayment of personal loans that continue on a per month basis until the whole loan amount is paid off at the pre-decided rate…

Sasol Tempers Return Expectations for $11 Billion Project

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Sasol Ltd. lowered estimated returns at its $11 billion Lake Charles chemicals project in the U.S. and said it’s disputing a revised tax bill in South Africa. Sasol, the world’s biggest producer of liquid fuel from coal, projects an internal rate of return of 7 percent to 8 percent at Lake Charles, which will convert ethane into plastics and other products. The range is based on “conservative” ethane prices and…

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