Finance | - Part 129

Ethiopian Air Said to Plan $3 Billion Deal for Airbus A350s

ADDIS ABABA (Capital Markets in Africa) – Ethiopian Airlines Enterprise plans to buy 10 of Airbus SE’s newest A350 wide-body jets in a transaction worth more than $3 billion at advertised prices, according to people familiar with the plan. The deal is set to be announced this week at the Paris Air Show, according to the people, who asked not to be named as the order negotiations are private. Ethiopian will take the mid-sized A350-900 version of the plane,…

South African Airways May Test State Guarantees, Opposition Says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Airways, the country’s state-owned airline, may be close to calling in 19.1 billion rand ($1.5 billion) in government debt guarantees after missing loan repayment dates, according to the Democratic Alliance, an opposition political party. The airline, which hasn’t made a profit since 2011, has 8.9 billion rand of debt payable in the 2018 fiscal year, the DA said, citing data from parliament’s Standing Committee on Finance. SAA…

Rand Tumbles as South Africa Seeks Higher Black Mine Ownership

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The rand weakened the most in more than two months as South Africa said local mines should be at least 30 percent owned by black people in an effort to redress economic imbalances caused by the apartheid system. The currency fell as much as 1.9 percent against the dollar, the most since March 28, to be the biggest decliner among 31 major and emerging-market currencies tracked by Bloomberg. The…

Ghana to Tap Stabilization Fund for Cocoa Pay Next Season

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ACCRA (Capital Markets in Africa) – Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two annual crops by 36 percent, Ghana’s Cocoa Board so far kept it unchanged and…

Ghana Leader Favors Constitutional Change to Boost Finances

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s President Nana Akufo-Addo said he is in favor of changes to the West African country’s constitution that will allow lawmakers better oversight over public finances. Akufo-Addo, whose National Patriotic Party came into power in January in the world’s second-biggest cocoa producer, is battling rising public debt following a discovery of about 7 billion cedis ($1.6 billion) in unplanned spending by the previous administration of President John Mahama. The new government is…

Ethiopia Eyes Role in DP World-Managed Port in Somaliland

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia is in talks to acquire shares in a joint venture involving DP World Ltd. that will manage a port in northern Somalia, a Somali official said, a move that could give the fast-growing yet landlocked Horn of Africa economy its first stake in foreign docks. Somaliland, a semi-autonomous territory that aspires to statehood, has agreed “in principle” to give Ethiopia a 19 percent share in the venture administering Berbera…

Dangote $700 Million Deal to Meet Third of Nigeria’s Sugar Needs

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A Dangote Industries Ltd. subsidiary will invest $700 million in a central Nigerian project that seeks to produce almost a third of the sugar consumed in Africa’s most populous nation. Tunga Sugar project, in the central state of Nasarawa, will be made up of a 60,000-hectare (148,260-acre) plantation and two factories with combined capacity of 430,000 metric tons of refined white sugar, Dangote Group’s president, Aliko Dangote, said in a…

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