Finance

ADDIS ABABA (Capital Markets in Africa) – Ethiopia plans to start building Africa’s largest airport at $5 billion within six months and continue the ascendancy of its national carrier, the most profitable on the continent. The new airport, 70 kilometers (43.5 miles) from the existing Bole International Airport in the capital Addis Ababa, will be able to handle as many as 100 million passengers yearly, Ethiopian Airlines Chief Executive Officer Tewolde GebreMariam told the state…

JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd. is in talks with 3,000 of its employees over potential job cuts as the South African carrier contends with falling sales in its landline business and a weak local economy. The former monopoly, which has more than 15,000 staff, started the consultation process with labor unions “to restructure our business for future competitiveness,” Pretoria-based Telkom said in an email. It is experiencing “declining performances in fixed voice, which…

JOHANNESBURG (Capital Markets in Africa) – Vodacom Group Ltd. is in talks with Cell C Pty Ltd. about taking on the smaller rival’s contract-paying mobile-phone customers, a move that would strengthen its position as South Africa’s telecom market leader, according to people familiar with the matter. The unit of the U.K.’s Vodafone Group Plc would gain just over 1 million high-paying subscribers from the deal, said the people, who asked not to be identified as the discussions are…

NEW YORK (Capital Markets in Africa) – China came under greater international pressure to reduce industrial subsidies after the U.S., Europe and Japan agreed to push for stronger World Trade Organization rules against market-distorting government aid. The top trade officials of the U.S., the European Union, and Japan struck a deal on Tuesday in Washington to expand the kinds of subsidies prohibited by the WTO. The announcement came on the eve of a planned signing ceremony…

LONDON (Capital Markets in Africa) – Manchester United risks losing its position as England’s top-earning soccer club as a string of management missteps and sub-par performances left it shut out of Europe’s most lucrative competition. After failing to qualify for the UEFA Champions League for the second time in four seasons, the struggling team has forecast annual revenue will slide as much as 11% from the previous year. That may put it behind Manchester City and Liverpool FC this year,…

NAIROBI (Capital Markets in Africa) – Acorn Holdings (Acorn), the largest student accommodation property developer in Kenya, has listed by introduction its KES 4.3 billion green bond programme, on the Nairobi Securities Exchange (NSE). To celebrate the Acorn bond programme listing, Sam Kimani, Chairman of the NSE, welcomed the Rt Hon Alok Sharma, UK Secretary of State for International Development, and Patrick P. Njoroge, Central Bank of Kenya Governor, to open trading today. The programme…

JOHANNESBURG (Capital Markets in Africa) – South African business confidence slumped to the lowest in 34 years in 2019 as the country faced power cuts, delays in policy implementation, deteriorating public finances and the risk of losing its only remaining investment-grade credit rating. A sentiment index compiled by the South African Chamber of Commerce and Industry showed business confidence declined to an average of 92.6 from a two-year high of 95.5 in 2018, according to…