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Angola’s State Oil Firm Saves $1.7 Bln After Spending Cuts

Angola’s State Oil Firm Saves $1.7 Bln After Spending Cuts

Angola’s state-owned oil company Sonangol said on Friday it had saved $1.7 billion thanks to spending cuts since 2014 in response to lower crude prices. Oil companies across the world have made steep cuts to their annual capital expenditure over the last three years to cope with a slump in oil prices. Sonangol said in […]

Ivory Coast Starts Alstom Rail Talks After Hyundai Edged Out

Ivory Coast Starts Alstom Rail Talks After Hyundai Edged Out

Ivory Coast is talking to French train equipment suppliers Alstom SA and Thales SA about taking part in a 1.4 billion euro ($1.6 billion) urban-railway project to be funded by France, pushing out South Korean manufacturers that were part of the deal. The West African nation is about to amend an initial 2015 concession agreement […]

Kachikwu Questions $24 Billion Oil Deals

Kachikwu Questions $24 Billion Oil Deals

Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him or the firm’s board, a copy of the document seen by Bloomberg shows. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, Aug. […]

Ghana’s Banks Need More Cash Than Its Markets Can Provide

Ghana’s Banks Need More Cash Than Its Markets Can Provide

Ghana’s banks face a daunting race to meet new capital rules by the end of next year. Lenders will need to raise 9 billion cedis ($2 billion), which the local equity and debt market is too small to supply, according to George Bodo, the head of banking research at Ecobank Capital Ltd. in Nairobi, Kenya. […]

Ivory Coast Cuts Cocoa Farmers Pay by Third for Main Harvest

Ivory Coast Cuts Cocoa Farmers Pay by Third for Main Harvest

Ivory Coast, the world’s biggest cocoa producer, cut farmers’ pay for the new main season by more than a third as forecasts for a second annual global oversupply weigh on prices. Farmers will receive a guaranteed price of 700 CFA francs ($1.23) a kilogram for the larger of the two annual harvests that starts this […]

No Escape From Mugabe’s Madhouse Market for Big Money Managers

No Escape From Mugabe’s Madhouse Market for Big Money Managers

Robert Mugabe’s latest economic experiment is making Zimbabwe’s stocks the world’s best performers for all the wrong reasons. And there’s little foreign investors like Franklin Templeton, JPMorgan Chase & Co. and Allan Gray can do to escape: it’s practically impossible for them to pull out their money. Economic chaos has been a regular feature of investing […]

IPhone Disappointment Hammers Suppliers, Fuels Taiwan Outflows

IPhone Disappointment Hammers Suppliers, Fuels Taiwan Outflows

Apple Inc.’s latest products are getting a thumbs down, at least by investors in the company’s Asian suppliers.  Hon Hai Precision Industry Co., which assembles the iPhone and other Apple devices, has fallen 10 percent in Taipei since Apple unveiled its collection of new gadgets for the holidays this month. Other suppliers across the region, […]

Ghana Orders Security Forces to Clamp Down on Cocoa Smuggling

Ghana Orders Security Forces to Clamp Down on Cocoa Smuggling

Ghana’s cocoa regulator said the nation’s security forces will clamp down on the smuggling of beans as a disparity in producer prices are encouraging illegal trade with neighboring Ivory Coast. The world’s second-biggest cocoa producer is trying to stop smuggling from Ivory Coast, where the chocolate ingredient cost a quarter less than in Ghana. The […]

Dangote Ups Ante for PPC With Cash, Share Offer

Dangote Ups Ante for PPC With Cash, Share Offer

  Dangote Cement Plc, the Nigerian company controlled by Africa’s richest person, has written to PPC Ltd. offering South Africa’s biggest cement maker cash and shares as part of a takeover deal that is fueling a bidding war. PPC’s shares rose. “We are waiting for them to get back to us, hopefully early next week,” […]

Standard Chartered Lends Zambia $134 Million To Finance Roads

Standard Chartered Lends Zambia $134 Million To Finance Roads

Zambia borrowed $134 million from Standard Chartered Plc to help fund the road sector, according to a finance ministry official.  The borrowing plan was included in the 2017 budget, Mukuli Chikuba, permanent secretary at the finance ministry, said in a text message on Tuesday. The loan is the second that Standard Chartered has arranged for the government […]