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Zuma Budget Hole Leaves South Africa With Tough Tax Choices

Zuma Budget Hole Leaves South Africa With Tough Tax Choices

South Africa may have a new finance minister soon following the replacement of its president, but whoever replaces Malusi Gigaba will still face a 50.8 billion-rand ($4.4 billion) hole in the nation’s finances. With growth in Africa’s most-industrialized economy lagging that of peers after its second recession in less than a decade, tax collections have […]

Nigeria Sells $2.5 Billion Eurobonds to Replace Naira Debt

Nigeria Sells $2.5 Billion Eurobonds to Replace Naira Debt

Nigeria sold $2.5 billion of Eurobonds on Thursday as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt. Africa’s biggest economy sold $1.25 billion of 12-year securities at 7.143 percent and a separate 20-year tranche, also $1.25 billion, at 7.696 percent, the Finance Ministry said on its Twitter account. […]

Nigeria’s Oil Producers Are Itching to Pump More

Nigeria’s Oil Producers Are Itching to Pump More

Add independent Nigerian drillers to the list of oil producers itching to supply more crude at a time when OPEC and allies like Russia are trying to restrict output and prop up prices. Domestic Nigerian producers are aiming to pump almost 250,000 barrels a day more crude by 2020 as part of a wider plan […]

Malawi’s Economy To Grow As Much As 5 Percent in 2018: IMF

Malawi’s Economy To Grow As Much As 5 Percent in 2018: IMF

Malawi’s economy is expected to grow by 3 to 5 percent in 2018 and by as much as 7 percent in the medium term as the southern African nation recovers from drought-induced stagnation, the International Monetary Fund said on Wednesday. “Growth will be supported by enhanced infrastructure investment and social services as well as an […]

Britain To Add Nigeria’s Naira To List Of Accepted Trade Currencies

Britain To Add Nigeria’s Naira To List Of Accepted Trade Currencies

Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with […]

De Beers Diamond Venture Puts Namibian Mine On Sale

De Beers Diamond Venture Puts Namibian Mine On Sale

Namdeb, a 50/50 joint venture between the Namibian government and Anglo American’s diamond unit De Beers, has put the Elizabeth Bay Mine on sale, a company spokesperson said on Friday. The sale comes three weeks after the diamond miner wrote to staff offering voluntary redundancies that will affect at least 130 of its 1,700-strong workforce. […]

MTN to Plan $500 Million Nigeria Share Sale in 2018

MTN to Plan $500 Million Nigeria Share Sale in 2018

MTN Group Ltd. plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter. Standard Bank Group Ltd. and Citigroup […]

Global Equity Slump Deepens as Rate Fears Grow: Markets Wrap

Global Equity Slump Deepens as Rate Fears Grow: Markets Wrap

Asian equities fell and U.S. stock futures headed lower, extending the biggest selloff for global stocks in two years as investors adjusted to a surge in global bond yields. Shares sank across the region, with Japan’s benchmarks falling the most in 15 months. S&P 500 Index futures pared a drop of as much as 0.9 […]

EU Is Refusing to Budge on Post-Brexit Financial Services

EU Is Refusing to Budge on Post-Brexit Financial Services

U.K. banks will have limited access to the European Union’s single market after Brexit if the government refuses to weaken its red lines, the European Commission told diplomats, according to two people familiar with private discussions in Brussels. While the British government is aiming for a wide-ranging agreement to give financial institutions full EU access, […]

Gas Flaring Law Error Cost Nigeria Billions of Dollars

Gas Flaring Law Error Cost Nigeria Billions of Dollars

Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigeria’s Finance Minister Kemi Adeosun said. In the “legal framework for the gas-flaring penalty, it was drafted as a charge. A charge is tax-deductible” Adeosun said in a January 23 […]

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