Africa Brief: Sanlam moves into Nigerian insurance market, Shell to drill for oil off coast of Namibia and more…
Zambia: Lusaka airports size to double
Zambia planned to spend $385 million (R4.2bn) to modernize the capital city’s main airport and turn Lusaka into a regional aviation hub, President Michael Sata said yesterday in a statement that the government would redesign Kenneth Kaunda International Airport to handle 4 million passengers a year.
Excerpt from Zambia: Lusaka airports size to double by Reuters published by The Star Business Report on 14/02/2014
Africa to lift coffee output
The African Development Bank and the UN’s Economic Commission for Africa were studying ways to boost coffee production on the continent, Frederick Kawuma, the secretary-general of the Inter-Africa Coffee Organisation, said yesterday Africa makes up about 10 percent of global coffee production, down from 35 percent in the 1970s.
For the Full Story read, Africa to lift coffee output by Bloomberg published by The Star Business Report on 14/02/2014
Nigeria promises investors stability in power sector
Nigeria would guarantee the stability of legislation and off-take agreements for power producers as the country sought to expand electricity output, its sector regulator said this week. Measures taken to protect investments against regulatory changes, the risk of losing invested funds and guaranteeing electricity trading through a state-owned bulk power purchaser were meant to reduce business risk and improve profit margins, Sam Amadi, the chairman of the Nigerian Electricity Regulatory Commission, which oversees the power sector, said in an interview in Abuja.
For the Full Story read, Nigeria promises investors stability in power sector by Reuters published by The Star Business Report on 14/02/2014
China’s slowdown unlikely to stem sub-Saharan Africa’s 6% growth
Sub-Saharan Africa could meet growth expectations of more than 6 percent this year, despite a slowdown in China, but the outlook for North Africa was more uncertain, African Development Bank (AfDB) president Donald Kaberuka said on Friday that the bank forecasts growth of 5.3 percent across Africa this year and 6.2 percent in sub-Saharan Africa. Slower growth in China has hit prices of commodities, sub-Saharan Africa’s key export. But the region’s economy had diversified, Kaberuka said.
For the Full Story read, China’s slowdown unlikely to stem sub-Saharan Africa’s 6% growth by Reuters published by The Star Business Report on 17/02/2014
Market satisfied that Barclays Africa has turned the corner
The Barclays Africa Group share price edged upwards last week following the release of results for the 12 months to December last year. The market seemed reasonably satisfied that, after a particularly tough 18 months, the group was moving in the right direction. The share price ended the week at R130.30, which was slightly above its 12-month low of R124 reached a week earlier but significantly below the 12-month high of R165.50 reached in March last year.
For the full story read, Market satisfied that Barclays Africa has turned the corner by Ann Crotty published by The Star Business Report on 17/02/2014
Saab Grintek expands in African region
Saab Grintek Defence is expanding its presence in sub-Saharan Africa and will be doing a lot of work for the new Gripen E jet fighter. Chief executive Magnus Lewis-Olsson was optimistic last week about the company’s longer-term business prospects.
Excerpt from Saab Grintek expands in African region by Unspecified published by The Star Business Report on 17/02/2014
Kenya: Loans sought for fuel pipeline
Kenya is seeking $400 million (R4.3 billion) to $500m in loans to pay for the construction of a new fuel pipeline from the port of Mombasa, east Africa’s trade gateway, to the capital, Nairobi.
For the full story read KENYA: Loans sought for fuel pipeline by Reuters published by The Star Business Report on 18/02/2014
Sanlam moves into Nigerian insurance market
Sanlam said yesterday its associate company FBN Life Assurance had acquired 71.2% of Nigeria-listed short-term insurer Oasis Insurance for an undisclosed sum. Sanlam owns 35% of FBN Life Assurance and the other 65% is owned by FBN Holdings, which runs First Bank of Nigeria. The idea is to use the banking footprint of First Bank of Nigeria to distribute motor and fire-insurance products provided by Oasis. Sanlam Emerging Markets executive director Robert Dommisse, who looks after mergers and acquisitions, said the FBN Life Assurance deal with Oasis Insurance was a sign that the Cape Town-based insurer was happy with its partnership with FBN Holdings.
For the full story, read Sanlam moves into Nigerian insurance market by Phakamisa Ndzamela published by Business Day on 18/02/2014
AFRICA: Lack of finds harries oil firms
Global oil companies, hit by one of the worst years for discovery in two decades, are about to cut exploration spending, pulling back from frontier areas and jeopardising their future reserves, industry insiders say.
For the full story, read AFRICA: Lack of finds harries oil firms by Reuters published by The Star Business Report on 18/02/2014
Shell to drill for oil off coast of Namibia
Royal Dutch Shell would drill off the coast of Namibia, a growing area of interest for oil and gas explorers, the country’s mines and energy minister said yesterday Shell has taken over exploration blocks 2913A and 2914B in the Orange Basin from Signet Petroleum, with the Anglo-Dutch group acquiring a 90 percent stake in the blocks and Namibian national oil company Namcor keeping its 10 percent carried interest.
Excerpt from Shell to drill for oil off coast of Namibia by Reuters published by The Star Business Report on 18/02/2014
Sanlam: Unit acquires foothold in Nigeria
Long-term insurer Sanlam has gained an indirect foothold in the Nigerian insurance market after one of its investments, FBN Life, acquired a majority stake in Lagos-based Oasis Insurance.
Excerpt from Sanlam: Unit acquires foothold in Nigeria by Londiwe Buthelezi published by The Star Business Report on 18/02/2014
Jasco seeks new markets in Africa
Jasco Electronics, which grew headline earnings a share by 6 percent in the six months to December, was keen to seek new enterprise customers in Mozambique and Kenya in addition to several African countries where it had been successful, chief executive Pete da Silva said yesterday. The company was mulling the roll-out of contact centers and unified communication services into these new areas.
Excerpt from Jasco seeks new markets in Africa by Asha Speckman published by The Star Business Report on 19/02/2014
Rand drop sees Zim platinum costs rise
The Rand’s decline against the dollar was raising costs for South African platinum companies operating in Zimbabwe, making the ventures noncompetitive, the country’s mining minister said. “Simply by the depreciation of the rand, all of a sudden, if you compare Zimbabwe’s platinum mining costs and South African mining costs, despite the depth in South Africa and other things, there is a way in which we are moving towards being relatively uncompetitive,” Walter Chidhakwa told reporters in the capital, Harare.
Excerpt from Rand drop sees Zim platinum costs rise by Bloomberg published by The Star Business Report on 19/02/2014
Mining: Zimbabwe eyes refinery bidders
Zimbabwe had shortlisted two unidentified companies to build a platinum refinery Mines Minister Walter Chidakwa said yesterday. The ministry would conduct a due diligence study before a final announcement was made by mines secretary Francis Gudyanga, Chidakwa said.
Excerpt from Mining: Zimbabwe eyes refinery bidders by Bloomberg published by The Star Business Report on 19/02/2014
Africa: Citigroup plans to invest more
Citigroup, the US lender scaling back in some emerging markets, plans to invest in Africa as it sees a pick-up in merger and acquisition, debt and equity capital market deals on the continent.
Excerpt from Africa: Citigroup plans to invest more by Bloomberg published by The Star Business Report on 12/02/2014