Africa

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

Nigeria's anticorruption agency announced on Monday that a warrant had been issued to arrest former Petroleum Minister Timipre Slva for allegations of conspiracy and dishonestly converting $14.86million. In a press release, the Economic and Financial Crimes Commission stated that the funds were part an investment made by the Nigerian Content Development and Monitoring Board in Atlantic International Refinery and Petrochemical Ltd to fund a refinery. Anyone with information about Sylva’s location is asked to contact the company’s offices across the country or to report to their nearest police station. Sylva was the former Petroleum Minister of Muhammadu Buhari from 2019...

The Sudanese paramilitary Rapid Support Forces have agreed to the United States' and Arab countries' proposal for a humanitarian truce and are open to discussions on a cessation in hostilities. Both the RSF and the Sudanese army have agreed to various ceasefire proposals during their two-and-a-half-year-old war, though none have succeeded. The administration of U.S. president Donald Trump has stated that it is working to end fighting in Sudan. The Sudanese Army did not respond immediately to the announcement. It comes less than two week after the RSF had taken over the famine-stricken town of al-Fashir and consolidated its control...

According to a Monday statement, the Congo Republic has issued its first eurobond in almost two decades. The central African oil company has been working on easing its debt burden and servicing costs. Proceeds from the bond will be used for refinancing part of the domestic debt maturing between February 2026 and November 2025. In a press release, Finance Minister Christian Yoka stated that "This operation demonstrates the new Congolese energy: that of a nation combining fiscal discipline with exemplary governance and ambition." The bond has a coupon of 9.875% and will mature in November 2032. Yoka said that Brazzaville's...

Issa Bakary, the opposition leader in Cameroon, said that he was escorted by his loyal soldiers to a safe location for his safety. This could be a sign of a division within the army after a disputed vote. Tchiroma has been holed-up in his Garoua house since the presidential election of October 12, in which he declared victory. He did not specify the number of soldiers but his claim that the members of the military are loyal to him may indicate a split in the security forces of the country. Tchiroma posted a Facebook message saying, "I thank the loyalist...

Yoshimichi M. Maruyama, chief financial officer of Japan's Seven & i, said that the company is working on a number of initiatives including potential M&A and partnership deals aimed at achieving substantial growth. 7-Eleven, the Japanese retailer that owns convenience stores in Japan, wants to show investors how it can grow after Canada's Couche-Tard pulled out of a $46 billion bid offer last July. Seven & i said that it would pursue a listing for its North American convenience-store subsidiary in the second half 2026 and buy back shares worth about 2 trillion yen (13 billion dollars) through fiscal year...

On Sunday, hundreds of opposition supporters blocked roads and set fire to tyres as protests intensified in the commercial capital of Cameroon a day ahead of the presidential election results. The police used tear gas and water cannons to disperse the supporters of Issa tchiroma, an opposition candidate. They claim he defeated veteran leader Paul Biya during the vote on October 12, and accuse authorities of rigging the election. After partial results were reported by local media, protests erupted in several cities as Biya (92) was expected to win. The government rejected the opposition's claims of irregularities, and encouraged people...

His campaign reported that authorities in Cameroon have detained 30 people linked to Issa tchiroma's presidential campaign. This has heightened tensions before Monday's results announcement. Anicet Ekane is the leader of the MANIDEM Party and Djeukam tchameni is a prominent member of the Union for Change. Both had supported Tchiroma’s candidacy. In the nation that produces cocoa and oil, there have been increasing clashes between security and Tchiroma supporters. Tchiroma called for more nationwide protests to take place on Sunday at 1400 GMT. Paul Atanga Nji confirmed at a Saturday press conference that arrests were made in connection with an...

Sudan's paramilitary Rapid Support Forces announced on Sunday that they had taken over the army's headquarters in al-Fashir. This was the last stronghold of the Sudanese Army in Darfur, in the western part of the country. The army has not yet made a public statement about its current situation. RSF has been fighting the army, former rebels, and local fighters for 18 months. The RSF has been targeting civilians with frequent artillery and drone strikes. Meanwhile, the siege is spreading starvation in the city of 250,000 residents. Al-Fashir is a major political victory for RSF. It could also hasten the...

Rhino Resources, a South African oil and gas firm, plans to drill a well for appraisal on a Namibian prospect in 2019 and conduct a flow-test on another to beat TotalEnergies as the first oil producer in this southern African nation. The appraisal well is scheduled for Capricornus, where a flow rate up to 11,000 barrels per day was tested. Meanwhile, the drill stem is scheduled for Volans, which is its latest find of high-yield liquid gas condensate. The new data can help the company to accelerate its discoveries off Namibia where TotalEnergies is expected to make a final investment...

The major Gulf stock markets were mixed early on Wednesday as investors awaited the release of earnings reports. However, Abu Dhabi's index rose on the back of First Abu Dhabi Bank's results. First Abu Dhabi Bank, the largest lender in the United Arab Emirates, saw its index rise by 4.6%. FAB, on track for its best day in late July, reported a 21 percent increase in the third-quarter's net profit at 5.39 billion dirhams (1.47 billion dollars), which was above analysts’ average estimates of 4.54 billion. Abu Dhabi Islamic Bank, whose trading had been suspended before its earnings announcement, was...

In an email, IIR, a industry monitor in Nigeria, said that the Dangote oil refining company restarted its 204,000 barrels per day gasoline production on October 19, as planned. The run rate was 60%. IIR said that the unit will be expected to maintain this rate until a planned shutdown in December 2025 or January 2026 has been completed. A spokesperson from Dangote didn't immediately respond to a comment request. The unit's outage, which began late in August, improved export economics to West Africa, covering the shortfall. This helped boost European gasoline refinery margins. According to calculations, the news of...

Botswana has been working to acquire a majority stake of De Beers. This was announced by President Duma Boko on Monday after Angola made a bid for control over the giant diamond firm. Botswana owns 15% of De Beers, and the company contributes 70% of their annual rough diamond production. Despite a global slump in diamond prices, which has hurt its economy, Botswana considers De Beers a strategic asset. Boko said during the State of the Nation address in Gaborone, that diamonds will remain the major contributor to growth. Boko, without revealing any further details, said that "concrete steps are...

Guinea's mines minister has told reporters that the country will accelerate the development of iron ore pellet and alumina refineries to stop decades of raw ore shipments. The first shipments of iron ore from the huge Simandou mine are expected this week. The World Bank stated in July that alumina and ore processing within Guinea could be a game changer for the country's economy, creating industrial jobs while reducing Guinea's exposure to swings in commodity prices. Guinea exports about 60% of its bauxite to China as a feedstock, and a third is iron ore from the Simandou Mine, which is...

The companies announced on Monday that they had reached a settlement of $215 million over the South African company's cancellation of a $1.2billion deal to purchase the investment firm’s Brazilian nickel-and-copper mines. Sibanye's shares rose by more than 5% at the Johannesburg Stock Exchange in line with those of other gold and silver miners who have been boosted by rising metal prices. The London High Court has ordered Sibanye to compensate Appian in October 2024 for the failed transaction. In a joint press release, the companies stated that the agreement was announced one day before the court hearing to determine...

African Rainbow Minerals, a South African company, announced on Wednesday that the mine, which is jointly owned by ARM and ArcelorMittal South Africa (the ailing steelmaker), will be put on "care-and-maintenance" following the cessation of purchases from its only customer. Beeshoek Mine is temporarily closed for maintenance and care as owners assess other options in case the market conditions change. The mine's mining operations ceased at the beginning of October. About 622 permanent employees will be laid off on November 30. Beeshoek - operated by Assmang – a joint venture of ARM and the international miner Assore – stopped deliveries...

Africa is home to 30% of the world's minerals Africa is looking for more profits as global demand surges African leaders want to drive value for money at the COP30 Clar Ni Chonghaile & Kim Harrisberg To capitalize on this burgeoning market, the continent needs to address the power shortages and skills gaps. It also has to tackle trade barriers, industrial capacity limitations, and the lack of skilled workers. Hany Besada is a senior fellow and professor at Wits School of Governance, as well as a senior fellow at London School of Economics' Firoz Lalji Institute for Africa. Africa's mineral...

EU antitrust regulators warned on Tuesday that the plan of Hong Kong-listed MMG to purchase Anglo American's Brazilian Nickel business could allow MMG to divert Ferronickel away from Europe, and harm European stainless steel production. The European Commission, the EU's competition enforcer opened a detailed investigation into the deal amid global concerns over the supply of key mineral and China’s dominance. Anglo American announced The sale In February, two ferronickel projects and two greenfields in Brazil were completed. In a recent statement, EU Antitrust Chief Teresa Ribera stated that ferronickel is an important input for European producers in order to...

Newmont CEO Tom Palmer said that fiscal stability and fair tax systems and royalties are essential if countries wish to attract mining investments. The company had just opened its $900m Ahafo North Mine in Ghana. Newmont only operates in Ghana in Africa, which is one of the most stable mining jurisdictions on the continent. It offers stability agreements to firms that lock in royalties over a period of five to fifteen years. However, the government intends to tighten oversight of mining companies. Palmer, in an interview on Thursday, following the inauguration the Ahafo North Mine, Newmont's second mine in Ghana,...

Mercuria Energy Trading and Eurasian Resources Group have agreed to prepay up to $100,000,000 to Eurasian Resources Group as part of a three-year copper supply agreement, they announced on Thursday. Prepayments is an advance paid by buyers to producers. It's often used to ensure future supplies or to provide working capital in the commodity trade. Mercuria will receive copper from ERG, a Luxembourg-based company that produces copper in the Democratic Republic of the Congo. Shukhrat Ibragimov, Chief Executive Officer of ERG, said: "The agreement marks an important step towards deepening our partnership with global partners in our efforts to realize...

The U.S. Export-Import Bank has sent a letter of intent to Rare Earths firm REalloys for a loan of up to $200,000,000 to fund processing and magnetic facilities. This would be Washington’s latest effort to boost American production of these specialized materials. If approved, the loan could increase U.S. accessibility to magnets that are used in electric cars, cell phones and fighter jets, among other products. These magnets are the focus of a global trade dispute as China is using them to leverage negotiations with the Trump Administration. A letter from September 18 was seen by and shows that privately-held...

Anglo American faces an EU investigation over its $500 million sale to MMG of its Brazilian Nickel assets after the regulators rejected their proposed remedies. Two people with knowledge of the situation said that on Wednesday. The companies offered to purchase ferronickel for resale to European customers for up to ten years from MMG to allay concerns that this deal might cut off shipments of the metal to Europe due to global concerns over the influence of China on the supply chain of minerals. One source said that the European Commission (which is the EU's competition enforcer) has not requested...

Investors were optimistic about corporate earnings as they awaited the key results of companies such as Apple, which are due this week. Nvidia shares were up last by 4.1%. Nvidia CEO Jensen Huang announced that the company would build seven supercomputers to be used by the U.S. Department of Energy. He also said the company had $500 billion of bookings on its AI chips. Donald Trump, the U.S. president, had said earlier that he would be meeting Huang. Microsoft shares gained 2.4% following a deal in which the company agreed to allow OpenAI's restructure as a public benefit corporation, while...

Dennis Grimm has left Thyssenkrupp’s steel division, according to two sources familiar with the situation. The unit is now without its leader, as the talks about a possible sale to India’s Jindal Steel International are still ongoing. Grimm is the spokesperson of Thyssenkrupp Steel Europe (TKSE), or its defacto CEO, as of August 30, 2024. This was after former CEO Bernhard Osburg resigned following a conflict with Thyssenkrupp leadership regarding strategy. TKSE declined to comment. Sources say that Grimm's departure coincides with Thyssenkrupp deepening its talks with Jindal Steel International about a possible sale of TKSE. A delegation from the...