Every week, we review the best Africa-related business and finance news across the web and deliver to you the top 10 pieces of the week!
Week of May 11th
Brazil’s BTG Pactual to Create $1 Billion Private Equity FundBillionaire Andre Esteves of Brazil is forming the largest existing Africa-focused investment fund, which is also the largest fund that Brazil has ever raised for investments outside the country. Esteves hopes that this move will reinforce ties between Brazil and sub-Saharan Africa.
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Kenya Tops Africa in Cross-Border InvestmentAccording to a newly released report, Kenya and Nigeria currently lead the rest of the world in terms of investment in the African continent, due to their emphases on regional integration. Kenya also currently tops the list of African nations with the highest growth in new domestic investment projects.
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Source: Business Daily (Kenya)
South Africa Stocks Book Record CloseDue to encouraging data in the Chinese manufacturing sector, and led by Johannesburg-listed resource firms such as global leader BHP Billiton, South Africa’s broad All-Share index closed at a record high on Thursday.
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Kenya Shell Sold to Nigeria Fund in Billion-Dollar DealDutch trading company Vitol Holdings and Africa-focused private equity firm Helios Investment Partners have partnered to acquire Kenya Shell’s petroleum-trading business. Vitol and Helios will each have a 40 percent stake in the new company, Vivo Energy, while Shell will maintain a 20 percent stake. Read More »
Source: The East African (Kenya)
U.S., Zambia to Seal $350M Water DealLooking to increase bilateral interactions between the two nations, the U.S. has launched one of Zambia’s largest funding projects in history, worth $350 million, with the intention of improving access to water and sanitation in the emerging country. Read More »
Source: The Times (Zambia)
Oil Find at New Kenya Discovery Site Increases, Tullow Oil SaysFollowing the discovery of high-quality oil in northern Kenya in March, subsequent drilling has located even more oil reserves at the site. Estimates of 20 meters (about 65 feet) of net oil pay have been revised upward to more than 100 meters (330 feet). Read More »
Source: The Washington Post
Indian President's Visit to Boost Business in SAIndia’s president Pratibha Patil recently visited South Africa in the interest of strengthening economic ties between the two countries, particularly in terms of energy, transport, and logistics investment. Read More »
Source: Engineering News (South Africa)
Nigeria, Kenya, South Africa to Attract $150 Billion FDI by 2015Seen as regional powerhouses in their respective regions, Nigeria, South Africa, and Kenya are projected to attract $150 billion in FDI by 2015, according to a survey conducted by Ernst & Young. Read More »
Source: The Nation (Nigeria)
Banks Battling European Debt Crisis Lose on African DealsBNP Paribas, Banco Espirito Santo, and other European banks, afflicted by the debt crisis in Europe, are scaling back operations in Africa. As a result, banks such as Citigroup, Barclays, and Standard Chartered are taking advantage of the opportunity. With deals worth $1.2 billion, Citigroup was the lead arranger of syndicated loans in the region. Read More »
First Bank of Nigeria’s Profit Doubles, Revenue Rises 42 PercentNigeria’s third-largest lender reported that the bank’s net income rose to 24.5 billion naira ($155.7 million) from 12.2 billion naira a year earlier. First Bank of Nigeria, in the short term, intends to add 120 branches in the country to bring its total to 750. Read More »
Source: Business Day (Nigeria)