Southern Africa

The following are the leading stories in the Financial Times. has not validated these stories and does not attest their accuracy. Headings - UBS chief Sergio Ermotti criticises Swiss regulators over Credit Suisse - Eurostar plans as much as 50 brand-new trains and more services to tap 'substantial' need - Glencore chief backs South Africa as Anglo takeover fight raves - Axing northern leg of HS2 will stunt UK growth, states official adviser Introduction - UBS's CEO regreted the perception that the loan provider is too big for Switzerland and pushed back versus the requirement for tougher policy at an...

South African President Cyril Ramaphosa on Monday rejected opposition allegations that a. recent pause in the electricity cuts that have plagued the. nation for many years was because of an election showing up on May 29. Rolling power cuts imposed by state energy Eskom reached. record levels in 2023 and continued in the first quarter of this. year, but there has actually now been no load-shedding, as South Africans. call the cuts, for 48 straight days, the longest period for more. than 2 years. Over the exact same 48-day period in 2015, there were power cuts. every day, according to...

Zimbabwe needs $2 billion in financial investment to upgrade its aging power facilities, Finance Minister Mthuli Ncube said on Friday, as constant plant failures trigger debilitating power cuts. The southern African country is sustaining power cuts of as much as eight hours a day, impacting livelihoods and financial activity. Ncube required financial investment in solar energy as studies have shown the capacity for floating solar tasks at the Kariba dam. We require about $2 billion to upgrade power transmission facilities, Ncube informed a financial investment conference in Johannesburg. To encourage independent solar producers the government in 2022 revealed rewards indicated...

Portugal's Galp Energia will require a partner to establish a prolific oil discover in Namibia as it is beyond its monetary means to keep an 80% stake in the expedition block that includes the Mopane field, CEO Filipe Silva stated on Tuesday. We will prioritise a partner that is keen to develop rapidly the prospects which will fund the capex, Silva told a conference call with experts. The business said recently that it had finished the first phase of expedition in the Mopane field and approximated it could have at least 10 billion barrels of oil. Sources told last week...

Anglo American declined BHP's 31.1 billion pound ($ 39 billion). takeover deal on Friday, stating it considerably undervalued. the miner and its future prospects. BHP, which has until May 22 to make a binding bid, is. anticipated to sweeten its 25.08 pound per share deal to attempt to. clinch an offer that would create the world's biggest miner of. copper, a metal main to the tidy energy shift. reported on Thursday, mentioning two sources, that. Anglo's management did rule out the proposal appealing. We would require to see more money on the table before we offered. our shares, said Todd...

London's FTSE100 hit a record high on Tuesday, raising hopes that Britain's stock market may lastly be getting rid of years of underperformance as investors look for deals and UK development picks up. Months after rival indexes throughout the world started chalking up records, Britain's benchmark stock index touched a new peak of 8,076.52, surpassing its previous high from February 2023. The new peak brings this year's gains for the FTSE 100 to 4%. - still behind the 6% increase in the pan-European STOXX 600. , as well as France's CAC 40 and Germany's DAX. , which are up 7.5%...

Portuguese oil company Galp Energia has actually introduced the sale of half of its stake in an expedition block offshore Namibia where it has actually made a significant oil discovery, three industry sources knowledgeable about the matter informed . Galp's Mopane discovery, which is estimated to hold at least 10 billion barrels of oil and gas equivalent, appears to be one of the largest in the basin which might assist kickstart the southern African country's oil market even as federal governments around the world look for to minimize nonrenewable fuel source consumption. Galp has an 80% stake in Petroleum Expedition...

Portuguese oil company Galp Energia has actually introduced the sale of half of its stake in an exploration block offshore Namibia where it has actually made a major oil discovery, 3 market sources acquainted with the matter informed . The block consists of the Mopane field that Galp quotes holds a minimum of 10 billion barrels of oil and gas equivalent after completing the first phase of expedition. Galp is seeking to offer a 40% stake in the block, stated the sources who might not be named since they are not authorized to talk to the media. Galp decreased to...

Portuguese oil company Galp Energia stated on Sunday it had concluded the very first phase of expedition in the Mopane field off the coast of Namibia and estimated it might have at least 10 billion barrels of oil. Galp stated it conducted screening operations at the Mopane-1X well in January and the Mopane-2X well in March. In both wells, which are 8 kilometres apart, it stated significant light oil columns were discovered in top quality tank sands. The Mopane field lies in the Orange Basin, along the coast of the southern African nation, where Shell and France's TotalEnergies have made...

International Resources Holding (IRH), an unit of Abu Dhabi's International Holding Company, stated it intends to bid for a stake in Lubambe Copper Mine in Zambia. IRH, which recently purchased a 51% stake in Zambia's Mopani Copper Mines, informed the deal had unlocked more chances to take advantage of Africa's second biggest copper manufacturer. A system of Abu Dhabi's many valuable business, IRH is thinking about purchasing an 80% stake in Lubambe held by EMR Capital, even after Chinese company JCHX Mining accepted buy the stake, reported on March 22, pointing out sources. IRH's dedication (at Mopani), has opened doors...

The Southern African Power Pool (SAPP) and investment consultants Environment Fund Managers on Tuesday introduced a brand-new $1.3 billion target fund to build highvoltage transmission lines connecting nations in the region. The Regional Transmission Facilities Funding Facility ( RTIFF) begins with $20 million in commitments from SAPP, and aims for a first close of $500 million in 2025 in a quote to overcome a crucial challenge constraining development in a progressing energy sector Finance will be raised from public and economic sector. financiers in your area and worldwide, a joint declaration stated. Despite an abundance of energy sources in Africa,...

Anglo American Platinum (Amplats) has actually not gotten offers for any of its South African properties, the mining business's chief executive said on Wednesday, following speculation over the possible sale of its highercost operations. Parent business Anglo American triggered speculation in February when CEO Duncan Wanblad said absolutely nothing is off the table after announcing that the group was carrying out an evaluation of its assets. That followed a plunge in revenues and writedowns in its diamond and nickel companies. Amplats CEO Craig Miller told that the miner had not brought in interest in its Amandelbult complex or its mothballed...

Anglo American has been looking for partners for its fertiliser project in North Yorkshire for around six months, President Duncan Wanblad informed , restating business will be among three pillars of the revamped miner, even as work there stalls. The London-listed miner described an extreme plan on Tuesday to diminish by divesting less lucrative coal, nickel, diamond and platinum companies, as it transfers to ward off BHP Group's. $ 43 billion takeover offer. As part of the plan, Anglo stated it would slow the. development of its Woodsmith fertiliser task in northeast. England, pressing back first production from 2027. We...

In a ward South Africa's governing African National Congress (ANC) won handily in local elections three years ago, celebration project employee Poppy Vilakazi has actually been getting a decidedly frosty reception lately. Mainly they are angry, she informed , speaking in Komati, a village in the shadow of a shuttered power plant in Mpumalanga province, an ANC fortress in the nation's coal belt. They feel the ANC let them down by permitting this power station to close. South Africa's creaky power sector and the financial fallout from state utility Eskom's battle to keep the lights on are top issues in...

Anglo American laid out intend on Tuesday to refocus on energy transition metal copper while spinning out or offering its less lucrative coal, nickel, diamond and platinum businesses, as it moves to ward off BHP Group's $43 billion takeover offer. The announcement comes a day after the London-listed miner declined its Australian suitor for the 2nd time in less than 3 weeks, saying an increased proposition continued to considerably underestimate the business. Anglo stated on Tuesday it would divest its steelmaking coal assets, demerge its South African platinum system, explore alternatives for its nickel mines and divest or demerge diamonds...

South Africa's rand deteriorated on Tuesday after regional information revealed the country's. joblessness rate increased in the first quarter and local mining. output fell in March. At 1338 GMT, the rand traded at 18.4175 versus the dollar. , about 0.3% weaker than its previous close. The dollar last traded about 0.13% stronger versus a. basket of global currencies. South Africa's unemployment rate increased for the 2nd quarter. in a row to 32.9% in the very first 3 months of this year,. bringing it closer to the record high of 35.3% reached in late. 2021 throughout the COVID-19 pandemic. The outlook...

Anglo American PLC: * ANGLO AMERICAN PLC - ANGLO AMERICAN ACCELERATES DELIVERY OF TECHNIQUE * ANGLO AMERICAN PLC - ANGLO AMERICAN ACCELERATES SHIPMENT OF TECHNIQUE * ANGLO AMERICAN - PREPARES TO IMPLEMENT A NUMBER OF MAJOR STRUCTURAL MODIFICATIONS * ANGLO AMERICAN: STEELMAKING COAL - TO BE DIVESTED AND CURRENTLY REACTING TO STRONG BUYER INTEREST * ANGLO AMERICAN - ANGLO AMERICAN PLATINUM - TO BE DEMERGED * ANGLO AMERICAN: NICKEL - CHECKING OUT ALTERNATIVES FOR CARE AND UPKEEP AND DIVESTMENT * ANGLO AMERICAN - DE BEERS - TO BE DIVESTED OR DEMERGED, TO IMPROVE STRATEGIC VERSATILITY FOR BOTH DE BEERS AND...

BHP's strategy to divest the South African possessions of its target Anglo American are essential to the strategy behind the proposed takeover and is anticipated to be a part of any modified deal, financiers informed on the miner's thinking stated. The Huge Australian was rebuffed by its smaller rival on April 26 after sending a $39 billion takeover proposal, in a. strategy seen as complex because it needed Anglo to offload its. shares in Kumba Iron Ore and Anglo American Platinum. ( Amplats) to Anglo American's investors before any. deal took place. Anglo American owns 78.6% of Amplats and 69.7%...

BHP Group can't cherry pick Anglo American properties without paying a significant premium, Anglo investors told , worried that they stand to lose heavily by holding shares in South African subsidiaries. The world's No. 1 miner is weighing up its next relocation after its preliminary $39 billion takeover proposition for smaller rival Anglo was turned down last week. The proposed premium was 31% on Anglo's implied value. BHP has proposed that Anglo offer its shares in units Anglo Platinum (Amplats) and Kumba Iron Ore as an alternative to leave the South African properties it doesn't desire included in the offer....

BHP Group is considering making an improved offer for Anglo American after its $ 39 billion initial proposal was rejected by the Londonlisted miner, a source familiar with the matter informed . BHP remains in discussions on a revised quote for Anglo American to be made in coming weeks, the source said. The considerations are ongoing and the group has not yet decided on the size and structure of the brand-new proposition, the source included. BHP stated it does not discuss what it called rumour and speculation, while Anglo American did not immediately respond to a ask for comment. Anglo...

Anglo American's management does rule out a proposed $39 billion takeover offer from BHP Group as appealing, two sources told , as some investors and experts dismissed it as opportunistic. BHP on Thursday used Anglo's investors 25.08 pounds ($ 31.39) per share, or $38.8 billion, a premium of 31% to the market close on Wednesday. It would take over Anglo after a. spin-off of two assets. Speaking on condition of anonymity because the matter is. personal, one of the sources said the offer did not resolve the. intricacies of demerging the Anglo American Platinum. and Kumba Iron Ore companies in...

Kumba Iron Ore on Tuesday reported a 10% fall in first quarter sales due to port devices challenges, as South Africa's logistical issues continue to throttle product exports. The Anglo American Plc system has actually currently curtailed production to match the decreased capacity of state-owned rail and port operator Transnet, which is fighting equipment scarcities, cable theft and vandalism of its facilities. In an upgrade, Kumba stated its sales declined to 8.5 million metric loads in the three months to March 31, from 9.5 million heaps during the exact same duration of 2023. This was generally due to the unreliability...

China and India lifted imports of seaborne thermal coal to threemonth highs in March as the world's 2 most significant buyers capitalized of lower worldwide costs of the fuel to fulfill strong domestic power need. China, the world's biggest coal producer and importer, saw arrivals of seaborne thermal coal of 29.7 million metric tons in March, according to information put together by product analysts Kpler. This was up from 23.03 million loads in February and was higher than the 28.62 million in March 2023. For the very first quarter, China's seaborne imports of the grade of coal utilized primarily to...

BHP President Mike Henry said that Anglo American investors need to think about the merits of his company's quote for its smaller sized Londonlisted competitor, looking for to attract assistance for a proposal that has actually been declined twice. The CEO of the world's biggest noted mining group informed investors at a metals and mining conference in Miami that Anglo investors must make a determination on the benefits of a. mix of the 2 business and which group they think has a. much better performance history of executing projects and delivering returns. to financiers. Anglo CEO Duncan Wanblad on Tuesday...