Top 5 on Fin24: MTN plans to raise R13.8bn in debt, SA mining output dips and rand runs

Cape Town - A roundup of Thursday's top economic and finance reads on Fin24.

MTN plans to raise R13.8bn in debt in Nigeria this year

MTN [JSE:MTN] plans to borrow as much as R13.8bn in Nigeria this year as the mobile operator seeks to fund local investment and replace existing debt in the continent’s most populous country.

The carrier expects to list its Nigerian unit on the Lagos stock exchange by the end of 2018. 

• READ: MTN plans to raise R13.8bn in debt in Nigeria this year

Rand runs on US inflation data and easing world tensions

The rand rallied on Thursday, flirting with the R12.30/$ level after US consumer inflation numbers came in lower than expected at only 2.1% for April. Analysts expected CPI to rise by 2.5%.

Emerging market currencies came under pressure when US President Donald Trump withdrew from the nuclear deal with Iran and reimposed sanctions on the oil-rich country.

Locally a protracted bus strike and sporadic violent protests also weighed on the rand.

• READ: Rand runs on US inflation data and easing world tensions

SA mining output contracts most in two years in March

South African mining output contracted the most in two years in the month of March.

Production shrank 8.4% from a year earlier, Pretoria-based Statistics South Africa said in a statement on Thursday.

That’s the biggest contraction since March 2016 and compares with a revised 2% expansion in February, it said.

• READ: SA mining output contracts most in two years in March

Stable governance at SOEs vital for SA's energy certainty, says Jeff Radebe

As part of bringing certainty to the energy sector, Minister of Energy Jeff Radebe intends to ensure stable governance at state-owned enterprises (SOEs).

"This is key because, if our SOEs perform optimally, we will be able to deliver on many of our key strategic programmes without hindrance and with speed," Radebe said at a media briefing in Pretoria on Thursday.

"We have no time delays: Our people need jobs and jobs will only be delivered if we ensure that investment into the economy is realised."

• READ: Stable governance at SOEs vital for SA's energy certainty, says Jeff Radebe

Charles King deal for Gupta-linked Optimum 'a farce', says business rescue practitioner

Swiss company Charles King wants the business rescue practitioners of the Gupta-linked Optimum coal mine to recognise a sale agreement it had entered into with Optimum or to recognise a R64m deposit the company paid in terms of the deal, as a credit claim to be refunded as part of the business rescue plan.

Gupta-linked Tegeta Exploration and Resources announced in August last year that it had sold the Optimum coal mine to Charles King for R2.97bn.

• READ: Charles King deal for Gupta-linked Optimum 'a farce', says business rescue practitioner

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