The Editorial Team |

Damaged Subsea Cables Slow Down Internet in African States

LAGOS (Capital Markets in Africa) -Internet users across more than a dozen sub-Saharan African nations suffered slow service after two undersea cables to the continent’s western coast were damaged this week. The so-called WACS and SAT3/WASC cable systems are in the Atlantic Ocean and connect South Africa and many other African countries to Europe, Openserve, a unit of South Africa’s biggest fixed-line telecommunications provider, Telkom SA SOC Ltd., said. At least 12 countries besides South Africa…

Here Are the Emerging Bonds to Watch If Oil Spikes Again

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LAGOS (Capital Markets in Africa) – The quick recovery in emerging-market bonds this month suggests investors aren’t concerned about a further escalation in Middle East tensions. But those worried about a renewal of hostilities should seek out Russian and Thai exposure and avoid securities from Turkey and South Africa, according to a Bloomberg analysis. A study of the relationship between outsized surges in crude prices and moves in 11 emerging market five-year bond spreads over…

African Amazon Jumia Has Five Quarters to Win Over Investors

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LAGOS (Capital Markets in Africa) – Jumia Technologies AG has given itself five quarters to convince investors that the Africa-focused e-commerce firm is on a path toward profitability. The company is looking to claw its way back after watching its shares drop about 58% since a high-profile U.S. initial public offering in April. The company will spend the next four or five quarters investing in technology, marketing, and operations teams, Co-Chief Executive Officer Sacha Poignonnec said…

What African Central Banks Will Discuss in the Next 2 Weeks

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LAGOS (Capital Markets in Africa) – Central bankers in sub-Saharan Africa are likely to focus more on domestic factors than global developments when they decide on interest rates in the next two weeks. Most will likely opt to pause. Since the monetary policy committees of some of the region’s key economies last met, data showed that South Africa’s economy contracted in the third quarter, Nigerian food inflation quickened due to border closures and in Ghana,…

Second-Biggest Diamond Ever Will Become Louis Vuitton Jewelry

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LONDON (Capital Markets in Africa): The second-biggest diamond in history will be cut, polished and turned into a collection of Louis Vuitton jewelry. Lucara Diamond Corp., which found the 1,758-carat Sewelo diamond at its Botswana mine last year, said it’s struck a deal with the luxury brand and Antwerp diamond manufacturer HB Company. It’s unclear how valuable the polished diamonds will be though, as Lucara previously said the Sewelo wasn’t a type of diamond that yields top…

Bloody Mutiny in Sudan Casts Shadow Over Drive for Democracy

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SUDAN (Capital Markets in Africa) – When disgruntled Sudanese spies took up arms and gunfire rang out across Khartoum, even members of the most powerful pro-government militia were startled. As mutiny rocked three security buildings in the capital on Tuesday afternoon, fighters from the notorious Rapid Support Forces paramilitary group rushed to respond. By the next morning, five people — two of them soldiers — were dead, and the transitional government said the bloodshed sparked…

Ecobank Partners USAID, Rabobank to Increase Loans to Farmers

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LONDON (Capital Markets in Africa) – Ecobank Transnational Inc. is partnering with the United States Agency for International Development and Rabobank to double the amount of credit it provides to the agricultural industry over the next two years. USAID will guarantee as much as 50% of loans provided by Ecobank to Nigerian farmers and processors, Mojisola Oguntoyinbo, the head of agricultural business at Ecobank’s Nigerian unit, said by phone from Lagos. Separately, Netherlands-based Rabobank will help provide cheaper lines of…

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