The Editorial Team |

Ethiopia Plans to Build Africa’s Largest Airport at $5 Billion

ADDIS ABABA (Capital Markets in Africa) – Ethiopia plans to start building Africa’s largest airport at $5 billion within six months and continue the ascendancy of its national carrier, the most profitable on the continent. The new airport, 70 kilometers (43.5 miles) from the existing Bole International Airport in the capital Addis Ababa, will be able to handle as many as 100 million passengers yearly, Ethiopian Airlines Chief Executive Officer Tewolde GebreMariam told the state…

Telkom in Talks With 20% of Workforce Over Cuts as Economy Wilts

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JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd. is in talks with 3,000 of its employees over potential job cuts as the South African carrier contends with falling sales in its landline business and a weak local economy. The former monopoly, which has more than 15,000 staff, started the consultation process with labor unions “to restructure our business for future competitiveness,” Pretoria-based Telkom said in an email. It is experiencing “declining performances in fixed voice, which…

Charts Showing South Africa Central Bank Data That Triggered Cut

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JOHANNESBURG (Capital Markets in Africa) -Two months can be a long time in central banking, and if you are the South African Reserve Bank it can mean bringing an interest rate cut forward and a move to signaling even more. The Reserve Bank’s monetary policy committee unexpectedly cut its key rate to 6.25% from 6.5% on Thursday, a move predicted by only three of the 19 economists surveyed by Bloomberg. These charts show how the…

South Africa Cuts Rates to 4-Year Low Even With Moody’s Lurking

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JOHANNESBURG Capital Markets in Africa): Reserve Bank unexpectedly cut its benchmark interest rate to the lowest level in four years after slashing forecasts for inflation and economic growth. The Monetary Policy Committee unanimously voted to lower the repurchase rate to 6.25% from 6.5%, Governor Lesetja Kganyago told reporters Thursday in the capital, Pretoria. Of the 19 economists surveyed by Bloomberg, only three predicted the move, although forward-rate agreements showed the market foresaw an even-chance of a cut….

How Putin Was Thrown Off Course by a Furious Libyan General

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TRIPOLI (Capital Markets in Africa) – Russia and Turkey attempted to broker a truce in Libya. It didn’t go as planned. Khalifa Haftar was expecting the Kremlin red carpet. Instead, he was cooped up in a Russian Foreign Ministry reception building hoping for an audience with Vladimir Putin. In the end, the Libyan military commander lost patience and stormed out. Hours later, he left Moscow in his Dassault Falcon corporate jet bound for the Jordanian capital,…

Lekoil Slumps as Alleged Scam Puts Oil-Field Future at Risk

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LONDON (Capital Markets in Africa) – Lekoil Ltd. sank to a record low in London trading after falling victim to an alleged scam, leaving the future of a Nigerian oil project at risk. A loan deal struck earlier this month is no longer valid, the company said, alleging that individuals claiming to be from the Qatar Investment Authority were in fact fraudsters. Lekoil now has until February to raise enough money to cover its drilling costs…

U.K. Inflation Slowdown Ramps Up View a Rate Cut Is Imminent

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LONDON (Capital Markets in Africa) – The path to a Bank of England interest-rate cut as soon as this month became clearer on Wednesday after inflation unexpectedly slowed to a three-year low. The pound fell and traders increased bets that policymakers would reduce rates on Jan. 30, as the shock reading reinforced speculation fueled by dovish comments from BOE Governor Mark Carney and others in recent days. Less than an hour earlier, policymaker Michael Saunders, who’s been…

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