The Editorial Team |

Why Ethiopia’s Leader Is Winning International Kudos

ADISS ABABA (Capital Markets in Africa) – Since taking power last year, Ethiopian Prime Minister Abiy Ahmed has been on a drive to open up Africa’s second-most-populous nation. He has scrapped bans on opposition and rebel groups, purged allegedly corrupt officials and ended two decades of acrimony with neighboring Eritrea — an initiative that won him the 2019 Nobel Peace Prize. He has also put out the welcome mat for foreign capital in an effort…

Morocco Eyes Lowest Borrowing Cost in Return to Euro Market

Posted on by The Editorial Team

RABAT (Capital Markers in Africa) – Morocco is targeting its lowest euro-borrowing costs ever as it returns to international debt markets for the first time in five years, taking advantage of robust investor demand for securities denominated in euro. The north African nation is marketing 12-year euro-denominated bonds with a yield in the 1.8% area, according to a person familiar with the transaction who asked not to be identified because they are not authorized to…

FirstRand Unbundling Plan May Spur Others in Johannesburg

Posted on by The Editorial Team

JOHANNESBURG (Capital Markers in Africa) – A holding company’s multi-billion dollar proposal to distribute its shares in Africa’s most valuable bank may spur other similar deals as pressure from investors to unlock value gathers pace, money managers said. RMB Holdings Ltd. said Tuesday it plans to distribute its 34% stake in FirstRand Ltd., valued at 130 billion rand ($8.8 billion), to shareholders as part of a reorganization leading to an eventual delisting. Billionaire Johann Rupert’s Remgro Ltd.,…

Kenya Central Bank Increases Capital as State Demands More Cash

Posted on by The Editorial Team

NAIROBI (Capital Markers in Africa) – Kenya’s central bank increased its authorized and paid-up capital amid demands by the government that state-owned corporations remit more dividends to its coffers. The central bank strengthened its paid-up capital by 75% to 35 billion shillings ($345.3 million) in September from 20 billion shillings, having increased authorized capital to 50 billion shillings from 5 billion shillings, the lender said on its Twitter account. The statement follows acting Treasury Secretary Ukur…

Zambia Central Bank Converts Unpaid State Loans Into Notes

Posted on by The Editorial Team

LUSAKA(Capital Markers in Africa) – Zambia’s central bank and the government agreed that 4.4 billion kwacha ($310 million) the state owed the institution be converted into securities, Governor Denny Kalyalya said. The state borrowed the money from the Bank of Zambia at a time when the country was emerging from an electricity crisis and economic strain, and as elections in 2016 approached. The loans peaked at 5.3 billion kwacha in July 2016 but were marked as zero…

Investec’s Ninety One Sets Stage for ‘Good Valuation’ at Listing

Posted on by The Editorial Team

JOHANNESBURG(Capital Markers in Africa) – A rapid growth in assets at Investec Plc’s money-management arm is coming just as the South African and U.K. company prepares to split the unit from the bank, providing a potential valuation uplift before trading its shares separately. The money manager, which will be named Ninety One when it lists early next year, boosted assets by 3.2 billion pounds ($4.15 billion) in the six months through September, while operating profit rose by…

Old Mutual Is Under Fire Again. This Time Over a Corpse

Posted on by The Editorial Team

JOHANNESBURG(Capital Markers in Africa) – Old Mutual Ltd. is in the spotlight again for all the wrong reasons. The 174-year-old insurer was forced to apologize after a grieving family brought a corpse to one of its branches so the company would process a claim for funeral payments. The episode comes as a public spat with the company’s fired chief executive officer drags on. “We are deeply sorry for the delay,” Old Mutual said in a statement…

« 1 … 248 249 250 251 252 … 1,075 »