The Editorial Team |

Eskom’s Stand-Alone Credit Rating Cut Deeper Into Junk at Fitch

JOHANNESBURG (Capital Markets in Africa) – Eskom Holdings SOC Ltd.’s stand-alone credit profile was downgraded one notch at Fitch Ratings, signaling the South African power utility’s deteriorating ability to repay the debt without additional government support. Weakening revenue growth, profit-margin compression because of lower tariff increases, and higher primary energy costs were cited by Fitch as among the reasons for the reduction. Eskom’s poor liquidity and high debt levels are the worst among its peers,…

Nigeria Ups the Ante on Banks With Tougher Lending Demands

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s central bank is increasing pressure on lenders to keep providing credit to boost economic growth in Africa’s biggest oil producer. The West African nation’s banking regulator raised the minimum loan-to-deposit ratio to 65% from 60% to “sustain the momentum” seen in lending since it first lifted the measure in July, it said in a statement dated Sept. 30. Banks have until Dec. 31 to comply with the directive…

Nigerian Banks Tried, But ‘Not All’ Made New Loans Threshold

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s banking regulator will issue a fresh circular to the West Africa nation’s lenders after some failed to meet a deadline to ramp up lending. “All banks have strived to meet it, but not all did,” Ahmad Abdullahi, director of banking supervision at the Central Bank of Nigeria, said in a text message on Monday, without elaborating. The authority will issue another notice to banks on the directive, he said, without being…

Zimbabwe Turns to Regulations in Bid to Stem Currency Plunge

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe has clamped down on mobile money, tightened controls on foreign-exchange bureaux and dealers and banned the quoting of prices in any currency other than its own dollar as it struggles to manage a monetary system that’s spiraling out of control. The Reserve Bank of Zimbabwe on Monday stopped operators of mobile-money services, the dominant way in which money is moved in the country, from paying out cash. It also tightened…

Cameroon Begins Week-Long Talks to Resolve Anglophone Crisis

Posted on by The Editorial Team

YAOUNDE (Capital Markets in Africa) – Cameroon convened about 1,500 delegates to a week of talks about the crisis in its two English-speaking regions as part of the government’s first serious effort to negotiate an end to a three-year secessionist revolt. The talks in the capital, Yaounde, billed as “national dialogue,” are being presided over by Prime Minister Joseph Ngute and will include opposition supporters, church leaders, civil-society groups, members of the security forces and…

Billionaire Dangote Plans 29% Growth in Cement Capacity

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Aliko Dangote, the richest person in Africa, is looking to expand cement capacity on the continent by 29% to 62 million tons, entrenching his flagship company’s position as the continent’s biggest producer of the construction material. The billionaire plans to add six million tons in Nigeria next year, taking volume in Dangote Cement Plc’s home market to 35 million tons, he said in an interview on Bloomberg Television. The…

Brexit-Backing Hedge Fund Boss Odey Rejects Conflict Claims

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Hedge fund manager Crispin Odey is a Brexit supporter and he’s shorting the pound. But he dismisses allegations that Prime Minister Boris Johnson’s links with investors like him amount to a conflict of interest. “What they’re thinking is: can we show that the people who back Boris are unpatriotic, have no interest in the U.K. and basically are only there to try and make money out of the suffering of others,” Odey…

« 1 … 256 257 258 259 260 … 1,072 »