The Editorial Team |

Ivory Coast Seeks Banks to Sell Euro-Denominated

ABIDJAN (Capital Markets in Afrioca) – Ivory Coast is requesting proposals from banks to issue as much as 500 million euros ($557 million) in foreign bonds to refinance more expensive debt, according to people familiar with the matter. The world’s top cocoa grower, which budgeted to raise 1.44 trillion CFA francs ($2.5 billion) of debt in 2019, wants to redeem some of its euro-denominated securities, said the people, who asked not to be identified because they’re…

Pound Wins Relief From Record Losing Streak as May Finally Exits

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LONDON (Capital Markets in Africa) – The pound looked set to end a record run of losses against the euro as Theresa May’s resignation as U.K. prime minister led traders to take bets on further political turbulence off the table. Sterling gained for the first time in 15 sessions against the common currency Friday, having been battered this month by the prospect that a hard-line Brexit candidate could replace May. With that risk now factored into…

Boris Johnson as U.K. Prime Minister Is the EU’s Worst Nightmare

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LONDON (Capital Markets in Africs) – For European leaders watching Theresa May’s political death throes, a sense of inevitability has been replaced by one of fear. Rather than break the deadlock over Brexit, the departure of the British prime minister raises the prospect of what they’ve long considered their worst nightmare: a U.K. run by Boris Johnson, the man many inside the European Union blame for causing the mess with his campaign based on false promisesand then by…

Tearful Theresa May Quits as Brexit Breaks Her Premiership

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LONDON (Capital Markets in Africs) – An emotional Theresa May announced she will quit as Britain’s prime minister after admitting she had failed to deliver the one task that defined her time in office — taking the country out of the European Union. “I have done my best,” May said in a statement to cameras in the sunshine outside her Downing Street offices. “It is, and will always remain, a matter of deep regret to me that…

Zambia Raises Rate for First Time Since 2015 to Help Kwacha

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LUSAKA (Capital Markets in Africa) – Zambia’s central bank raised its key interest rate for the first time since November 2015 in a bid to stabilize its currency, which is the world’s fourth-worst performer against the dollar this year. The Bank of Zambia raised the rate to 10.25% from 9.75%, Governor Denny Kalyalya told reporters Wednesday in Lusaka, the capital. Key Insights While the southern Africa nation’s annual inflation rate of 7.7% in April is…

Obscure Cypriot Plots $10 Billion Bet on East Mediterranean Gas

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LAGOS (Capital Markets in Afrioca) – A little-known investor group is planning a major shakeup of the Eastern Mediterranean natural gas industry in a bid to unlock hundreds of billions of dollars of sales stymied by the political and industrial complexities of the region. Cynergy Group, an investment firm based in Cyprus, is looking to spend between $5 billion and $10 billion in the coming years buying under-utilized natural gas assets in the region, according…

Ghana Seeks Investors to Mine Bauxite to Fund Infrastructure

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ACCRA (Capital Markets in Africa) – Ghana is inviting investors to submit plans on how to tap the nation’s bauxite deposits as the government seeks to leverage more of its mineral resources to fund infrastructure. The government will receive proposals from interested parties until the end of the year on how to expand production and build refining and smelting capacity for the manufacturing of alumina and aluminum, said Michael Ansah, chief executive officer of Ghana Integrated…

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