The Editorial Team |

Angola Cancels Telstar Mobile Phone License, to Open New Tender

LUANDA (Capital Markets in Africa) – Angolan President Joao Lourenco canceled a decision to award Telstar Telecomunicacoes, a privately held company, the southwest African nation’s fourth mobile license. “The president annuls the outcome of the competition to ensure a clean and transparent procedure,” the Angolan presidency said in an emailed statement on Thursday. “The Ministry of Telecommunications will formalize the opening of a new tender within 30 days.” The tender, the results of which were announced on April…

World Bank Warns Africa Bond Bonanza Risks Hurting Nations

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LAGOS (Capital Markets in Africa) -The World Bank warned that high demand for African Eurobonds will place countries at a higher risk of debt distress once an increase in U.S. rates prompts investors to turn their backs on emerging-market assets. African sovereigns such as Ghana and Benin joined a slew of high-yielding borrowers this year who took advantage of the dovish turn by the Federal Reserve and some of the world’s most important central banks to sell…

Mick Davis Moves Closer to Iron Ore Mining With Liberian Deal

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MONROVIA (Capital Markets in Africa) – Mining dealmaker Mick Davis has won permission to export iron ore from a planned mine in West Africa, adding momentum to the industry veteran’s comeback. Davis, through his new Niron Metals vehicle, has signed an agreement with Liberia that will allow him to use a rail and port to export iron ore from the mine that he’s seeking to build in neighboring Guinea, according to a statement. The Zogota project, where…

Empty Bellies Join Loaded Guns as South Sudan’s Major Danger

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SOUTH SUDAN (Capital Markets in Africa) – After five years of civil war, South Sudan’s biggest danger may not be loaded guns but empty bellies. Even as the government and rebels prepare to join forces to end a conflict that’s claimed almost 400,000 lives, the threat of famine is stalking the East African country. With local farming yet to recover, almost seven million people — more than half the population — may face severe food shortages between…

South Africa’s DA Would Trim State’s Size to Curb Debt to GDP

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JOHANNESBURG (Capital Markets in Africa) – The Democratic Alliance, South Africa’s biggest opposition party, would reduce the size of the government to help curb the country’s ratio of debt to gross domestic product, leader Mmusi Maimane said. The continent’s most-industrialized economy has to “deal with the question of a bloated state,” he said in an interview on Bloomberg TV Thursday, three weeks before general elections. Given the opportunity, the party would also sell state-owned companies, allowing international partners…

KCB Group to Acquire All Shares of National Bank of Kenya

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NAIROBI (Capital Markets in Africa) – KCB Group Plc, Kenya’s biggest lender by assets, plans to acquire state-owned National Bank of Kenya Ltd. through a 10-for-one share swap. If approved, the deal will be the second banking tie-up offer in East Africa’s largest economy in less than five months after NIC Group Plc and Commercial Bank of Africa Ltd. proposed a merger. The consolidation is in line with the central bank’s aspirations for a stronger banking sector. Shares of NBK, as…

South Africa Reserve Bank Says Too Early to Claim Inflation Win

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank says it’s premature to claim victory in the war against inflation and sees price growth stabilizing at 4.5 percent only by the end of 2021. While inflation has been inside the central bank’s target band of 3 percent to 6 percent for two years and was at the midpoint of this range in March, it’s “too early to claim that inflation is already permanently lower,”…

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