The Editorial Team |

South African MPC Remains Steadfast on CPI Target Midpoint

JOHANNESBURG (Capital Markets in Africa) – The South African Reserve Bank is steadfast that it wants to see inflation expectations anchored at the 4.5 percent midpoint of its target range, Governor Lesetja Kganyago said. While the central bank unexpectedly raised its key rate to 6.75 percent in November, its current policy stance remains accommodative with the benchmark rate still below neutral, Kganyago said in an interview on Thursday with Bloomberg Television in Washington. Consumer inflation was below…

Seplat, NNPC to Raise $700 Million for Gas Plant Due in 2020

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LAGOS (Capital Markets in Africa) – Seplat Petroleum Development Co. and Nigeria’s state oil company will raise $700 million for a joint gas project scheduled to start production next year as the government steps up plans to reduce the country’s reliance on oil. The project, known as Assa North-Ohaji South, is one of seven to boost gas production and infrastructure development in the West African nation, the continent’s biggest producer of crude. ANOH Gas Processing Co., which…

De Beers CEO Says Latest Sale Shows Small-Gem Demand Stabilizing

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JOHANNESBURG (Capital Markets in Africa) – De Beers’ Chief Executive Officer said an improvement in diamond sales demonstrates that the poor demand for smaller stones that has plagued the company and its competitors in recent months is stabilizing. Bruce Cleaver, the CEO of the world’s biggest diamond company, said the poor demand for stones valued at less than $100 a carat has been due to a surfeit of supply, currency weakness in India and the…

Currency Chaos That Felled Sudan Leader Is Lesson for Maduro

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KHARTOUM (Capital Markets in Africa) – For autocratic leaders seeking lessons from the toppling of Sudanese President Omar al-Bashir, avoiding a currency crisis may be the key to survival. It’s the same problem that did for long-standing rulers from Angola to Zimbabwe and may yet claim Venezuela’s Nicolas Maduro. Al-Bashir, who the military ousted on Thursday to end 30 years of rule, faced months of protests against the government’s economic mismanagement, repression and corruption. One of the…

Jumia Raises $196 Million in African Amazon’s New York IPO

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LAGOS (Capital Markets in Africa) – Jumia Technologies AG raised $196 million in an initial public offering in New York, as the Africa-focused online retailer and market place looks to boost its profile and expand an ever-growing customer base. Jumia sold 13.5 million American Depositary Shares at $14.50 each, in the middle of a marketing range of $13 to $16, it said in a statement on Friday. The shares will trade on the New York…

Sudan Protesters Keep Up Pressure on Army That Ousted Bashir

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KHARTOUM (Capital Markets in Africa) – Sudan began its first full day in 30 years without Omar al-Bashir in charge, as protesters in the North African nation vowed to keep up the pressure on the military that deposed him to make way for a civilian government. Demonstrators maintained an overnight sit-in outside army headquarters in the capital, Khartoum, in spite of a 10 p.m.-4 a.m. curfew imposed when the military seized power. Defense Minister Ahmed Awad Ibn…

World’s Running Out of Time to Prepare for New Libor, ISDA Warns

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LAGOS (Capital Markets in Africa) – The global financial industry must move faster and prepare for the demise of the scandal-tarred interest-rate system that underpins $370 trillion in derivative, bond and loan contracts. The London Interbank Offered Rate, or Libor, is expected to stop being the go-to benchmark by the end of 2021, Eric Litvack, chairman of the International Swaps and Derivatives Association, said on April 11 in Hong Kong. Changes needed to prepare for the deadline are…

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