The Editorial Team |

Kenya Airways Talking to Airbus, But Boeing Still on Radar

NAIROBI (Capital Markets in Africa) – Kenya Airways Plc. is in discussions with Airbus SE to acquire an unspecified number of planes from the Toulouse, France-based company, but remains a “happy and loyal customer” of Boeing Co., according to Chief Executive Officer Sebastian Mikosz. Sub-Saharan Africa’s third-largest carrier, which wants to add 50 airliners to its fleet over the next six years to ward off competition from the rest of Africa and the Middle East, is “seriously thinking” about…

JPMorgan’s Role in Nigerian Oil Deal Has Come Back to Haunt It

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Under the rule of the Nigerian dictator Sani Abacha more than 20 years ago, a handful of high-ranking government officials looted billions of dollars from the country’s coffers. Now the Nigerian government is demanding some of its money back — from JPMorgan Chase. In a British court, lawyers for the country are suing a subsidiary of the largest United States bank, charging that it enabled corrupt former officials to…

Investor Darling Egypt Holds Rates Amid Inflation Worries

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa ) – Egypt’s central bank held the benchmark deposit rate unchanged on Thursday, defying expectations of a cut as it sought to keep inflation on target. The bank’s Monetary Policy Committee kept the overnight deposit rate at 15.75% and the lending rate at 16.75%. Most economists surveyed by Bloomberg had predicted a cut of as much as 100 basis points, arguing that while inflation had accelerated for two consecutive months through February, the central…

World’s Deepest Rate Cuts Beckon in Egypt After Fed’s Pivot

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa ) – Monetary stimulus is needed to revive growth and attract foreign direct investment. Business activity in Egypt’s non-oil private sector slipped in February to its lowest level since September 2017. The central bank is still a long way from unwinding rate increases deployed to steady inflation after floating the currency in November 2016. While price growth has since stabilized, however, it accelerated for a second month to an annual…

South Africa Holds Key Rate as It Cuts GDP Growth Forecasts

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Higher power, food and fuel prices will likely crimp household spending and limit prospects for stronger economic growth, resulting in the South African Reserve Bank having to hold the nation’s key interest rate for the rest of the year, economists said. The Monetary Policy Committee’s unanimous decision to maintain the repurchase rate at 6.75 percent was in line with the expectations of all 18 economists in a Bloomberg survey. The bank…

Ghana Finance Minister Says Country to Review Currency Collapse

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghanaian Finance Minister Ken Ofori-Atta said the government will investigate the reasons behind the recent collapse of the country’s currency. The cedi weakened as much as 16 percent this year, before recovering partially over the past two weeks. Most of the losses were incurred after the central bank unexpectedly cut its benchmark rate by 100 basis points to 16 percent in January and as some foreign holders of Ghana’s debt failed to rollover…

Former Army Chief in Coup-Prone Comoros Rejects Vote Results

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Comoros opposition leader Soilihi Mohamed, a former chief of staff in the coup-prone nation’s army, announced the formation of a transitional council as he demanded the results of this week’s presidential election be invalidated. He was arrested shortly afterward. The Indian Ocean archipelago’s electoral commission said Tuesday that Azali Assoumani won a second consecutive presidential term with 61 percent of ballots cast. The opposition had already questioned the credibility of the…

« 1 … 335 336 337 338 339 … 1,077 »