Dangote’s Nigeria Tomato Plant Resumes After Years Idling

Dangote’s Nigeria Tomato Plant Resumes After Years Idling

LAGOS (Capital Markets in Africa) – A tomato-paste factory owned by Africa’s richest man, Aliko Dangote, resumed production in Nigeria’s northern state of Kano after staying idle for more than two years over a supply disruption partly caused by a price dispute with farmers. The factory, with a capacity for 1,200 metric tons of tomato paste daily and targeted at meeting domestic demand, restarted production last week processing about 100 tons a day. It will ramp up…

Read More

Nigeria’s Central Bank Sees Tight Monetary Policies Continuing

Nigeria’s Central Bank Sees Tight Monetary Policies Continuing

LAGOS (Capital Markets in Africa) – Nigeria’s tight monetary policy will “continue in the near term” and the central bank will increase its funding to the agricultural sector, according to Governor Godwin Emefiele. The central bank will be able to maintain a stable exchange rate given the strength of Nigeria’s reserves, Emefiele, 57, said at a conference in the commercial capital, Lagos. The economy “will see more growth and reduced unemployment” from May 2019, when President Muhammadu…

Read More

Flood Deaths Climb as Mozambique Races to Rescue Stranded

Flood Deaths Climb as Mozambique Races to Rescue Stranded

MAPUTO (Capital Markets in Africa) – Deaths from flooding in the wake of Cyclone Idai climbed to more than 300 as Mozambique’s government battled to deal with the devastation wrought by one of southern Africa’s most deadly recorded storms. The toll may rise dramatically. Almost a week after the Category 3 storm made landfall, heavy rains continued in Mozambique’s Sofala province. Rescue workers have saved 3,000 of 15,000 families stranded in the southeastern African nation’s flooded central…

Read More

Bank of England Says More Firms Trigger Brexit Plans as Rate Left Unchanged

Bank of England Says More Firms Trigger Brexit Plans as Rate Left Unchanged

LONDON (Capital Markets in Africa) – The Bank of England said more companies are triggering plans for a no-deal Brexit as it kept policy in a holding pattern while the government takes withdrawal talks to the brink. Around two-thirds of firms surveyed by the central bank said they had started implementing contingencies for a disorderly departure from the European Union. About 80 percent judged themselves ready for such an outcome. With Britain just days away from its scheduled…

Read More

Brexit Is Said to Delay Handout of U.K. Pollution Permits

Brexit Is Said to Delay Handout of U.K. Pollution Permits

LONDON (Capital Markets in Africa) – Britain’s effort to delay its departure from the European Union probably means that U.K. polluters will have to wait to get their hands on 2.6 billion euros ($3 billion) of emission allowances, according to a person familiar with the U.K. government position. It’s now highly unlikely that British factories, power stations and airlines covered by the EU’s cap-and-system will get their annual allotment of free allowances or access to a…

Read More

No-Deal Brexit Possibility Suddenly Comes Alive for the Markets

No-Deal Brexit Possibility Suddenly Comes Alive for the Markets

LONDON (Capital Markets in Africa) – Investors are ripping up their Brexit playbooks as the chance of a no-deal exit flares once again. Sterling is the worst-performing major currency this week as U.K. Prime Minister Theresa May gambles on getting her plan over the line with just over a week to go before the exit. Option traders are betting on further losses and increased currency swings, while fund managers are seeking help from constitutional experts…

Read More

Nigeria Seeks Concessional Loans to Tame Debt-Service Costs

Nigeria Seeks Concessional Loans to Tame Debt-Service Costs

LAGOS (Capital Markets in  Africa) – Nigeria may have about the best-performing Eurobonds in emerging markets this year, but the West African nation says it will prioritize borrowing from concessional lenders such as the World Bank and African Development Bank as it looks to rein in interest payments. “If you were to ask me if we’re going to issue Eurobonds this year, I’d say we’ll explore all the options,” Patience Oniha, head of the Debt Management…

Read More
1 337 338 339 340 341 1,073