The Editorial Team |

Europe Stocks Rise, With U.K. Shares Down After New Brexit Date

LONDON (Capital Markets in Africa) – European stocks opened steady following a mixed trading session in Asia, as British stocks fall after new Brexit developments. With only one week left of trading, European equities are heading for their best quarter since 2015. The Stoxx Europe 600 Index rose 0.2 percent, led by gains in technology shares. Deutsche Bank AG jumped 2.6 percent as the German lender said it sees 2019 revenue slightly higher than in 2018. European…

Ivory Coast Opts for Loans Over Eurobonds to Finance Budget

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ABIDJAN (Capital Markets in Africa) – Ivory Coast said it opened a tender to secure 500 billion CFA francs ($865 million) in commercial loans from offshore lenders as the West African nation seeks cheaper options than selling international bonds to finance its budget. In addition to the loans, the country will issue 900 billion francs in debt securities on the regional market to meet its finance needs of 1.4 trillion francs for the year, Prime…

Dangote’s Nigeria Tomato Plant Resumes After Years Idling

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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…

Nigeria’s Central Bank Sees Tight Monetary Policies Continuing

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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…

Flood Deaths Climb as Mozambique Races to Rescue Stranded

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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…

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

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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…

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

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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…

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