The Editorial Team |

South Africa Ex-Ambassador Seized Over MTN Iran License Win

JOHANNESBURG (Capital Markets in Africa) – South African police arrested a former ambassador to Iran on corruption charges related to the award of a mobile-phone license to MTN Group Ltd. after it was initially given to Turkcell Iletisim Hizmetleri AS. The case has been the subject of legal claims for several years by the Turkish company, which accuses Johannesburg-based MTN of paying bribes to South African and Iranian officials. MTN secured 49 percent of Irancell Telecommunication Co….

Telkom Says Deal `Good Idea’ for South African Mobile Boost

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JOHANNESBURG (Capital Markets in Africa) – Telkom SA SOC Ltd. sees an acquisition as one way to grow its mobile-phone business as the South African former landline monopoly looks to boost profit and attract higher-paying customers. Telkom has the balance sheet to pursue a deal, Chief Executive Officer Sipho Maseko said in an interview at Bloomberg’s Johannesburg office on Wednesday. While he didn’t name a specific target, local rival Cell C Pty Ltd. is on the group’s radar, people…

‘Rate Cut on the Horizon’ Sparks Investor Rush for Egypt’s Pound

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CAIRO (Capital Markets in Africa) = Investors are bidding up Egypt’s currency even with the wait for the central bank to resume interest-rate cuts unlikely to end for months. Plans to lift fuel subsidies this year are certain to push up inflation, which already gained in January after ending last year within the central bank’s target range. Bloomberg Economics estimates that the complete removal of fuel subsidies would increase inflation by as much as 2 percentage points, depending on…

Moody’s changes outlook on Mozambique’s rating to stable, affirms the Caa3 ratings

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MAPUTO (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) has changed the outlook on the Government of Mozambique’s long-term issuer ratings to stable from negative and has affirmed the Caa3 issuer and senior unsecured debt ratings. Today’s decision primarily reflects Moody’s expectation that in the restructuring of Mozambique’s sole outstanding international bond currently under negotiation, bondholders will likely incur losses as defined by the agency consistent with a Caa3 rating. Taking into account the…

Tempers Flare Over Zimbabwean Monetary Policy, Independent Says

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HARARE (Capital Markets in Africa) – Zimbabwean central bank Governor John Mangudya threw paper files at Finance Minister Mthuli Ncube in an argument over how to handle the nation’s monetary policy, the Zimbabwe Independent reported, citing people it didn’t identify. The altercation took place at a meeting at the Treasury’s offices last week, the Harare-based newspaper said. After tossing the files at Ncube, Mangudya stormed out of the meeting and slammed the door behind him, leaving top government officials…

U.K. Spy Warns Against Triumphalism Over Islamic State Collapse

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LAGOS (Capital Markets in Africa) – As U.S. forces prepare to oust Islamic State militants from their last foothold in Syria, the head of the U.K.’s foreign intelligence agency warned of the lasting threat from the group’s ideology. “We are not triumphant because I think from triumphant you get to hubris,” MI6 Chief Alex Younger told reporters in Munich on Friday. “This is a societal, generational problem that we face in the West and it can only…

Kenya Sees Agreement on IMF Standby Loan Facility After Meeting

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NAIROBI (Capital Markets in Africa) – Kenya said it’s almost reached an agreement with the International Monetary Fund on a new standby loan facility after a meeting this week in the East Africa nation’s capital, Nairobi. A similar facility, where the IMF availed $1.5 billion for Kenya to draw from in the event of balance of payment shocks, but didn’t, lapsed in September. The insurance-type facility will serve to reassure buyers of Kenyan debt such as…

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