The Editorial Team |

Nigerian President Laments Election Body’s Incompetence

LAGOS (Capital Markets in Africa) – Nigeria’s President Muhammadu Buhari said the nation’s election commission had been incompetent after a vote scheduled for last weekend was postponed just hours before polling was meant to start. “The reasons why such incompetence manifests itself have to be explained,” Buhari, who’s seeking a second term, told a press conference Monday in Abuja, the capital. “After the election, we have to know who is responsible,” he said, adding the Independent National…

6th Nextgen Payments Forum – Cyprus: Innovation in a disruptive digital economy

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The Nextgen Payments Forum Cyprus, taking place on 04-05 April 2019 is the 6th consecutive Forum within the Global Payments Series. Set to address the online payment ecosystem, upcoming regulatory reform (PSD2) pushing for Open Banking, TPPS & Fintech/Traditional Banking collaboration, Cyber Security & Resilience and new AI & Data-driven innovations. The 6th Nextgen Payments Forum is inviting its international network of industry influencers to Cyprus – one of the Mediterranean’s most popular investment business…

South Africa Ex-Ambassador Seized Over MTN Iran License Win

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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…

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