The Editorial Team |

Rand Offers Zimbabwe Economy Salvation, Ex-Finance Minister Says

JOHANNESBURG (Capital Markets in Africa) – Zimbabwe should adopt South Africa’s rand as its currency, one of a series of fundamental reforms needed to restore economic stability in the country, former Finance Minister Tendai Biti said. His call is an endorsement of government efforts to link Zimbabwe’s economy to neighbouring South Africa’s currency as it grapples with a foreign-exchange shortage that’s spawned the fastest price increases since hyperinflation a decade ago. Zimbabwe abolished its own currency in…

MTN Is Said to Prepare for Share Sale of African Unicorn Jumia

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JOHANNESBURG (Capital Markets in Africa) – African online retailer Jumia is planning an initial public offering in New York this year that could value the business at about $1.5 billion, according to people familiar with the matter. Jumia’s largest shareholder MTN Group Ltd. is planning to raise as much as $600 million from selling its shares through the IPO, said one of the people, who asked not to be identified as the information isn’t public. MTN and…

Libya Clashes Resume as Warlord Haftar Tries to Seize Oil Field

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TRIPOLI (Capital Markets in Africa) – Clashes resumed near Libya’s biggest oil field, a day after eastern military commander Khalifa Haftar said his forces had reached the deposit in a push to secure the southwestern region and its energy installations. Haftar’s self-styled Libyan National Army exchanged fire early on Thursday with troops led by Ali Kana, a supporter of the rival United Nations-backed authorities in Tripoli in the west of the divided country, according to people with…

Kenyan Prosecutor Weighing Graft Charges Against Five Banks

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NAIROBI (Capital Markets in Africa) – Kenya’s state prosecutor is considering a police recommendation that five of the country’s biggest banks be prosecuted over corruption-related charges. It’s the latest sign that the authorities are intensifying their fight against graft that President Uhuru Kenyatta has called a threat to national security. Kenya ranks among the world’s 40 most-corrupt countries. Kenya’s Director of Criminal Investigations recommended the domestic lenders be charged for “concealing and facilitating, aiding, abetting and benefiting from the…

Bank Stocks in Lagos Jump Most Since 2016 as Optimism Returns

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LAGOS (Capital Markets in Africa) – An index of Nigerian banking stocks surged 5.8% Thursday, posting the biggest gain since May 2016; the move reflected some renewed optimism among investors and increased participation by foreigners, said Segun Oyenuga, a trader for Asset Resource Management Securities. Guaranty Trust Bank, the country’s largest by market value, climbed 9.5% in Lagos, the most since January 2016; Zenith Bank +7.2%, Unity +9.8%, Sterling +5.9%, FCMB +4.2%, UBA +2%; sector index…

Defeat of Tanzanian Democracy Feared as Political Curbs Loom

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DAR ES SALAAM (Capital Markets in Africa) – Tanzanians already have to watch what they publish, tweet and even sing. Now President John Magufuli’s administration is poised to put opposition parties under even greater scrutiny. Proposed amendments to the East African nation’s Political Parties Act would give a regulator sweeping powers to monitor the funding, membership and plans of opposition groups. Critics say it could effectively criminalize dissent, already rare three years after Magufuli took office. One…

South Africa’s Landmark Oil Find Opens Prospect of Drilling Rush

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s first deep-water discovery, reported Thursday by French oil major Total SA, may prompt a rush of activity offshore by competitors as the country works to cut its reliance on imported fuels. The Brulpadda find, estimated at about 1 billion barrels by Total Chief Executive Officer Patrick Pouyanne, could be enough to supply South Africa’s refineries for almost four years. That’s a boon for a country that has always been short of…

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