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Partech announces the final closing of its Partech Africa fund at EUR125mn

LAGOS (Capital Markets in Africa) – Partech announces the final closing of its Partech Africa fund at €125 M ($143 M) above its hard cap and establishes East Africa presence. The Partech Africa Fund achieves a final closing at €125M, more than double the size of its first closing a year ago at €57M ($70M). Backed by a unique set of financial institutions, major corporate partners and successful entrepreneurs, Partech Africa sets out with the…

Dublin Is Bursting at the Seams, and That’s Even Before Brexit

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LONDON (Capital Markets in Africa) – Conall Laverty, who raised over $1 million for his Dublin-based startup, jokes that his mother still wants to know when he’s going to get a real job — maybe at Google or one of the other technology giants scattered across the city. U.S. companies flooding into Ireland now employ, either directly or indirectly, about one in five workers in the country. Last month, Facebook Inc. and Salesforce.com Inc. unveiled plans to hire 2,500 more people…

Brexit Overshadows Review Meant to Herald U.K. Austerity’s End

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LONDON (Capital Markets in Africa) – U.K. civil servants preoccupied with Brexit are struggling to find time for the 2019 spending review, a set-piece opportunity for Prime Minister Theresa May to show that almost a decade of austerity is at an end. Officials in the Treasury are so consumed with planning for a no-deal exit from the European Union that the spending review has already lost steam, according to two people familiar with the matter who asked…

Deutsche Bank Taps Cerberus to Help Squeeze More From Cash Pile

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LONDON (Capital Markets in Africa) – Deutsche Bank AG, running out of time to restore revenue growth, is getting a little help from its friends at Cerberus Capital Management. Germany’s largest bank on Friday confirmed that Cerberus, one of its top shareholders and an adviser through a separate unit, has been helping manage its cash reserves more profitably, a story reported earlier by Bloomberg. That’s already bearing fruit and could add 300 million euros ($344 million)…

EGYPT: Currency outlook dependent on capital inflows

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CAIRO (Capital Markets in Africa) – Goldman Sachs did not expect the Central Bank of Egypt’s decision to suspend the currency repatriation mechanism to make the exchange rate more volatile, despite its recent appreciation. It noted that the pound has been stable even though the majority of portfolio flows to the local bond market over the past two years have taken place outside the repatriation mechanism. It added that the depreciation pressure from the selloff…

Guinness Nigeria Warns on Challenging Economy, Volatile Naira

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LAGOS (Capital Markets in Africa) – Guinness Nigeria Plc sees a tough economic environment in Africa’s most populous country and a volatile naira ahead of looming presidential elections in February. The unit of U.K. drinks giant Diageo Plc is monitoring the Nigerian currency to make sure there’s no significant hit to costs, Stanley Njoroge, head of finance and strategy at Guinness Nigeria, said on an investor call in Lagos on Thursday. The brewer sees disposable income under pressure for…

Talks of a Lower CPI Target in Ghana Seen as a Little Premature

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ACCRA (Capital Markets in Africa) – With Ghana’s inflation rate barely in single digits, the central bank’s suggestion that it’s time to aim even lower may be premature. Price growth has been inside the target band of 6 percent to 10 percent for only nine months after years of double-digit inflation and would have to remain there for much longer to convince investors a lower rate is sustainable, according to economic analysts including Databank Group’s Courage…

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