The Editorial Team |

Egypt Hires Citigroup, JPMorgan, Goldman for Dollar Bond Sale

CAIRO (Capital Markets in Africa) – Egypt has appointed banks including Citigroup Inc. and JPMorgan Chase & Co. to sell dollar bonds in the first quarter of the year to help reduce the budget deficit. The country also picked HSBC Holdings Plc and Goldman Sachs Group Inc. for the deal and hired BNP Paribas SA, Natixis SA, Intesa Sanpaolo SpA and Standard Chartered Plc for the issuance of euro-denominated debt, according to a statement from the…

One of the Mideast’s Richest Men Is Among Freed Saudi Detainees

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LAGOS (Capital Markets in Africa) – Saudi-Ethiopian billionaire Mohammed Al Amoudi was released more than a year after his arrest in what authorities said was a crackdown on corruption, becoming the latest detainee to be freed under mysterious circumstances. Al Amoudi was let go after Ethiopian Prime Minister Abiy Ahmed raised his case during a visit to Saudi Arabia last year, the premier’s office said. A Saudi official said in December that Al Amoudi was charged with corruption and…

Naspers Focuses on Classifieds After $1.1 Billion Avito Deal

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JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. will focus on streamlining technologies and harnessing artificial intelligence across its e-commerce and classifieds businesses after taking full control of Russia’s Avito BB in a $1.1 billion deal. Africa’s biggest company by market value on Friday bought out minority shareholders in Avito through its OLX Group, increasing exposure to Russia’s e-commerce market and strengthening its global reach in the sector. Naspers plans to consolidate different local online technologies into a…

Ghana’s Cedi Eyes Record Low as Bank Cuts Rate to 2013 Low

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JOHANNESBURG (Capital Markets in Africa) – Ghana’s central bank unexpectedly cut its benchmark interest rate to a six-year low, bucking the worldwide trend toward tightening and pushing the local currency close to the weakest on record. The Bank of Ghana reduced the rate by 100 basis points to 16 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. All eight economists surveyed by Bloomberg said the rate would be held. “The bank’s latest…

Ex-South Africa President Zuma Linked to New Bribes Scandal

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JOHANNESBURG (Capital Markets in Africa) – Jacob Zuma, who quit as South African president last year after being implicated in a string of scandals, is facing fresh allegations that he took bribes from services company Bosasa to shield it from prosecution and advance its business interests. Angelo Agrizzi, Bosasa’s chief operating officer from 1999 to 2016, told a judicial inquiry that’s probing graft during Zuma’s rule how the company agreed to pay 300,000 rand ($22,000)…

Absa’s Ramos Sees Confidence Returning to South African Economy

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LAGOS (Capital Markets in Africa) – Absa Group Ltd. Chief Executive Officer Maria Ramos is betting that South African President Cyril Ramaphosa is on the right track with rebuilding the continent’s most-industrialized economy. Almost a year since taking over from his corruption-tainted predecessor, Ramaphosa started commissions of inquiry to determine how graft became so entrenched and to prevent it in future. He also set in motion plans to reinvigorate economic growth through an investment conference that raised billions in…

Goldman Cheers as Rand Heads for Best-Ever Start to a Year

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LAGOS (Capital Markets in Africa) – The rand’s flying start to 2019 may be just the beginning, according to Goldman Sachs Group Inc. The South African currency is heading for its biggest January gain against the dollar since Bloomberg started compiling the data in 1999. And with expected volatility near an eight-month low, traders are discounting local stumbling blocks in coming months, including a budget speech, ratings review and election. The rand has been buoyed by a more dovish Federal Reserve…

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