The Editorial Team |

Zimbabwe to Allow Dollar Trading to Ease Currency Squeeze

HARARE (Capital Markets in Africa) – Zimbabwe said it will allow companies and individuals to transfer dollars electronically, as it looks to ease a crippling scarcity of foreign exchange that’s sent the economy into meltdown and triggered protests. The Reserve Bank of Zimbabwe has upgraded its systems to allow for such transactions and will run testing until Feb. 1, after which it plans to go live, the bank said in a statement Monday. The southern African nation’s…

Egypt’s Pound Jumps Most in Two Years as Fund Flows Accelerate

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The Egyptian pound advanced the most in almost two years as fund flows into the local Treasury bills market accelerated amid improving risk appetite across emerging markets. The currency, which EFG Hermes says has become more sensitive to fund flows after the central bank ended a repatriation mechanism for foreign investors late last year, rose 1.5 percent to 17.6287 against the dollar, its biggest gain since February 2017, according to prices…

How Parliament Is Trying to Control Brexit and What It Means

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – U.K. Prime Minister Theresa May faces a series of votes on Tuesday that could change the direction of Brexit. Two rival factions in Parliament are trying to take control. If one wins, Brexit will probably be put on hold. If the other wins, May would claim a strong mandate to return to Brussels to renegotiate the most controversial part of the divorce deal — the Irish border backstop. The chances of…

Egypt Hires Citigroup, JPMorgan, Goldman for Dollar Bond Sale

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

« 1 … 403 404 405 406 407 … 1,077 »