The Editorial Team |

Congo Presidential Candidate Says Election Set to Be Delayed

KINSHASA (Capital Markets in Africa) – A presidential candidate in the Democratic Republic of Congo said the country’s electoral commission plans to postpone elections scheduled for Dec. 23. National Independent Electoral Commission President Corneille Nangaa met candidates or their representatives earlier on Thursday to inform them of the delay, Tryphon Kin-Kiey, an independent candidate, said by phone. Nangaa is due to address a media briefing in the capital, Kinshasa, this afternoon. The electoral commission said…

IMF Boss Lagarde Urges South Africa to Shield Institutions

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JOHANNESBURG (Capital Markets in Africa) – South Africa should “never be complacent” about protecting key institutions such as the central bank or National Treasury as it tries to boost economic growth, International Monetary Fund Managing Director Christine Lagarde said. The rise of populism in developed economies has brought with it a wave of attacks on central banks in the U.S., U.K., Europe and South Africa, where Governor Lesetja Kganyago successfully fought off a proposal by the nation’s…

Tencent Joins Naspers in a $1 Billion Funding for India’s Swiggy

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JOHANNESBURG (Capital Markets in Africa) – Tencent Holdings Ltd. joined Naspers Ltd. in a $1 billion investment in Indian food delivery service Swiggy, which gains a potentially valuable ally in China’s largest social media and gaming company. Naspers led the financing, which snagged new backers Hillhouse Capital and Wellington Management in addition to existing investors DST Global, Meituan Dianping and Coatue. The funding round, which Bloomberg reported on in October, marks Swiggy’s third for 2018 and largest to date. Naspers, Africa’s most valuable company, said it put…

IMF Approves Disbursement of $172.1 Million to Sierra Leone

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LAGOS (Capital Markets in Africa) – The International Monetary Fund’s executive board approved disbursement of $172.1 million to Sierra Leone under a 43-month extended credit facility program. “The executive board’s decision enables an immediate disbursement of $21.5 million to Sierra Leone,” the Washington-based lender said Wednesday in an emailed statement. “The remaining amount will be phased over the duration of the program, subject to semi-annual reviews.” The program is aimed at reducing inflation, mobilizing revenue to allow for…

As Global Equities Take a Hit, Gold Miners Are Doing Fine

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LAGOS (Capital Markets in Africa) – Global equity markets are getting beaten up, but gold miners have been spared as haven demand swells and bullion’s outlook brightens. Newcrest Mining Ltd., Australia’s top producer, rallied as much as 2.3 percent on Tuesday, while South Africa’s Harmony Gold Mining Co. Ltd. was the biggest mover, rising 3.8 percent. Canada’s Barrick Gold Corp. — which is taking over rival Randgold Resources Ltd. — has surged 28 percent this quarter. The gold miners…

Congo Plans to Issue First Licenses to Private Insurers by March

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo plans to issue its first licenses to private insurance companies early next year. The central African nation plans to end more than four decades of state monopoly of an industry the Insurance Regulatory Authority estimates is worth $850 million annually and could grow threefold in the next five years. Congo is the continent’s fourth-most populous nation, with about 84 million people. ARCA, as the authority is…

Morocco Holds Key Rate Despite Signs of Economic Slowdown

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RABAT (Capital Markets in Africa) – Morocco’s central bank kept its benchmark interest rate unchanged at a record low 2.25 percent, even as it warned of an economic slowdown stretching into next year. The decision Tuesday came amid a dramatic falloff in credit growth and inflation, both potential catalysts for a rate cut to stimulate investment. Government data for the second quarter “indicate an economic activity level well below expectations,” Bank Al Maghreb said in a…

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