The Editorial Team |

Google Plans High-Flying Balloons to Provide Internet in Africa

NAIROBI (Capital Markets in Africa) – The tech giant says a network of high-flying blimps can connect millions. Bringing fast, widespread internet to rural Africa has proven vexing for companies that have tried—and largely failed—with strategies ranging from drones to satellites. Now, a sister company of Google says it has the answer: balloons. Loon, spun out of the search giant’s X innovation lab in July, is teaming up with Telkom Kenya Ltd. to build a…

Nigeria’s $2.86 Billion Eurobond Offers More But Gets Less

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LAGOS (Capital Markets in Africa) – Nigeria’s sale of $2.86 billion eurobonds failed to attract as much interest as previous issues even though it offered yields that were considerably higher. Friday’s offering in London, issued in three tranches, attracted bids of $9.5 billion for notes with yields as high as 8.75 percent and 9.25 percent for two of the tranches. Earlier this year a $2.5 billion, two-tranche offering of 12- and 20-year securities, yielding 7.14 percent…

MTN Rwanda Considers Share Sale as Carrier Seeks Network Upgrade

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KIGALI (Capital Markets in Africa) – MTN Group Ltd.’s Rwanda unit is considering a share sale on the country’s stock exchange to help fund planned network upgrades. The move would follow an initial public offering of MTN’s Ghanaian division earlier this year, pursued by Africa’s largest wireless carrier in exchange for new spectrum. MTN’s Nigeria business has pledged to sell shares in Lagos, while an IPO in Kampala is under review for Uganda. “It is…

Cigarette Makers Altria, BAT Drop as FDA Considers Menthol Ban

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LAGOS (Capital Markets in Africa) – Altria Group Inc., the maker of Marlboro, fell on news of a possible ban on menthol cigarettes in the U.S., which account for about 20 percent on the company’s profit. A senior U.S. Food and Drug Administration official said last week that the agency is looking at restricting menthol in traditional cigarettes. Doing so would be a step toward eliminating or tightly limiting use of the popular cigarette flavor,…

Atlas Tower Is Said to Hold Talks With Empowerment Partners

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LAGOS (Capital Markets in Africa) – Atlas Tower Pty Ltd. is in talks to bring in partners from South Africa’s black majority to help the telecommunications tower company expand at home and enter new markets on the continent, according to people familiar with the matter. Chief Executive Officer Nathan Foster has relied mostly on wealthy individual investors for funds since he founded the business in 2007 and is looking to do additional private fundraising and…

The Worst Probably Isn’t Over for Kenya’s Shilling. Here’s Why

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NAIROBI (Capital Markets in Africa) – Even though Kenya’s shilling depreciated for the last six weeks to the weakest since January, the worst may be yet to come. High government spending may heap pressure on the shilling. Kenya’s fiscal deficit this year is forecast by the International Monetary Fund to be 6.6 percent of gross domestic product. Among the region’s Eurobond nations, only Zambia’s is higher. If the deficit widens, Kenya’s relatively low interest rates…

Former Exxon Manager Leads Congo Opposition Presidency Bid

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s main opposition leaders chose Martin Fayulu as their candidate for next month’s presidential election. The opposition had been expected to select from two better-known politicians: Felix Tshisekedi, head of the biggest opposition party, or Vital Kamerhe, who finished third in the last vote in 2011. Fayulu will face President Joseph Kabila’s anointed successor, Emmanuel Ramazani Shadary, in the Dec. 23 race to lead the world’s largest cobalt…

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