The Editorial Team |

China, Kenya Sign Infrastructure Accords During Beijing Meeting

NAIROBI (Capital Markets in Africa) – Chinese companies will construct three main roads in Kenya through public-private partnerships under the East African nation government’s roads-annuity program. The unidentified companies will build a 30-kilometer (18-mile) expressway from the nation’s biggest airport in the capital, Nairobi, to the city’s Westlands suburb, Kenyan President Uhuru Kenyatta’s office said Tuesday in an emailed statement. Other projects include two roads in the north-eastern Kenya that will cost 15 billion shillings ($149…

Egypt Said to Choose Citi, JP Morgan for Oil Price Hedging Plan

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CAIRO (Capital Markets in Africa) – Egypt has selected Citigroup Inc. and JP Morgan Chase & Co. to hedge against fluctuations in global oil prices, two Egyptian officials said. Egypt announced several weeks ago that it was seeking to protect itself against sudden increases in the price of crude oil and was negotiating with global banks. It expects to begin hedging at the end of this year or early in 2019, the officials said, speaking on condition of…

Contagion or Not, These Emerging Markets Hold Key to Selloff

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LAGOS (Capital Markets in Africa) – This year’s global emerging-market selloff has its roots in a slew of mini-roots as the era of easy-money came to an end. Consider Turkey, now paying the price for its refusal to follow orthodox monetary policy; Argentina, facing a crisis of confidence just four years of its last default; China, targeted in a trade war; and South Africa, the emerging-market proxy punished for crisis in any corner of the asset class….

South Sudanese Vow to Stop Running as Peace Deal Calms Guns

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SOUTH SUDAN (Capital Markets in Africa) – Gunshots and screams rang out as Rosemary Keji fled her village almost two years ago, one of millions of South Sudanese escaping civil war. After finally returning last month, she’s planting potatoes beside her wrecked house in Yei River state and vowing never to leave again. The 28-year-old mother of two is one of a steady trickle of refugees coming back from neighbouring countries after August’s preliminary deal to end…

Congo’s Top Court Bars Opposition Leader Bemba From Election

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s top court disqualified opposition leader Jean-Pierre Bemba from this year’s presidential election because of his International Criminal Court conviction for witness-tampering. The decision confirms the removal of a second key opponent from the race against President Joseph Kabila’s anointed successor and increases the risk of protests by Bemba’s supporters. It also raises questions about the credibility of the Dec. 23 presidential and parliamentary votes in the cobalt-rich…

MTN Faces Double Nigeria Blow With Tax Claim of $2 Billion

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LAGOS (Capital Markets in Africa) – Nigeria is seeking about $2 billion in back taxes from MTN Group Limited, another curve ball directed at Africa’s biggest wireless carrier less than a week after it was ordered to refund $8.1 billion in illegally repatriated funds. MTN outlined the tax dispute and refuted both accusations in a statement on Tuesday, yet faces an uphill battle to convince investors it won’t end up shelling out for either or both offenses in…

U.S. Embassy Bombing Attempt in Cairo Misfires

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CAIRO (Capital Markets in Africa) – An apparent attempt to bomb the American Embassy in Cairo failed on Tuesday when an explosive detonated prematurely in the backpack of a would-be attacker, the Egyptian government said in a statement. No one was injured. It was the latest reminder of the continuing threat to Western interests from the simmering unrest in Egypt that began after a military takeover five years ago. The Egyptian military is still battling to extinguish…

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