The Editorial Team |

SBM Mauritius Reviews Foreign Loans After $27 Million Impairment

PORT LIOUS (Capital Markets in Africa) – SBM Holdings Ltd., Mauritius’s second-biggest financial group, began an audit of loans to foreign clients by its banking unit after uncovering a suspected fraud. The Port Louis-based company on Aug. 13 reported a 591 million-rupee ($17 million) loss in the three months through June, compared with a 728.5 million-rupee profit a year ago, after booking a once-off credit loss of 932 million rupees. Its shares have dropped 4.6 percent since….

Kenyan Prosecutors Arrest Top Judge for Alleged Corruption

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NAIROBI (Capital Markets in Africa) – Kenyan authorities arrested Deputy Chief Justice Philomena Mwilu Tuesday for alleged abuse of office and for accepting money “in circumstances which undermined public confidence in the integrity of her office.” The top judge got a loan from Imperial Bank Ltd., which is in receivership, under false pretences, Director of Public Prosecutions Noordin Haji told reporters in the capital, Nairobi. Mwilu, who was appointed to her post in October 2016,…

Nigerian President Declines to Sign Oil-Reform Bill, Aide Says

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari declined to sign an oil-industry reform bill passed by lawmakers and indicated his concerns in a letter to the legislature, a senior aide said. “The president has declined assent in a letter he sent to the National Assembly about a month ago,” Eta Enang, the presidential adviser on legislative affairs, told reporters Wednesday in Abuja, the capital. “It doesn’t mean that the bill is completely dead,” he…

Bitcoin Posts Longest Rally in a Month as Charts Turn Bullish

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LAGOS (Capital Markets in Africa) – Bitcoin advanced for a fourth day, exceeding $7,000 in its longest winning streak in more than a month, and with momentum indicators suggesting the rally has further to run. The biggest cryptocurrency climbed as much as 4.7 percent on Tuesday to $7,035, the highest since Aug. 3, on course for the first close above its 50-day average since July, according to composite weekday prices on Bloomberg. Other cryptocurrencies were swept up…

Gasoline Pushes South Africa’s Inflation to 10-Month High

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JOHANNESBURG (Capital Markets in Africa) – South African inflation accelerated to the highest level in 10 months in July, driven by increased fuel prices. Consumer prices rose 5.1 percent from a year earlier compared with 4.6 percent in June, Pretoria-based Statistics South Africa said Wednesday in a statement on its website. That matched the median estimate of 16 economists in a Bloomberg survey. While inflation has now been inside the central bank’s target band of 3 percent…

EU, U.K. Are Said to Broker Talks to Try End Zimbabwe Impasse

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HARARE (Capital Markets in Africa) – European and British diplomats proposed the creation of a U.K.-style parliamentary opposition structure in Zimbabwe to reduce political tensions after last month’s disputed presidential election. EU and U.K. emissaries met senior members of the ruling party and the opposition in the past 10 days to discuss the proposals, according to three people familiar with the talks who asked not to be identified because they aren’t authorized to speak to…

IMF Put’ Lures Investors to Angola as Eurobond Yields Drop

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LUANDA (Capital Markets in Africa) – Angola’s Eurobonds surged after the OPEC member said it asked the International Monetary Fund for financial support. Yields on the southern African nation’s $1.5 billion of bonds maturing in November 2025 fell 27 basis points, the most in almost two years, to 7.51 percent by 1:25 p.m. in London. The Ministry of Finance announced late Monday that it had called for the IMF to add a “financing component” to its support…

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