The Editorial Team |

Moody’s Sees Slower South Africa Fiscal Progress Than State Does

LAGOS (Capital Markets in Africa) – South Africa’s fiscal consolidation will be slower than the government estimates because of weak economic growth and a higher public-sector wage bill, Moody’s Investors Service said. Moody’s sees the country’s fiscal deficit at about 4 percent of gross domestic product in the year through March 2019, the company said in an emailed statement Wednesday. That compares with the state’s February budget forecast for a 3.6 percent gap. “Growth this…

Bank of Namibia Wants Growth But Asks Citizens to Be Thrifty

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WINDHOEK (Capital Markets in Africa) – Namibia’s central bank wants the economy to rebound from its first contraction in 14 years but has asked citizens to go easy when it comes to taking on new debt. “If the economy starts to pick up, we wouldn’t want to see consumer spending pick up,” Governor Ipumbu Shiimi told reporters Wednesday in the capital, Windhoek. “The message to Namibians — only borrow when you need to borrow.” The central bank…

South Africa Close to Tax Deal to Lure VW, Ford, BMW Investment

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s government is close to agreeing to new tax breaks for international carmakers including Toyota Motor Corp., Ford Motor Co. and BMW AG in return for initiatives to boost jobs and exports, according to Trade and Industry Minister Rob Davies. A deal on a 15-year incentive program to replace one that expires in 2020 should be reached this year, Davies said in an interview Tuesday. While work is still to…

MTN Agrees 200 Billion Naira Loan Facility With Nigerian Banks

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. agreed a 200 billion naira ($554.3 million), seven year loan facility with 12 Nigerian lenders to fund voice and data service expansion in its biggest market. The facility is denominated in naira and structured with a two-year moratorium and a repayment period of five years, the Johannesburg-based company said in an emailed statement. Lenders providing the facility include Ecobank Nigeria Ltd. and Fidelity Bank Plc. MTN, Africa’s…

South African MPC Prefers 4.5% CPI Expectation to Hold Rates

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JOHANNESBURG (Capital Markets in Africa) Anchoring South African inflation expectations at 4.5 percent will help contain price growth and limit the need for the Reserve Bank to hike interest rates, Governor Lesetja Kganyago said. Lower inflation expectations are good news, Kganyago told lawmakers in Cape Town Wednesday. The main risks to price growth are the rand, oil costs and wage increases, and the impact of higher value-added tax has been more muted than expected, he said. While the central…

Mining’s Exploration Surge Helps Spur $500 Million Driller Deal

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LAGOS (Capital Markets in Africa) – Rising exploration is driving growth opportunities for mining services providers, according to Ausdrill Ltd., which has agreed to acquire a smaller rival to create Australia’s second-largest company in the sector. Ausdrill’s A$697 ($500 million) cash and share acquisition, including debt, of Barminco Holdings Pty will form a company with a client roster that includes BHP Billiton Ltd. and Newmont Mining Corp., Ausdrill said Wednesday in a statement. The mining sector is revving up a hunt…

BMO, Ontario Teachers’ Test Canadian Debt Issuance on Blockchain

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LAGOS (Capital Markets in Africa) – Bank of Montreal and Ontario Teachers’ Pension Plan tested a Canadian-dollar debt deal over blockchain, a further step in determining the viability of the new technology in fixed-income markets. Bank of Montreal sold C$250 million ($190 million) of one-year floating rate deposit notes to the Ontario pension fund and used blockchain technology to mirror the transaction, the Toronto-based lender said Wednesday in a statement. The bank’s BMO Capital Markets unit built…

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