The Editorial Team |

Congo Opposition Will Back Single Presidential Candidate in Vote

KINSHASA (Capital Markets in Africa) – Opposition politicians in the Democratic Republic of Congo said they’ll back a single presidential candidate in this year’s election to maximize their chances of defeating the long-serving head of state’s chosen successor. Such an outcome would increase the prospect of opponents of President Joseph Kabila defeating his anointed replacement. The Dec. 23 vote is a one-round contest and multiple candidates would split the opposition vote. “The leaders of the opposition are…

Powell to Keep Hiking as U.S. Growth Overshadows Turkey Turmoil

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LAGOS (Capital Markets in Africa) – That’s the message seasoned watchers of the Federal Reserve have for any investors hoping that turmoil in Turkey and the wider emerging-market selloff would stay the hand of Chairman Jerome Powell from raising interest rates. While international developments did cause the U.S. central bank to hold back in 2015 and 2016, there are big differences between now and then. U.S. unemployment was higher and underlying inflation was lower. But perhaps more importantly, the…

ARM Kenya in Talks to Hire New CEO as Management Reorganized

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NAIROBI (Capital Markets in Africa) – ARM Cement Ltd., a debt-laden Kenyan manufacturer of the building material, said it’s identified a potential new chief executive officer as it named a former director of rival Lafarge Africa Plc among new board members. The management shake-up comes 10 months after ARM began a search for a strategic investor. The company is struggling under the weight of debt that ballooned to 14.4 billion Kenya shillings ($142.9 million) last…

Rand Traders Brace for Turmoil as Turkey Saps Risk Appetite

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JOHANNESBURG (Capital Markets in Africa) – Traders are positioning for more turmoil for the rand as Turkey’s financial crisis damps risk appetite among emerging-market investors. The rand’s one-month implied volatility against the dollar soared by the most since December 2015 on Monday. The South African currency plunged by the most in about a decade during Asian trading hours, but has since pared its decline. The yield on benchmark government bonds climbed above 9 percent for…

Bitcoin Dips Below $6,000 as Almost Every Cryptocurrency Drops

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LAGOS (Capital Markets in Africa) – Bitcoin touched below $6,000 and dozens of smaller digital tokens retreated as this month’s sell-off in cryptocurrencies showed few signs of letting up. The largest digital currency fell as much as 6.2 percent to $5,887, the lowest level since June, before paring some of the drop, according to Bloomberg composite pricing. Ether sank as much as 13 percent, while all but one of the 100 biggest cryptocurrencies tracked by Coinmarketcap.com recorded declines over…

OPEC Lifted Crude Production in July Despite Saudi Supply Cut

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LAGOS (Capital Markets in Africa) – OPEC crude production rose in July, despite sliding output in Libya, Iran and Saudi Arabia. The bloc’s output averaged 32.32 million barrels a day in July, up 41,000 barrels a day from June, the group said in its monthly oil market report, citing secondary source figures. Increased production in Kuwait, Nigeria and the United Arab Emirates more than offset the drop elsewhere. The Organization of Petroleum Exporting Countries agreed in June to…

Uganda Holds Rate at Record-Low 9% to Balance Prices, Growth

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KAMPALA (Capital Markets in Africa) – Uganda’s central bank maintained its key interest rate at a record low as it seeks to balance rising inflation and the need to encourage economic growth. The Monetary Policy Committee kept the benchmark rate at 9 percent, Governor Emmanuel Tumusiime-Mutebile told reporters Monday in the capital, Kampala. The annual inflation rate rose to 3.1 percent in July, the highest level in seven months, as energy prices soared. The weaker shilling and higher…

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