The Editorial Team |

ING Is Said to Suspend Trade Finance for Wheat Cargoes to Egypt

LAGOS (Capital Markets in Africa) – ING Groep NV, one of the world’s largest banks financing the global commodities trade, has suspended lending for wheat shipments to top importer Egypt, according to people familiar with the matter. The Dutch lender has stopped backing deals for cargoes sold to Egypt’s state buyer General Authority for Supply Commodities, said the people, who asked not to be identified because the information is private. The move comes as Egypt…

Lafarge Africa Plans $249 Million Share Sale to Trim Debt

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LAGOS (Capital Markets in Africa) – Lafarge Africa Plc plans to raise as much as 90 billion naira ($249 million) through a share sale in Nigeria, with the continent’s second-biggest cement producer using the funds to lower its debt levels. The sale will take place by the fourth quarter, Chief Financial Officer Bruno Bayet said by phone Tuesday after the company reported a loss. The move by the Lagos-listed unit of Switzerland-based Lafarge Holcim Ltd. would be on top of…

Congo Opposition Threatens to Reject Election If Kabila Runs

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KINSHASA (Capital Markets in Africa) – Opposition leaders in the Democratic Republic of Congo denounced President Joseph Kabila’s refusal to rule himself out of upcoming elections, saying they will reject the polls if he is a candidate. Congo is preparing to hold elections in December, two years later than scheduled. While the constitution bars Kabila from seeking a third term, he’s yet to say whether he’ll be a candidate or not. Attempting to extend his 17-year…

Rigging Claims Cast Cloud Over Zimbabwe’s Post-Mugabe Vote

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HARARE (Capital Markets in Africa) – The legitimacy of Zimbabwe’s first election since Robert Mugabe quit after leading the nation for almost four decades has come under attack even before voters line up to cast their ballots, raising fears of a disputed result. President Emmerson Mnangagwa, who replaced Mugabe in November and leads the ruling Zimbabwe African National Union-Patriotic Front, has promised a fair contest on July 30. Yet the main opposition Movement for Democratic Change says the…

Nigeria Holds Key Rate at Record High to Stem Inflation Risk

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LAGOS (Capital Markets in Africa)- Nigeria’s central bank held its main lending rate at a record high to curb inflationary pressures anticipated with election spending, and proposed ways to increase credit in the economy. The Monetary Policy Committee voted to leave the benchmark rate at 14 percent, Governor Godwin Emefiele told reporters on Tuesday in the capital, Abuja. That was in line with the forecasts from all but one of 10 economists surveyed by Bloomberg. Three MPC members voted…

Nigeria’s President Buhari Suffers Blow as He Loses Senate

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LAGOS (Capital Markets in Africa)- Nigeria’s ruling party lost its majority in the Senate after over a dozen lawmakers defected to the main opposition group, dealing a blow to President Muhammadu Buhari who is seeking re-election early next year. A group of 15 senators, including Rabiu Kwankwaso, a former governor of the northern state of Kano, quit the All Progressives Congress to join the People’s Democratic Party, Senate President Bukola Saraki said Tuesday during proceedings in the capital, Abuja. The…

Steinhoff Wins Creditor Support for Debt Restructuring Plan

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV won support from a majority of creditors to restructure its 9.4 billion euros ($11 billion) of debt, seen by the embattled retailer as a vital step toward its recovery from an accounting scandal. The owner of Conforama in France and Mattress Firm in the U.S. sought a three-year extension to payments due to lenders and bondholders as the South African company repairs its balance sheet. About…

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