The Editorial Team |

Kenya Fund Managers Warn New Transaction Tax May Curb Investment

NAIROBI (Capital Markets in Africa) – Kenyan fund managers slammed a new tax on financial transactions, saying it risks inhibiting trading and reducing the country’s attractiveness to investors. Forcing the government to rethink the levy would curb the revenue it needs to implement President Uhuru Kenyatta’s Big Four agenda — a development program that seeks to boost agriculture, manufacturing, healthcare and home construction. The tax is one of a raft of levies announced by Treasury Secretary Henry…

Trump Piles Pressure on Saudis Flummoxed by Higher Oil PricE

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LAGOS (Capital Markets in Africa) – If the world’s biggest crude exporter says it’s going to ramp up production, prices usually drop. But as Saudi Arabia adds barrels before its customers get burned, prices have jumped. And Donald Trump isn’t happy. The U.S. president tweeted on Saturday that the Saudi king had agreed to raise production to cut the cost of oil for consumers. While the White House later back pedaled from his assertion, Trump on Sunday…

Kenyan Treasury Considering Selling Bonds by Private Placement

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NAIROBI (Capital Markets in Africa) – Kenya’s Finance Ministry is considering offering debt through a private placement. The Treasury invited fund managers and insurers to a July 6 meeting for a “market-sounding exercise,” according to a June 29 letter signed by Daniel Ndolo, director of debt policy strategy and risk management. Participants will “discuss and agree on the schedule of activities towards the issuance” of bonds by private placement along with pricing methodology, according to…

IMF Says Senegal’s Economic Risks Increased, Remain Manageable

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DAKAR (Capital Markets in Africa) – While risks to Senegal’s economy have increased, they remain manageable, the Washington-based International Monetary Fund said. “Lack of progress on structural fiscal issues such as revenue mobilization, energy subsidies, and reforms to further reduce the treasury’s additional financing needs could undermine fiscal sustainability,” the lender said Monday in an emailed statement. “On the external side, security risks in the region could adversely affect investment and growth.” The West African nation’s economy…

Top Iron Ore Shipper Cuts Outlook as Price Seen Back in $50s

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LAGOS (Capital Markets in Africa) – The world’s largest iron ore shipper has cut its outlook for prices this year, predicting the commodity will sink back into the $50s a metric ton as supplies rise while top buyer China starts to reduce purchases. The raw material will average $59.40 a ton this year, down from an earlier forecast of $61.80, and then drop to $51.10 in 2019 and $51 in 2020, Australia’s Department of Industry, Innovation & Science said…

Ghana Sets January Deadline for Banks to Comply With Basel II

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ACCRA (Capital Markets in Africa) – The Bank of Ghana is changing the way lenders calculate their capital-adequacy levels as the regulator seeks to strengthen the industry. Banks would on Sunday begin adopting Basel II framework, which will require they include their risk-weighted assets when determining capital adequacy ratios, the Accra-based regulator said in a statement on its website on Monday. The companies have until Jan. 1 to comply with the directive, it said. Ghana is looking for ways to bolster…

Congo Court Suspends Hearing on Glencore-Owned Cobalt Mine

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KINSHASA (Capital Markets in Africa) – A court in the Democratic Republic of Congo suspended a hearing about a lawsuit brought by a former shareholder of a Glencore Plc-owned cobalt and copper mine. The case was put on hold pending a decision by the country’s Court of Appeal on whether the High Court should have jurisdiction over the case, Judge Roger Songambele said at the court Monday in the capital, Kinshasa. Congolese-American businessman Charles Brown, a…

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