The Editorial Team

JPMorgan’s Kolanovic Says ‘Worst Might Be Behind Us’ on Selloff

NEW YORK (Capital Markets in Africa)- The war in Ukraine has dimmed prospects for aggressive Federal Reserve rate hikes and that should bolster American equities even as markets endure a bout of volatility in the coming weeks. That’s the view of JPMorgan Chase & Co. strategists led by Marko Kolanovic, who have repeatedly urged investors to buy the dip during the global equity rout this year. In a fresh note released Monday, the top-ranked strategist says the direct impact on…

Foreign Companies From Shell to Daimler Abandon Russia

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The invasion of Ukraine is causing a mass exodus of companies from Russia, reversing three decades of investment by Western and other foreign businesses there following the collapse of the Soviet Union in 1991. The list of those cutting ties or reviewing their operations is growing by the hour as foreign governments ratchet up sanctions against Russia, close airspace to its aircraft and lock some banks out of the SWIFT money messaging system. Some companies have concluded…

World Bank Urges Tanzania to Quicken Vaccination to Lift Economy

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Dar es Salaam (Capital Markets in Africa) – Tanzania, which was among the last nations to start vaccinations against Covid-19, needs to accelerate inoculation to help quicken its economic recovery, the World Bank said. The East African nation of about 60 million people administered 2.4 million doses over about five months after President Samia Suluhu Hassan launched the program in July. “A slow pace by global standards,” the World Bank said in its biannual Tanzania Economic Update…

Russian Markets Start to Look Uninvestable as Sanctions Bite

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Billions of dollars in cash is at risk of being trapped, stock funds have plunged, and capital controls are choking off money flows. Russia has all the hallmarks of an uninvestable market for global investors. Russia-focused equity funds have tumbled 23% on average in the past week, according to data compiled by Bloomberg. Bonds have plummeted as default risks intensified, and trading the ruble has become a Herculean task with brokers stepping back…

Cheap South African Solar Projects Challenged by Cost Surge

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LAGOS (Capital Markets in Africa) – Solar projects in South Africa’s latest renewable power procurement round may have difficulty reaching financial close due to issues including rising supply chain costs, according to people familiar with the details. Some of the bids are experiencing trouble ahead of a deadline to complete financing arrangements, according to the people who asked not to be identified because the information isn’t public. South Africa’s Department of Mineral Resources and Energy…

Groupe Filatex to transform renewable energy storage in Madagascar and Mauritius

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ANTANANARIVO, Madagascar, 7 February 2022 – Groupe Filatex, a leading African energy company based in Madagascar, announces the acquisition of 41% in French start-up Energiestro for Euros10million, a pioneer in energy storage through its Flywheel Energy Storage technology. In tandem with this acquisition, Groupe Filatex discloses a strategic partnership with Energiestro to deploy innovative solar storage technology in Madagascar and Mauritius. Founded in 2001, Energiestro has since then developed its innovative Flywheel Energy Storage technology,…

Groupe Filatex Consolidates Its Market Share As the Leading Energy Producer In Madagascar

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ANTANANARIVO, Madagascar, 07 February 2022 – Groupe Filatex, a leading African energy company based in Madagascar, announces today a major deal with Symbion Power, New York-based Independent Power Producer, operating in the Middle East, Asia and Africa. The agreement entails the acquisition of Symbion Power’s 40MW heavy fuel oil (HFO) power plant in Antananarivo – to be hybridised by Groupe Filatex. The purchase will add 40MW to the Groupe Filatex portfolio, which further enhances its…

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