The Editorial Team |

Broke Zimbabwe Plans Spending Spree as Elections Approach

HARARE (Capital Markets in Africa) – Zimbabwean President Emmerson Mnangagwa has pledged to spend money his government doesn’t have on increasing its 350,000 workers’ salaries as the country gears up for next month’s elections. Civil servants, who account for most formal jobs in the southern African country, will get 15 percent raises, while veterans of Zimbabwe’s war against white-minority rule will be awarded improved benefits, Mnangagwa said. His willingness to spend taxpayer money to bolster his support…

Africa Oil Giant Needs $12 Billion to Avoid Missing LNG Boat

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LAGOS (Capital Markets in Africa) – On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan. Operator Nigeria LNG Ltd. says it will decide later this year whether to invest more than $10 billion to boost capacity by 40 percent. That would allow the Bonny Island terminal — an hour’s ferry ride from the oil…

THE KEYS TO RETAIL SUCCESS AT MOZAMREAL 2018

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8 June, Maputo, Mozambique. The development of sustainable, diverse and high performing retail assets continues to be a major challenge for Mozambique’s developing property market said the host of the bilingual one-day MozamReal Property Forum, Kfir Rusin. “The retail sector has seen considerable investment and is more competitive than ever before, and our retail panel will dive deep into the market. This year, two noted panellists including renowned Africa expert and founder of Sagaci Research…

Moody’s downgrades Gabon’s ratings to Caa1, changes outlook to stable

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LIBREVILLE (Capital Markets in Africa )- Moody’s Investors Service has today downgraded the Government of Gabon’s issuer and senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable from negative. The rating downgrade is underpinned by continuing government arrears to creditors and suppliers which point to heightened government liquidity pressures and denote institutional weaknesses. Persistent arrears also risk delaying critical financial support from the official sector, in turn exacerbating existing liquidity…

Zimbabwe’s Opposition Alliance Says It Will Scrap Bond Notes

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HARARE (Capital Markets in Africa) – Zimbabwe’s main opposition pledged to scrap bond notes and compensate former white farmers who lost their land if it’s elected to rule at the next of next month. The Movement for Democratic Change alliance will immediately scrap the controversial bond notes, with a longer-term goal of joining the rand monetary union and the Southern African Customs Union, Tendai Biti, a spokesman for group, said at the launch of its election…

Egypt Eyes Sovereign Fund By Year End to Shake Up State Assets

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CAIRO (Capital Markets in Africa) – Egypt plans to launch its first sovereign fund by the end of the year and will begin a roadshow in the first half of 2019 to drum up private investment, the country’s planning minister said. Modelled after sovereign funds in India and Malaysia, Egypt’s new investment arm will seek to generate additional wealth from under-utilized state assets rather than investing surplus oil and gas revenues as Gulf countries do….

Steinhoff Wins Reprieve as Creditors Agree to Hold Fire on Debts

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV soared more than 50 percent after winning support from a majority of its key creditors for a standstill agreement through the end of June, giving the scandal-hit retailer breathing space to avoid insolvency proceedings. The so-called support letter for Steinhoff’s restructuring plan is the first step taken by creditors toward a debt agreement with the South African company, which in December reported accounting wrongdoing that wiped more than…

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