The Editorial Team |

Bank of England Steps Up Research on Digital Currency Effects

LAGOS (Capital Markets in Africa) – Central-bank issued digital currencies could help the transmission of monetary policy, according to a Bank of England report. “Monetary policy would be able to operate much as it does now, by varying the price or quantity of central bank money, and that transmission may even strengthen for a given change in policy instruments,” said the working paper, published on Friday and written by researchers including Jack Meaning and Emily Clayton. A…

Ivory Coast Is Said to Near $530 Million Thermal-Power Deal

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ABIDJAN (Capital Markets in Africa) – Ivory Coast is close to completing a deal with the local unit of France’s Eranove SA for the construction of a thermal-power plant that could expand the country’s generation capacity by almost a fifth, according to two people familiar with the matter. The 300 billion CFA franc ($530 million) gas-fired facility will be owned by Cie Ivoirienne de Production d’Electricite, known as Ciprel and operator of the West African nation’s biggest…

Nigerian Lawmakers Raise 2018 Spending Plans to $25 Billion

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LAGOS (Capital Markets in Africa) – Nigerian lawmakers increased spending plans for 2018 by almost 6 percent from what President Muhammadu Buhari proposed in November. Of the new suggested budget of 9.1 trillion naira ($25 billion), 3.5 trillion naira is for recurrent expenditure, 2.8 trillion naira for capital spending and 2.2 trillion naira for debt servicing, according to a paper of proceedings in the House of Representatives released Tuesday. Provisions are also made for statutory transfers and…

Goldman Tells Big Oil: Take the Gas Risk, Demand Will Follow

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LAGOS (Capital Markets in Africa) – The world’s largest energy producers will probably start hitting the gas on new projects, according to Goldman Sachs Group Inc. Suppliers are better placed than buyers to bear the cost and risk of new liquefied natural gas projects, and may drive the next wave of investment, the bank said in a note. While the industry’s aware of the need for more output, the traditional model, where financing for new LNG…

Botswana’s New Leader Backs Asset Sales in Investment Drive

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GABORONE (Capital Markets in Africa) – Botswana’s new leader wants to shrink the civil service, sell state companies and cut red tape as he targets increased foreign investment. President Mokgweetsi Masisi has identified reducing the southern African nation’s reliance on diamonds and creating jobs for the almost one in five workers who are unemployed as his top priorities since taking office six weeks ago. Private companies will have to take the lead, he said in a May…

Bond Bonanza Raises Threshold for New Emerging-Market Debt Sales

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LAGOS (Capital Markets in Africa) – Emerging-market issuance is losing its fizz and bond investors are divided in their appetite for risk after a record year for hard-currency debt. With about $290 billion in placements by borrowers from developing nations so far this year, volumes have been slipping since the second week of April when a slew of multi-tranche deals from Saudi Arabia, Qatar and Egypt accounted for half of the $50 billion of bonds…

Oil Traders Buy Fast, Sell Fast in World’s Newest Futures Market

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LAGOS (Capital Markets in Africa) – Less than two months since trading started, China’s oil futures are proving a hit, but it seems mainly with short-term speculators. So short-term, in fact, that they’re holding contracts on average for an estimated two hours. That compares with more than 60 hours for London’s Brent crude and 47 hours for West Texas Intermediate in New York, the global benchmarks that China hopes the Shanghai futures will one day rival. It’s a pattern that’s repeated…

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