The Editorial Team |

Congo Leader Visits Saudi Arabia Seeking Infrastructure Funding

KINSHASA (Capital Markets in Africa) – Republic of Congo President Denis Sassou Nguesso traveled to Saudi Arabia to request funding for infrastructure projects, the central African nation’s government spokesman said. Sassou Nguesso was in Riyadh Sunday, where he was received by King Salman bin Abdulaziz al Saud, Thierry Moungalla said by phone from the Congolese capital, Brazzaville. The president was accompanied by officials including Finance Minister Calixte Ganongo and Maixent Ominga, the head of Congo’s state oil company….

New Congo Voting System Risks Election’s Credibility, Groups Say

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo began testing voting machines as part of a new system that civil-society groups said will undermine the credibility of long-awaited elections that seek to end the central African nation’s political crisis. The new technology will be used in the vote scheduled Dec. 23 to pick a successor to President Joseph Kabila. His decision to remain in office beyond the end of his final term in…

South Africa Could Halve Number of Poor by 2030, World Bank Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa could more than halve its number of poor people to 4 million by 2030 if it addresses corruption, gets free higher education right and reduces policy uncertainty in its mining industry, the World Bank said. “Slow private investment growth and weak integration into global value chains prevent the country from reaping the new economic opportunities emerging around the globe, and from catching up with living standards in…

Egypt Annual Inflation Eases to Lowest Level in Almost 2 Years

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CAIRO (Capital Markets in Africa) – Annual inflation in Egypt eased to its lowest level since May 2016, offering further evidence that the impact of the pound’s flotation and subsidy cuts is fading. The annual rate in March in urban parts of Egypt dropped to 13.3 percent from 14.4 percent in February, according to data posted on the website of the state-run statistics agency CAPMAS. The figure is squarely within the target range of 13 percent,…

Tunisia SE Falls 0.8% to 7,086.43; Attijari Bank Leads Decline

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TUNIS (Capital Markets in Africa) – The Tunisia Stock Exchange Tunindex fell for the second day, dropping 0.8 percent, or 54.18 to 7,086.43. The move was the biggest since falling 0.9 percent on Feb. 9. The MSCI Emerging Markets Europe, Middle East and Africa Index was unchanged. Attijari Bank contributed the most to the decline and had the biggest loss, decreasing 4.5 percent. Societe Ciments de Bizerte rose 7.3 percent, the biggest gain. The biggest movers also included: Banque de Tunisie,…

LafargeHolcim Africa Unit Sees Economic Growth Boosting Profit

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LAGOS (Capital Markets in Africa) – LafargeHolcim Ltd. sees improving profit margins at its Africa unit this year as Nigerian and South African economies pick up and the company invests the proceeds of a 131 billion naira ($364 million) rights issue. The earnings before interest, taxes, depreciation and amortization margin will rise above 35 percent, Lagos, Nigeria-based Lafarge Africa Plc said in a statement Monday. The company is working to reduce energy and transportation costs as…

Barclays Africa Restructures Bank Into Four Operating Units

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LAGOS (Capital Markets in Africa) – Barclays Africa Group Limited, South Africa’s third-biggest bank, said the group will be split into retail and business banking, investment banking, the rest of Africa and wealth and insurance. David Hodnett, deputy chief executive officer of the South African bank who became finance director in 2010, is taking a two-month sabbatical, the Johannesburg-based lender said in the statement on Monday, without detailing his reasons. Arrie Rautenbach becomes chief executive…

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