The Editorial Team |

Oil Rises Most in Two Weeks as Dollar Weakens and Equities Rise

LAGOS (Capital Markets in Africa) – Crude climbed by the most in more than two weeks amid a weaker dollar and easing concern that a trade war will break out between the U.S. and China. Futures jumped as much as 1.6 percent in New York as the dollar dipped, boosting oil’s appeal as a store of value. As investors evaluate the ongoing tensions between U.S. and China, President Donald Trump predicted the Asian nation will be first to…

Nigerian President Buhari Will Seek Second Term in 2019

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari has decided to run for re-election in February, ending months of speculation about whether the former military ruler would seek a second term. The announcement of the decision by Buhari, 75, on Monday came at a time of growing criticism of his performance and uncertainty in his ruling All Progressives Congress about his plans. He was in the U.K. for a total of five months last year…

Uganda Central Bank Keeps Interest Rate at Record Low of 9%

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KAMPALA (Capital Markets in Africa) – Uganda’s central bank maintained the benchmark interest rate at a record low as risks to the east African nation’s inflation outlook remain balanced. The key rate was kept at 9 percent, Governor Emmanuel Tumusiime-Mutebile told reporters Monday in the capital, Kampala. Inflation slowed to 2 percent in March, the weakest level since 2014, and the risks to the outlook for price growth in Africa’s biggest coffee exporter are balanced,…

Angola Gets $500 Million From HSBC Account Frozen Due to Fraud

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LUANDA (Capital Markets in Africa) – Angola has recouped $500 million that was frozen in an HSBC Holdings Plc account in London linked to an alleged fraud, the Finance Ministry said. The funds were part of $1.5 billion that the Angolan government was to pay Mais Financial Services, a company managed by a person close to Jose Filomeno dos Santos, the son of Angola’s former president, for the start-up of a $35 billion strategic investment…

IMF Denies Asking Zambia for Independent Audit of Its Debt

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LUSAKA (Capital Markets in Africa) – The International Monetary Fund denied asking the Zambian government to undertake an independent audit of its foreign debt. The Washington-based lender also didn’t release any estimate of Zambia’s debt to donors, resident representative Alfredo Baldini said Monday in an emailed response to questions. Nomura International Plc economist Peter Attard Montalto said in a March 27 note the IMF had requested that Zambia’s government undertakes an independent audit of its foreign debt….

Mauritius’s SBM Holdings Treads Cautiously in India After Losses

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PORT LIOUS (Capital Markets in Africa) – SBM Holdings Ltd., owner of Mauritius’s second-biggest lender, plans cautious expansion in India after a streak of loss-making years, said Andrew Bainbridge, the group’s new chief executive officer. SBM, which has been in India for about 22 years, was granted a wholly owned-subsidiary license last year. Banking activities will be conducted under the new legal entity from the second half, subject to approvals, Bainbridge said, insulating it from…

Zimbabwe’s Top Platinum Miner Warns Listing Rule to Backfire

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HARARE (Capital Markets in Africa) – Zimbabwe’s proposals to compel miners to list the majority of their shares on the local exchange will strangle companies’ ability to invest and grow, according to the country’s biggest producer of platinum. Impala Platinum Holdings Ltd. sees little interest in a listing among local investors, said Johan Theron, a spokesman for the Johannesburg-based company whose Zimplats unit is Zimbabwe’s biggest platinum producer. Investors in the country can already trade Zimplats…

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