The Editorial Team |

Ethiopian Ruling Party Picks Leader From Protest-Hit Region

ADDIS ABABA (Capital Markets in Africa) – Ethiopia’s ruling coalition appointed a top official from the protest-hit Oromia region as leader, as the government tries to quell unrest that’s posed the biggest challenge to its rule in a quarter-century. The Ethiopian People’s Revolutionary Democratic Front chose Abiy Ahmed, 42, a retired lieutenant general and recently appointed chairman of the Oromo People’s Democratic Organization, to succeed Hailemariam Desalegn. Abiy is now expected to be voted in by…

Shell Suspects Ex-Executive Committed Crime in Nigeria Deal

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LAGOS (Capital Markets in Africa) – Royal Dutch Shell Plc referred a former vice president for sub-Saharan Africa Peter Robinson to the Dutch authorities, suspecting he may have committed crimes related to an asset sale in Nigeria. The allegations of criminal misconduct by one of its employees come at a difficult time for Shell. Europe’s largest energy company and several former executives, including Robinson, are already facing a criminal trial in Milan over an alleged bribery…

Rand Bears Keep Rushing for the Exits Even as Rate Cut Looms

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JOHANNESBURG (Capital Markets in Africa) – Economists are predicting a South African rate cut on Wednesday. The market’s pricing in another later this year. Rand traders, it seems, couldn’t care less. Bearish bets on South Africa’s currency versus the dollar fell to the lowest level this week since before the 2008 financial crisis, even with the South African Reserve Bank poised to loosen policy while the Federal Reserve tightens, narrowing the rand’s yield advantage over the greenback. A glance…

HSBC Said to Freeze Account Tied to $500 Million Angolan Fraud

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LUANDA (Capital Markets in Africa) – HSBC Holdings Plc froze an account linked to an alleged fraud that siphoned about $500 million from Angolan state coffers, according to a person briefed on the matter. A large transfer raised suspicions at the bank, prompting it to alert U.K. authorities at least weeks ago, the person said, asking not to be identified discussing confidential information. Britain’s National Crime Agency told Reuters last week it’s preparing to return funds…

Ghanaians Protest in Accra Against Military Agreement With U.S.

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ACCRA (Hundreds of Ghana opposition members took to the streets of the capital, Accra, to demonstrate against a government decision to allow a U.S. military base in the West African nation. Former Vice President Kwesi Amissah-Arthur and general secretary of the main opposition National Democratic Congress Asiedu Nketia joined protesters calling themselves Ghana First Patriotic Front. Members of the Convention Peoples Party and Peoples National Convention were among demonstrators clad in black and red clothes…

One Corner of South Africa’s Market Hasn’t Caught Ramaphosa Bug

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JOHANNESBURG (Capital Markets in Africa) – It seems it will take more than “Ramaphoria,” as they call it in South Africa, to spur the country’s corporate debt issuers into action. South African assets have rallied since Cyril Ramaphosa was elected leader of the ruling African National Congress in December, setting him on a path to replace Jacob Zuma as the country’s president last month. With economic growth accelerating, inflation slowing and the new administration acting against corrupt officials, business…

MTN Is Said to Raise Target for Ghana IPO to $787 Million

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ACCRA (Capital Markets in Africa) – MTN Group Ltd.’s Ghanaian unit lifted its target for an upcoming initial public offering by more than a half to 3.48 billion cedis ($787 million), according to two people familiar with the matter. Africa’s biggest mobile-phone company by subscribers is preparing to list a 35 percent stake in its Ghanaian business on the local stock exchange, valuing the unit at about $2.2 billion. While the bourse estimated the value…

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