The Editorial Team |

Kenya President Keeps Treasury Chief as He Builds Government

NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta retained his Treasury and energy chiefs as he begins building a government with the task of reuniting East Africa’s biggest economy after months of electoral uncertainty. Treasury Secretary Henry Rotich and Energy Secretary Charles Keter will remain in their posts, as will the head of the Tourism Ministry, Najib Balala, and Information and Communications Secretary Joseph Mucheru. Kenyatta also named Fred Matiang’i as interior minister in a televised address on Friday,…

Activity Expands in African Economies as Stability Boosts Demand

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LAGOS (Capital Markets in Africa) – Business activity in some of sub-Saharan Africa’s biggest economies is expanding due to increased demand and the return of political stability. Purchasing Managers Indexes published on Thursday showed expansion in companies in Nigeria, Kenya, Ghana, Uganda and Zambia in December. In South Africa, the continent’s most-industrialized economy, the index fell and remained below the neutral mark of 50 for the fifth straight month as the fiscal outlook remains challenging and…

As Chaos and Despair Grow in Libya, Qaddafi Son Plans Comeback

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TRIPOLI (Capital Markets in Africa) – The fugitive son and onetime heir apparent of Libya’s late Muammar Qaddafi is planning a comeback. Seif al-Islam “decided to run in presidential elections and I see a big chance for him because all the big tribes are supporting him,” said Abdel Majeed al-Mansouri, who headed Libya’s economic development board before 2011 and was close to him. “People are frustrated. Even those who were against the old regime will side…

Life Healthcare Said to Weigh Sale of India Hospital Chain Stake

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JOHANNESBURG (Capital Markets in Africa) – Life Healthcare Group Holdings Ltd., the second-largest private hospital owner in South Africa, is considering a sale of its stake in India’s Max Healthcare Ltd., people with knowledge of the matter said. The Johannesburg-based company is working with Barclays Plc to explore potential interest in its holding in Max Healthcare, which is one of India’s largest private hospital chains, the people said. Life Healthcare and Mumbai-listed Max India Ltd. each own 49.7 percent…

IBM, Comcast Ventures Back Fund for Blockchain Business Startups

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LAGOS (Capital Markets in Africa) – International Business Machines Corp. and Comcast Corp.’s venture arm will become the largest supporters of an investment fund for startups that help corporations use blockchain, the digital ledger that’s become a hot technology. The startup accelerator, called MState, plans to invest $25,000 to $50,000 apiece in five or six companies over the next six months, co-founder Rob Bailey said in a phone interview. MState, with locations in New York and…

Angola Joins Long List of Oil Nations in Ditching Dollar Peg

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LUANDA (Capital Markets in Africa) – Angola is poised to become the latest emerging nation to abandon its currency peg as it seeks to rescue an economy still reeling from the oil-price crash four years ago. The southern African nation, an OPEC member, said this week it would let the kwanza trade within a new band. The rate at which it’s been fixed against the dollar since April 2016 “does not reflect the truth,” according to Jose Massano, who…

World’s Biggest Bond Losers Reward Investors Betting on Rebound

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LAGOS (Capital Markets in Africa) – Money managers gunning for the best emerging-market bond returns this year may want to consider the biggest losers of 2016 and 2017. History suggests that the worst-performing sovereign debt over a 12- or 24-month horizon is often prone to a sharp reversal as prices revert back to fair value. Take for example Barbados and Turkey. They rebounded from posting some of the worst returns of 2013 to lead the…

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