The Editorial Team |

Egypt Inflation Rate Drops as Currency Float Shock Eases

CAIRO (Capital Markets in Africa) – Egypt’s monthly urban inflation rate fell for the first time in more than two years as the impact of lifting currency controls eased. The month-on-month inflation rate came in at minus 0.2 percent in December, its lowest rate since November 2015, while the annual inflation rate eased to 21.9 percent from 26 percent the previous month, according to the state-run statistics agency CAPMAS. Annual prices were affected by a slowing of…

Buffett Says Stock Ownership Became More Attractive With Tax Cut

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LAGOS (Capital Markets in Africa) – Warren Buffett said the U.S. tax cut will make companies more valuable by giving owners a bigger share of profits. “People who own the businesses, they now own 20 percent more of the domestic earnings,” Buffett, chief executive of Berkshire Hathaway Inc., said in an interview on CNBC Wednesday. Describing the change as a “big deal,” he gave as an example Berkshire Hathaway’s BNSF Railway. “The government doesn’t own the assets of…

Naspers Is Said to Plan $200 Million Investment in Swiggy

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JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. is in talks to lead an investment of as much as 2.5 billion rand ($200 million) in India’s Swiggy to increase its stake in the online food-delivery company, according to two people familiar with the matter. Africa’s biggest company by market value plans to team up with China’sTencent Holdings Ltd. to put together the new financing round, said the people, who asked not to be named as the information isn’t…

Calm Returns to Ivory Coast City After Military Dispute

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ADDIS ABABA (Capital Markets in Africa) – Calm returned to Ivory Coast’s second-biggest city of Bouake after a group of soldiers attacked a military special unit and ransacked its administrative headquarters late Tuesday. “This morning it’s calm,” Bouake mayor Nicolas Djibo said by phone Wednesday. “The population is going to work.” The soldiers fired shots as they approached the base of the elite unit, known as the CCDO, setting vehicles and property alight, the defense ministry said…

OPEC’s Angola Ditches Dollar Peg as Kwanza Falls at Auction

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LUANDA (Capital Markets in Africa) – Angola devalued its currency as the OPEC member sought to revive an economy still reeling from the oil-price crash four years ago. The kwanza fell 11 percent to 187.95 per dollar by 3:35 p.m. in Luanda and depreciated 10 percent to 221.75 against the euro. The move came a day after the central bank allowed the currency to weaken in its first auction of foreign exchange since announcing it would end a dollar…

Tunisians Clash With Police as Protests Over Economy Build

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TUNIS (Capital Markets in Africa) – Tunisian police fired rubber bullets and tear gas at demonstrators in the capital, Tunis, as increasingly violent protests test a government struggling to put its finances in order and attract investors. Late Tuesday, a branch of the French superstore Carrefour was looted and attempts made to set the building on fire. Demonstrations began last week over the government’s budget, which includes higher taxes and spending cuts. One protester has…

Angola’s Devaluation Is Just the Start as Investors Expect More

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LUANDA (Capital Markets in Africa) – Angola may have devalued its currency by more than 10 percent, but it will take more than that to end dollar shortages and revive the OPEC member’s battered economy. The kwanza weakened 11 percent to 187.95 per dollar by 2:34 p.m. in Luanda, the capital, a day after the central bank let it drop in an auction of foreign exchange, its first since saying last week it would end an almost…

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