The Editorial Team |

Calm Returns to Ivory Coast City After Military Dispute

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…

South Africa’s Zuma Retains Office as Ramaphosa Bides His Time

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JOHANNESBURG (Capital Markets in Africa) – Jacob Zuma retained his hold on South Africa’s presidency, defying speculation that he’d be forced to make way for his deputy, Cyril Ramaphosa, who won control of the ruling party last month. The option of toppling Zuma wasn’t raised at a meeting of the African National Congress’s National Executive Committee in the southern city of East London, according to three members of the panel who spoke on condition of anonymity. Earlier…

Buffett Elevates Abel or Jain as Likely Successor With New Roles

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LAGOS (Capital Markets in Africa) – Warren Buffett finally confirmed what many investors have already guessed about who will succeed him as chief executive officer of Berkshire Hathaway Inc., the sprawling conglomerate he’s built over the past five decades. In naming two senior executives — Ajit Jain and Greg Abel — to the company’s board and giving them each responsibility for large swaths of Berkshire’s businesses, he positioned one of the two men to probably be his replacement. “It’s part…

Nigeria SE Rises 2.2% to 41,241.55; Guaranty Trust Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the fifth day, climbing 2.2 percent, or 878.58 to 41,241.55. The index advanced to the highest level in at least a year. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 1 percent. Guaranty Trust Bank Plc contributed the most to the advance, rising 5 percent. Dangote Flour Mills Plc increased 10 percent, the biggest gain. Newrest Asl Nigeria Plc fell 4.9 percent,…

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