The Editorial Team |

South African Rand, Brazil Pension Saga Top Emerging-Market Bill

JOHANNESBURG (Capital Markets in Africa) – Emerging-market investors can almost always count on South Africa to keep them on their toes these days. Rand-denominated bonds will trade Monday for the first time since S&P Global Ratings lowered the country’s local-currency debt to junk last week. Elsewhere in emerging markets, Brazil’s government is seeking to drum up support for the pension overhaul, Mexico will nominate a new central bank governor and India will release third-quarter economic…

Diamond Bank to Boost Nigeria Loans Upon West Africa Retreat

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LAGOS (Capital Markets in Africa) – Diamond Bank Plc plans to boost lending and its customer numbers in Nigeria as it targets growth in its home market after divesting its units elsewhere in West Africa. The Lagos-based lender sees its loans growing by about 10 percent next year and customers increasing by a third to 20 million by 2019, Chief Executive Officer Uzoma Dozie said in a Nov. 23 interview in the commercial capital, Lagos. “The divestment is…

Rand Bounce Back Seen at Risk on South Africa Political Outlook

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s politics and economic outlook could trip up the gains the rand has managed to make in bouncing back from an expected credit-rating downgrade, analysts say. The rand rallied as much as 3.2 percent on Monday, overturning its losses on Friday when S&P Global Ratings demoted local currency-denominated debt to junk, amid relief that Moody’s Investors Service retained its investment-grade rating. Moody’s has warned it may do the same…

Poor Growth to Curb South Africa Fiscal Boost Efforts, S&P Says

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JOHANNESBURG (Capital Markets in Africa) – “Very poor growth” will make it difficult for South Africa to improve its fiscal position, S&P Global Ratings said after cutting the nation’s rand debt to junk. “If the growth story turns around then the whole story could turn around, ”Ravi Bhatia, a credit analyst at S&P, said in an interview on Bloomberg TV Monday. “It’s really a case of them pushing through reforms which would actually turn around the growth…

Ghana Cuts Key Rate to Three-Year Low as Inflation Slows

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ACCRA (Capital Markets in Africa) – Ghana cut its benchmark interest rate to the lowest in more than three years as inflation slows toward the central bank’s target. The Bank of Ghana reduced the rate to 20 percent, Governor Ernest Addison, told reporters in the capital, Accra, on Monday. Of the eight economist surveyed by Bloomberg, four forecast the move. Ghana will meet the inflation target of 6 percent to 10 percent “at worst” by the second quarter of…

Wild Swings in Iraq Oil Production Give OPEC Another Problem

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LAGOS (Capital Markets in Africa) – OPEC has an Iraq problem: the group’s second-biggest exporter is lurching between quota busting and production-crimping crisis, clouding the policy-making picture as ministers decide how long they need to extend output curbs. After consistently exceeding its output quota all year, Iraqi production plunged in October when clashes between the federal army and fighters from the semi-autonomous Kurdish region disrupted fields in the disputed Kirkuk province. While the conflict has calmed, exports from…

Glencore’s Trouble in Congo Claim Its Highest Profile Victim

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JOHANNESBURG (Capital Markets in Africa) – Two weeks after the Paradise Papers leak brought a wave of scrutiny over Glencore’s dealings in the Democratic Republic of Congo, the company is facing another scandal. The issues stem from Katanga Mining Ltd., a Congolese copper producer owned by Glencore. The African company restated financial statements and is under investigation by Canadian regulators for its corporate governance and accounting practices. In a major sign of how toxic the problem…

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