The Editorial Team |

Moody’s downgrades Angola’s ratings to B2, outlook stable

LUANDA (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured ratings of the Government of Angola to B2 from B1 and changed the outlook to stable from negative. It also affirmed Angola’s short-term issuer ratings at Not Prime. The key drivers supporting the downgrade are: 1) Lower economic strength in light of the diminished medium-term growth outlook, constrained by foreign currency shortages, high inflation, lower public sector…

Spinoffs Drive South Africa Listings as Valuations Spur Sellers

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s main stock exchange may witness the most new listings for at least two years in 2017, helped by a spate of spinoffs as owners look to tap a market trading near record highs. Of the 18 debuts this year, six are carved out of other companies, most of which are publicly traded. A further four new arrivals are backed by collections of investment holdings, rather than providing…

Rwanda Asks UN for Details After Anti-Torture Panel Halts Visit

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KIGALI (Capital Markets in Africa) – Rwanda’s government called on the United Nations to publicly describe the impediments the global body said prompted its torture prevention panel to cut short a fact-finding visit to the East African country last week. The UN Subcommittee on Prevention of Torture, which was on the fifth day of its one-week visit, said Oct. 20 it couldn’t continue because of “a series of obstructions” from authorities and fears of reprisals among those…

Seplat Sees Oil Drilling Ramp Up as Nigerian Security Stabilizes

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LAGOS (Capital Markets in Africa) – Seplat Petroleum Development Co. expects to ramp up drilling operations in Nigeria next year after oil output recovered from militant attacks, according to Chief Executive Officer Austin Avuru. Production returned to a normal rate of around 70,000 barrels per day in 2017 as the company has been “catching our breath,” Avuru said Monday in an interview on the side-lines of the Africa Oil Week conference in Cape Town. “We should now…

Gigaba in `Hard Place’ With South Africa’s $2.9 Billion Tax Hole

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JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Malusi Gigaba faces a gaping budget hole — and will have to consider cutting spending, raising taxes and selling state assets if he wants to avoid further ratings downgrades. The economy he oversees is hampered by a deteriorating growth outlook, partly stemming from a battle for control of the ruling party that’s stoked political uncertainty and deterred hiring and investment. Gigaba will outline policy changes in his first mid-term budget…

Tanzania Leader Appoints Tax Specialist Central Bank Chief

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DAR ES SALAAM (Capital Markets in Africa) – Tanzanian President John Magufuli named Florens Luoga, a tax-law expert, as the new head of the central bank as the East African nation’s leader seeks to overhaul the country’s natural-resources industry. In July, Magufuli appointed Luoga as chairman of the Tanzania Revenue Authority board. He’s been a deputy vice chancellor at the University of Dar es Salaam since 2014, according to the academic institution’s website. “We had a…

Africa Drilling Lacking Despite Cheap Rigs, Higher Oil Price

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LAGOS (Capital Markets in Africa) – A recovery in oil and gas exploration in Africa is yet to happen, despite the best efforts of producing nations to raise prices. Only a dozen rigs were operational in African waters on average over the last year as saving cash remained a priority even for prolific explorers such as Italy’s Eni SpA. The rate of drilling this year is barely a 10th of the activity before the price…

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