The Editorial Team |

Tanzania Needs Clear Rules Amid Economic Transition, Ndulu Says

DAR ES SALAAM (Capital Markets in Africa) Tanzania needs to provide clear rules to businesses as it improves governance and makes better use of its natural resources, the governor of the central bank said. President John Magufuli’s government has embarked on an industrialization drive that will need the public sector and business to work better together to achieve inclusive growth, Bank of Tanzania Governor Benno Ndulu said Tuesday at a book launch in the commercial capital, Dar es…

The Reason Why South Africa’s Central Bank May Cut Again This Week

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JOHANNESBURG (Capital Markets in Africa) – If South Africa’s central bank cuts interest rates again this week, just don’t accuse it of doing so for the sake of “socioeconomic well-being.” The institution has been fighting off a bid by the nation’s anti-graft ombudsman to change its mandate away from targeting inflation to focusing on the financial health and quality of life of its citizens. But officials might be about to deliver their second rate reduction this…

South Africa Minister Wants Assurance on KPMG Analysis of Oil Sale

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s probe into the sale of 10 million barrels of its crude oil reserves may be delayed after Energy Minister Mmamoloko Kubayi said she has some concerns because a key financial analysis in the investigation was conducted by KPMG LLP. Kubayi said she wants assurances from the country’s Central Energy Fund about the report after KPMG’s local unit became embroiled in a corruption scandal revolving around members of the…

Oil Riches On Line as African Maritime Boundary Ruling Looms

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ACCRA (Capital Markets in Africa) – Petrodollars are at stake when the International Tribunal for the Law of the Sea rules this Saturday on the maritime boundary between Ghana and Ivory Coast. The ruling will impact on an offshore area holding an estimated 2 billion barrels of oil and 1.2 trillion cubic feet of natural gas, according to Teneo Intelligence. Here’s what you need to know ahead of this ruling: Why A Ruling Now? Ghana…

Wall Street Braces for Emerging-Market Jolt by Dodging Dollar

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LAGOS (Capital Markets in Africa) – After two years of almost uninterrupted gains in developing-nation currencies against the U.S. dollar, it’s time for a new strategy. That’s the assessment of traders who’ve grown anxious that the greenback’s 16 percent slide against a basket of emerging-market currencies since January 2016 has gone too far. The latest inflation reading in the world’s largest economy added to concern, possibly giving the Federal Reserve cover to tighten monetary policy. At the same time,…

South Africa Tests Eurobond Market After Rating Downgrade

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s borrowing costs may rise in a Eurobond offering Tuesday, the country’s first since it joined the ranks of high-yield issuers after two companies lowered its credit ratings to junk. The country is selling 10-year dollar bonds with initial price guidance of about 5 percent, the National Treasury said in an emailed response to questions, without disclosing the amount. That’s higher than the rate on existing securities due…

Zambia Seeking Bids for New Mobile Provider to Take on MTN

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LUZAKA (Capital Markets in Africa) – Zambia is seeking bidders for a fourth mobile-network license to take on operators including market leader MTN Group Ltd. in the southern African country, Transport and Communications Minister Brian Mushimba said. The ministry last week gave the go-ahead to the telecommunications regulator to start the process, he said in a recorded response to questions on Monday. The new carrier could be in place over the next six to 12 months and the…

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