The Editorial Team |

Mozambique’s Caa3 rating captures risk of sizeable losses for private creditors from default

MAPUTO (Capital Markets in Africa) – Mozambique’s Caa3 credit rating and negative outlook reflect Moody’s expectations that the ongoing default event will result in sizeable losses for private creditors, Moody’s Investors Service said in an annual report today. The report, “Government of Mozambique — Caa3 Negative, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press release. The research is an update…

No Quick Fix for South Africa’s Frail Economy When Zuma Goes

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Anyone who believes there’s a quick fix for South Africa’s political and financial malaise when President Jacob Zuma leaves office needs to think again. His successor will inherit an economy that slid into recession in the first quarter, mismanaged state companies that are bleeding cash and a network of officials implicated in looting taxpayer funds. Efforts to reignite growth and rein in a 27.7 percent unemployment rate will be hamstrung by the…

South Africa Has Longest Trade-Surplus Run in Six Years in July

Posted on by The Editorial Team

JOHANNESBUGH (Capital Markets in Africa) – South Africa had a surplus on its trade balance in July, the longest run of positive readings since 2011. The 9 billion-rand ($689 million) surplus compares with June’s revised 10.6 billion-rand surplus, the Pretoria-based South African Revenue Service said in an emailed statement Thursday. The median of nine economists’ estimates was for 7.1 billion rand. The surplus eases pressure on the current account, the broadest measure of trade in goods and services, while also boosting…

Kenyan Inflation Quickens First Month in Three in August

Posted on by The Editorial Team

NARIOBI (Capital Markets in Africa) – Kenyan inflation quickened for the first time in three months as food prices increased and has moved outside of the central bank’s target band. The annual inflation rate rose to 8 percent in August, compared with 7.5 percent in the previous month, the Kenyan National Bureau of Statistics said Thursday in a statement emailed from the capital, Nairobi. Prices increased 0.6 percent in the month. The economy of the world’s largest shipper…

Somalia Confirms Capture, Deportation of Ethiopian Rebel Leader

Posted on by The Editorial Team

MOGADISHU (Capital Markets in Africa) – Somali agents captured a senior Ethiopian rebel leader and handed him over to the authorities of his home country, the head of Somali intelligence said. Abdikarim Sheikh Muse, a member of the Ogaden National Liberation Front’s executive committee, was detained in the central town of Adado, 500 kilometres (311 miles) north of the Somali capital, Mogadishu, on Aug. 25, National Intelligence & Security Agency Director Abdullahi Mohamed Ali told…

Angola Oil Minister Says Nation Needs Crude to Rebound to $60

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Angola’s Petroleum Minister Jose Maria Botelho de Vasconcelos said it’s essential for the southern African nation’s economy that oil prices rebound to $60 a barrel this year. “That would be extremely important,” Botelho de Vasconcelos said on Monday in an interview in the country’s capital Luanda. “We’ve been getting signs from the market that prices could reach $60 by the end of the year.” Angola, which depends on crude shipments…

Nigeria Says Chinese to Build $5.8 Billion Hydropower Plant

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria said China Civil Engineering Corp. will build a $5.8 billion hydro-power station in the country’s eastern Mambila region with a capacity to generate 3,050 megawatts. China’s Export-Import Bank will provide 85 percent of the funding for the project, which is scheduled to be completed in six years, Power, Works and Housing Minister Babatunde Fashola told reporters on Wednesday in the capital, Abuja. Nigeria will contribute the remaining funds. “The scope…

« 1 … 652 653 654 655 656 … 1,076 »