The Editorial Team |

Old Mutual First-Half Profit Climbs as Insurer’s Split Looms

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc, the London insurer planning to split into four separate businesses, said first-half profit almost doubled after it reduced debt and sold shares in its U.S. asset management unit. Pre-tax adjusted operating profit rose 37 percent and net income climbed to 531 million pounds ($689 million) from 284 million pounds a year earlier, the London-based insurer said in a statement on Friday. Diluted basic earnings per ordinary share increased…

Egypt Got $40 Billion in Investments, Transfers Since Float

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CAIRO (Capital Markets in Africa) – Egypt has received $40 billion in investments and transfers from abroad since floating its currency in November and securing the largest International Monetary Fund loan to a Middle East nation. The funds include receipts from exports, investors selling dollars to buy Egyptian assets, and the exchange of dollars for Egyptian pounds, either on the local market or through remittances, central bank sub-governor Rami Aboul Naga said on Thursday. The figure does not include financing Egypt…

Cybercrime growth highlights need for short- and long-term ICT education plans in South Africa

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JOHANNESBURG (Capital Markets in Africa) – The Joburg Centre for Software Engineering’s (JCSE) seventh annual ICT skills survey showed that South Africa continues to lag behind other African countries, such as Kenya, Nigeria, and Egypt, in information communication technology (ICT) skills training and an emphasis on the contribution that technology plays in contributing to economic growth. In the current environment of increasing cybercrime attacks globally, this makes the need to upskill our citizens even more…

Thomson Reuters Offers Financial Professionals Market Data & Analysis For Current And Upcoming Africa Elections

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Decision Africa App provides key economic data for Kenya, Angola, Liberia, and Mali Johannesburg, 10 August 2017 – Thomson Reuters has launched a dedicated Decision Africa app on its flagship desktop product Eikon. The app provides financial professionals with comprehensive market and data leading up to and after the elections in Kenya (8th August), Angola (23rd August), Liberia (10th October), and Mali (29th October). The app features a chart book page of all four countries…

Investors Too Busy Cheering Kenyatta to Fret About Vote Spat

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NAIROBI (Capital Markets in Africa) – Euphoria over a President Uhuru Kenyatta win, even if the election results are preliminary, boosted the nation’s stocks by the most in Africa and sent Kenya’s dollar bonds higher. The FTSE NSE Kenya 25 Index of stocks advanced as much as 2.7 percent to the highest level in two years. The yield on the nation’s Eurobonds due 2024 fell the most since March and the shilling was little changed. With ballots from more than 97…

Nigeria to Sell Up to $3 Billion Eurobonds to Replace Bills

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LAGOS (Capital Markets in Africa) – Nigeria plans to sell as much as $3 billion of foreign-currency bonds to replace naira debt, according to its finance minister. The government will issue the dollar securities once the National Assembly approves the sale, Kemi Adeosun told reporters Wednesday in Abuja, the capital. They will have three-year maturities and be used to refinance treasury bills as they mature, she said. “We will borrow less in naira and more in foreign…

Egypt Inflation Rate Surges to Record After Subsidy Cuts

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CAIRO (Capital Markets in Africa) – Egypt’s urban annual inflation rate accelerated in July to its highest level in decades, fuelled by a new round of subsidy cuts ordered under the government’s economic reform program. Annual consumer prices in urban areas climbed 33 percent, up from 29.8 percent in June, according to the state-run CAPMAS statistics agency. The month-on-month rate accelerated to 3.2 percent from 0.8 percent in June. Fuel and electricity price increases went into effect at…

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