The Editorial Team |

Top-Performing Arab Economy Balks at Currency Float on Egypt

CAIRO (Capital Markets in Africa) – In five decades of importing steel wires, Zahar Benmoussa’s company never worried about currency risks — until Morocco announced plans to float the dirham. “For the first time in our history, we started to hedge” in the currency market, said Benmoussa, managing director at Casablanca-based Grillages Marocains. Across Morocco, fears of a weaker dirham triggered a rush for dollars and euros, causing a $3 billion drop in its reserves in…

Ethiopia’s credit profile balances high growth and low debt costs against range of challenges

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia’s B1 rating and stable outlook reflects its strengths, including high growth levels and low debt-servicing costs, set against challenges such as high inflation, low per capita income, low foreign exchange reserves and a weak institutional framework, Moody’s Investors Service says in an annual report today. The report, “Government of Ethiopia – B1 Stable, Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access this report…

Moody’s affirms EADBs Baa3 long-term issuer rating; outlook stable

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NAIROBI (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the East African Development Bank’s (EADB or the bank) Baa3 long-term issuer rating and maintained the stable outlook. EADB is a regional multilateral bank that serves the East African Community (EAC) with the aim of promoting sustainable socio-economic development as well as the regional integration of its shareholder member states: Uganda (B2 stable), Kenya (B1 stable), Tanzania (unrated) and Rwanda (B2 stable). It…

Nigerian All-Share Index Drops 2.71%, Biggest since 1 June 2016

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index fell for the second day, dropping 2.71 percent, or 998.59 to 35,866.12. The move was the biggest since falling 2.75 percent on June 1, 2016. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 0.4 percent. Dangote Cement Plc contributed the most to the decline, falling 5 percent. Cement Co. Northern Nigeria Plc decreased 9.7 percent, the biggest loss. Dangote Sugar Refinery Plc rose 10…

Congo Regulator to Open Up $500 Million Insurance Industry

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s insurance regulator is preparing to open up an industry for the first time that could be worth as much as $500 million a year to investors. The newly created Insurance Regulatory Authority, known by the French acronym ARCA, received interest from at least 16 companies after requesting letters of intent in June, Managing Director Eric Mboma said, declining to identify individual firms. It will seek…

Angola’s President Dos Santos to Retain Hold on Power After Retiring

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LUADAN (Capital Markets in Africa) – Jose Eduardo dos Santos is set to maintain control from behind the scenes when he steps down as Angola’s president next month after almost four decades in office. Dos Santos will until at least 2018 still be leader of the Movement for the Liberation of Angola, or MPLA, the party that has ruled the southern African nation since its independence from Portugal in 1975. And, this month the government pushed a law…

A day in the life of a working woman

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LAGOS (Capital Markets in Africa) – A man’s work is from sun to sun, but a woman’s work is never done. Joe Song’s study of Bureau of Labor Statistics reveals that prime-age employed women are working longer hours during the week and spending more time caring for family (children, aging parents, and pets) on weekends. Women appear to be taking better care of themselves – sleeping, exercising and learning more – while spending less time…

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