The Editorial Team |

South Africa Business confidence down sharply in the second quarter

JOHANNESBURG (Capital Markets in Africa) – After hovering in net negative terrain between 32 and 42 index points over the past year, the RMB/BER Business Confidence Index (BCI) collapsed by 11 points to 29 in the second quarter. This means seven out of every 10 respondents are downbeat about prevailing business conditions. We last saw such despondency during the 2009 recession. Striking too is the fact that each of the five sectors covered in the…

`Battle-Hardened’ Investors May Need to Go Easy on African Bonds

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LAGOS (Capital Markets in Africa) – Such is the demand for African Eurobonds these days that not even army mutinies are scaring investors. That may not be the case for much longer. Investors have become “battle-hardened” in their quest for yield, according to Union Bancaire Privee Ubp SA, with issuance from the continent reaching $12.7 billion in 2017, already a full-year record. Less than a month after soldiers rebelled in Ivory Coast, the West African nation attracted $10…

Infrastructure | AIIM acquires 44% stake in Mali Energy Farm

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BAMAKO (Capital Markets in Africa) – African Infrastructure Investment Managers (AIIM), the continent’s most experienced equity investor in African infrastructure, through its AIIF3 fund, has acquired a 44% stake in Albatros Energy Mali. Albatros Energy Mali will build, own, operate and transfer a 90 megawatt (MW) thermal power station in Kayes, western Mali and it will be the West African nation’s first independent power project (IPP) to feed into the national grid. Jurie Swart, AIIM’s…

Tanzanian Government Accuses Acacia of Mining Gold Illegally

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s government accused Acacia Mining Plc of operating illegally in the East African country and said mining companies have been evading taxes. Acacia’s shares slumped. An audit ordered by President John Magufuli in March found that Acacia had been conducting business in Tanzania “contrary to the law,” Nehemiah Osoro, chairman of a committee of academics, lawyers and economists that conducted the probe, said at a briefing Tuesday in the…

Biggest Kenyan Bank Makes Takeover Bid for State-Owned Rival

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NAIROBI (Capital Markets in Africa) – Kenya’s biggest bank by assets offered to buy a state-owned lender as the industry struggles to cope with interest-rate caps that have cut profits and curbed lending. KCB Group Ltd. provided an expression of interest to the Treasury to acquire a controlling stake in National Bank of Kenya Ltd., Judith Odhiambo, a spokeswoman for Nairobi-based KCB, said in an emailed response to questions on Monday. “Further details will, however, be provided in…

Ivory Coast Said to Attract Almost $10 Billion in Eurobond Bids

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ABIDJAN (Capital Markets in Africa) – Ivory Coast attracted almost $10 billion in bids for its Eurobond auction on Thursday in a sale that came less than a month after a four-day mutiny by soldiers, according to a person familiar with the matter. The West African nation received about $4.8 billion in orders for the dollar portion of its debt sale and a further 4.4 billion euros ($4.9 billion) for the second tranche by the…

INTO AFRICA June 2017 Edition: Trade Finance Africa’s Growth Enabler

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LAGOS (Capital Markets in Africa) – Welcome to the June edition of INTO AFRICA, the publication with fresh insight into Africa’s Emerging capital markets. This edition focuses on the Insurance sector and is titled: Trade Finance: Africa’s Growth Enabler. Please download by clicking: INTO AFRICA PUBLICATION: JUNE 2017 EDITION. African economies face challenges in the area of trade, both in terms of trade between African countries and trade with non-African countries. The problems are so significant that Africa’s…

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