The Editorial Team |

British Pound Slides as U.K. Vote Springs Hung Parliament Before Brexit

LONDON (Capital Markets in Africa) – The pound headed for the biggest drop in a year after it emerged that the ruling Conservative Party has fallen short of an overall majority, just 10 days before Brexit negotiations are set to begin. The currency slumped against all of its major peers as Theresa May’s Tories were set to miss the target of 326 seats needed to form a majority government, contrary to what many polls were predicting…

Nigeria Best Stock Performer Sees `Huge’ Growth on Vaccines

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LAGOS (Capital Markets in Africa) – May & Baker Nigeria Plc, which is establishing Nigeria’s sole vaccine-production facility in a partnership with the government, said it expects sales to soar when it starts manufacturing them within two years due to a shortage of supply in the region. “There is a huge potential for May & Baker,” Chief Executive Officer Nnamdi Okafor, 56, said in an interview in Lagos, Nigeria’s commercial capital. Revenue for the nation’s second-biggest pharmaceutical…

Kenya to Lower Growth Forecast as Drought Cuts Food Output

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NAIROBI (Capital Markets in Africa) – Kenya will cut its growth forecast to reflect the impact of a drought that slashed agricultural output in East Africa’s biggest economy and left the country short of its staple food, Treasury Secretary Henry Rotich said. Economic growth will probably be 5.7 percent this year, compared with an earlier estimate of 5.9 percent to 6 percent, Rotich, 48, said in an interview Wednesday at his office in the capital, Nairobi. The…

Egypt Annual Inflation Eases for First Time Since Pound Float

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CAIRO (Capital Markets in Africa) – Egypt’s monthly inflation rate held steady in May, offering new indications that the price surges triggered by last year’s decision to lift foreign exchange restrictions were plateauing as the government pushes ahead with economic reform efforts. The month-on-month urban inflation rate rose 1.7 percent , unchanged from April. The annual rate eased to 29.7 percent from 31.5 percent in April, its first reversal since October, the month before the…

Britain Votes as Narrowing Polls Indicate These Five Scenarios

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LONDON (Capital Markets in Africa) – Polls are open and voting is underway in a U.K. election dominated by Brexit, austerity and in the closing phases, security. The first indications of the result will come at 10 p.m. London time, when broadcasters will release an exit poll. While such surveys have generally been accurate in the past, they are not precise and the final result will not be known until Friday morning. Prime Minister Theresa May called the snap election to…

Kenyan Opposition Leader May Consider Tax Cuts to Woo Investors

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NAIROBI (Capital Markets in Africa) – Kenyan opposition leader Raila Odinga said he would consider tax cuts to woo foreign investors and measures to boost manufacturing to drive export-led growth if he wins the country’s presidential elections in August. The National Super Alliance also plans measures to assist small-scale businesses and farmers, and a crackdown on corruption to boost revenue collection if it comes to power, Odinga said in an interview Wednesday in the capital, Nairobi. The…

Kenyan Election Body Denies Awarding Deal to Blocked Company

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NAIROBI (Capital Markets in Africa) – Kenya’s electoral commission said it’s yet to decide which company will print ballot papers for elections being held in two months, after a local newspaper said the deal had been handed to a Dubai-based firm whose contract has been blocked twice. “We are still working on it,” Andrew Limo, spokesman for the Independent Electoral & Boundaries Commission, said by phone on Wednesday from the capital, Nairobi. “Communication will be…

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