The Editorial Team |

Kenya to Lower Growth Forecast as Drought Cuts Food Output

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…

Nigeria’s Forcados Oil Comes Back in Fresh Blow to OPEC Curbs

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LAGOS (Capital Markets in Africa ) – Royal Dutch Shell Plc lifted restrictions on exports of a key Nigerian crude oil, 472 days after imposing them following militant attacks. The extra flows alone amount to about 20 percent of the supply OPEC has pledged to cut from world markets. Europe’s biggest oil company ended a force majeure of Forcados crude oil shipments at 4 p.m. on Tuesday, a spokesman said. The measure, which allows companies to miss…

PPC Reports Loss on Higher Finance Costs, Low Domestic Prices

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JOHANNESBURG (Capital Markets in Africa) – PPC Limited reported a full-year loss of 295 million rand ($22.9 million) as the South African cement maker incurred higher finance costs following the downgrade of the company’s debt and battled persistent low prices in its home market. Earnings per share excluding one-time items slumped 93 percent to 7 cents a share, the Johannesburg-based company said in a statement on Wednesday. Sales rose 5 percent to 9.6 billion rand, while capacity increased…

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