The Editorial Team |

Tunisia central bank to steadily weaken dinar, finance minister says

TUNIS (Capital Markets in Africa) – Tunisia’s central bank will reduce its interventions so the value of the dinar steadily declines, but it will prevent a dramatic slide in the currency, the finance minister said on Tuesday. The strategy is part of Tunisia’s talks on reforms with the International Monetary Fund. The IMF is pushing Tunisia to overhaul its finances and reduce public spending, especially public-sector wages, where spending is among the highest in the…

Foreigners Lapping Up Egypt’s Growing Supply of Cheap Debt

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – A flood of new issuance is offsetting foreign-investor demand for Egyptian debt, keeping yields among the highest in emerging markets. Offshore investors boosted holdings of government Treasury bills to 79 billion pounds ($4.4 billion) as of April 4, compared with less than 1 billion pounds before a currency devaluation in November, according to Finance Ministry data. Government borrowing is already 11 percent higher than the target this year, and…

Tunisia’s economy to see recovery in 2017, Prime Minister Says

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Tunisia’s economy will start to regain momentum this year after six years of slow growth, driven by the revival of the vital tourism industry and the return to state phosphate production, Prime Minister Youssef Chahed said. Chahed was speaking in an interview with state television late on Sunday, addressing concerns about the economy after hundreds of youths protested over the last week in some towns, demanding development and employment….

Senegal to issue Eurobond in April, Finance Minister Says

Posted on by The Editorial Team

ABIDJAN (Capital Markets in Africa) – Senegal will issue a Eurobond this month in order to finance a series of infrastructure and power production projects that it hopes will push economic growth above 7 percent from next year, Finance Minister Amadou Ba said on Friday. Ba declined to give the amount of the issuance or its maturity. The West African nation is rated B1 by Moody’s and B+ by Standard & Poor’s. “I think that the…

8 Miles acquires 20% stake in Blue Skies

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – 8 Miles LLP, the pan-African Private Equity firm, today announces an investment in Blue Skies, a UK-incorporated business with operations in several African countries that is the leader in the production of fresh-cut tropical fruit for UK and Western European supermarkets. The investment gives 8 Miles a significant minority stake alongside the founder investors and management team. Financial details of the transaction have not been disclosed. Blue Skies produces…

Banking and Industrial Counters Push Nigerian Benchmark Index 5bps Higher

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The equities market closed positive at the end of trade today as the All Share Index (ASI) added 5bps to close at 25,510.01 points. Consequently, market capitalisation advanced N4.6bn to settle at N8.8tn while YTD loss remained at 5.1%. STANBIC (+2.2%), WAPCO (+1.9%) and ZENITH (+1.3%) were the major drivers today. Also, market activity improved as volume and value traded rose 41.0% and 82.8% to settle at 349.3m units and N2.3bn respectively. Mixed…

South Africa’s Gigaba pledges to stave off third downgrade, meet with Moody’s

Posted on by The Editorial Team

CAPE TOWN (Capital Markets in Africa) – South Africa’s new finance minister pledged on Thursday to do what he can to keep the country from a third credit downgrade to junk status, saying he would meet ratings firm Moody’s to persuade it he will stay on the path of fiscal discipline. Malusi Gigaba, who replaced the respected Pravin Gordhan in a cabinet reshuffle that triggered credit downgrades to sub-investment by S&P Global Ratings and Fitch, told…

« 1 … 702 703 704 705 706 … 1,073 »