The Editorial Team |

South Africa’s President Zuma Sacked Finance Minister Gordan: Market Reactions

LAGOS (Capital Markets in Africa) – South African CEOs see severe consequences after the cabinet reshuffle. South African President Jacob Zuma’s decision to dismiss Finance Minister Pravin Gordhan has severe consequences for the economy and is a setback to the work done to avoid a credit rating downgrade, a group of business leaders said on Friday. “This decision and the manner in which it was taken is likely to cause severe damage to an economy that is in dire need of growth…

Nigeria to Sell More Eurobonds After Concessional Borrowing

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LAGOS (Capital Markets in Africa) – Nigeria considers selling more Eurobonds to help fund record-high spending plans that seek to lift the West African economy out of its worst slump in 25 years. The government raised $500 million last month and $1 billion in February in its first Eurobond sales since 2013. It also expects to receive the remaining $400 million of a $1 billion loan from the African Development Bank and is negotiating with…

Junk for South Africa as Fitch Joins S&P in Cut on Politics

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JOHANNESBURG (Capital Markets in Africa) – South African debt got dealt a second blow in a week as Fitch Ratings Ltd. joined S&P Global Ratings and cut the nation’s credit assessment to junk following President Jacob Zuma’s move to fire a well-respected finance minister. Fitch reduced the foreign-currency rating to BB+, the highest non-investment grade and on par with Turkey and Portugal, four days after S&P reduced its assessment. The local-currency rating was also lowered one level to…

Heineken Takes on Castel in Ivory Coast for African Growth

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ABIDJAN (Capital Markets in Africa) – Heineken NV’s latest quest to seize a greater share of emerging markets has the brewer on a collision course with Groupe Castel in one of Africa’s fastest-growing economies. Officially opened on Wednesday, the Brassivoire brewery is the product of a joint venture with CFAO SA and costs 150 million euros ($160 million) to build. Located 24 kilometers (15 miles) north of the commercial capital, Abidjan, the facility is already producing Ivoire…

Fitch Affirms Morocco at ‘BBB-‘; Outlook Stable

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RABAT (Capital Markets in Africa) – Fitch Ratings-Hong Kong-07 April 2017: Fitch Ratings has affirmed Morocco’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘BBB-‘ with a Stable Outlook. The issue ratings on Morocco’s senior unsecured foreign and local currency bonds have also been affirmed at ‘BBB-‘. The Country Ceiling has been affirmed at ‘BBB’ and the Short-Term Foreign- and Local-Currency IDRs at ‘F3’. KEY RATING DRIVERS Morocco’s ratings are driven by its economic…

South Africa Stock Volumes Plunge as Protesters Rally Nationwide

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JOHANNESBURG (Capital Markets in Africa) – Tens of thousands of protesters marched in South Africa to demand that President Jacob Zuma resigns after he fired the finance minister and reshuffled the cabinet. Marchers chanting “Zuma must go” in Pretoria, the capital, walked to the Union Buildings, the official seat of government, while thousands of people faced riot police outside the chained gates of parliament in Cape Town, and rallied in Durban and Port Elizabeth. In Johannesburg, eNCA…

Finnovation Africa: Uganda 2017 opened today with more than 300 FinTech leaders

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Finnovation Africa: Uganda 2017 opened today with more than 300 FinTech leaders seeking to drive the constructive transformation of banking & financial services across Africa The impact of the FinTech revolution is not only being felt in the developed markets of the US and Europe where disruptive innovation is rapidly transforming the banking and financial services landscape. In Africa, too, huge game-changing leaps are currently taking place which are transforming economies across the continent – and…

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