The Editorial Team |

Nigerian central bank head urges cooperation on monetary, fiscal policy

LAGOS (Capital Markets in Africa) – Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget, and investment. The closed-door meeting, which takes place about three times a year, ended on Saturday. OPEC…

Anglo’s Billionaire Investor Puts Mining on Cusp of M&A Era

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JOHANNESBURG (Capital Markets in Africa) – Anil Agarwal’s surprise move into Anglo American Plc suggests the mining industry may be on the cusp of a new wave of deals. For years, Anglo has been the subject of takeover speculation and during the worst of the commodities crisis, it seemed on the verge of a breakup. It spent last year getting back on firmer footing, but the 2 billion pound ($2.4 billion) investment by one-time Anglo suitor Agarwal has sparked…

Too Soon to Call South Africa Rate-Hike Cycle End, Kganyago Says

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank can’t yet call the end of its interest rate-increase cycle, even as the risks to inflation have eased since the Monetary Policy Committee’s January meeting, Governor Lesetja Kganyagosaid. “It’s too early for me to make the call as to whether we are still on the tightening cycle or not,” Kganyago said in an interview with Bloomberg Television’s Jonathan Ferro. “We can’t say that” the increased cycle is…

China’s Sinopec nears deal to buy Chevron’s South African assets

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LAGOS (Capital Markets in Africa) – China’s Sinopec is nearing a deal to buy Chevron’s South African oil assets for up to $1 billion to secure its first major refinery on the continent, several people familiar with the matter said. China Petroleum and Chemical Corp, or Sinopec, Asia’s largest oil refiner, was the last bidder remaining, and close to a deal with Chevron after an auction that spanned more than a year for its refinery,…

Sonatrach, ENI get 34 bids for Algerian solar power plant

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ALGIERS (Capital Markets in Africa) – Algerian state energy firm Sonatrach and Italy’s ENI have bids from 34 international firms to build a 10 megawatt solar power plant at Bir Rebaa North (BRN) in eastern Algeria, a Sonatrach source said. Major oil and gas producer Algeria is looking to expand into solar energy as it tries to meet growing domestic energy demand and officials say the North African country will soon launch a major project…

Zimbabwe prints $102 million in bond notes, half its limit

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HARARE (Capital Markets in Africa) – Zimbabwe’s central bank has printed half of the ‘bond notes’ quasi-currency it intends to issue under a $200 million scheme, a state newspaper reported on Friday, as the country grapples with a biting shortage of U.S. dollars. The notes are intended to be pegged to the U.S. currency but fears have been raised that the Reserve Bank of Zimbabwe (RBZ) would print more than planned, undermining their value. Long…

Uganda Current-Account Gap to Widen on Projects, World Bank Says

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KAMPALA (Capital Markets in Africa)- Uganda’s current-account gap could widen to between 8 percent and 10 percent of national output annually over the next two years as imports for infrastructure and oil-related projects grow, the World Bank said. The shortfall on the current account, the broadest measure of trade in goods and services, in the East African nation on the cusp of becoming an oil producer came in at 5.9 percent of gross domestic product…

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