The Editorial Team |

Kenyan Bourse Develops Equity Index, Single Stock Futures

NAIROBI (Capital Markets in Africa) – Nairobi Securities Exchange has sought regulatory approval to introduce products in derivatives market, Capital Markets Authority says in e-mailed statement. Regulator proposes to charge fee not exceeding 0.14% per value of equity index futures contract, 0.17% per value of single stock futures contract. Proposed fees will “give investors exposure to price movements in the derivatives instruments rather than the underlying individual constituents”. Charges cover securities exchange, clearing member, trading…

Billionaire Motsepe’s Investment Firm Mulls IPO, Plans 30 Deals

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JOHANNESBURG (Capital Markets in Africa) – South African billionaire Patrice Motsepe’s African Rainbow Capital (Pty) Ltd. plans to close as many as 30 deals by June and is considering an initial public offering or starting a fund to attract capital for the next phase of the investment company’s growth strategy. ARC, as it’s known, is finalizing 15 transactions and hopes to conclude another 15 in the first six months of this year, Johan van Zyl, co-chief executive officer of…

Mozambique’s Eurobond Strategy May Damage Restructure Prospects

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MAPUTO (Capital Markets in Africa) – Mozambique’s decision to skip an interest payment on its Eurobonds this week was a strategic move that will be damaging for the debt-restructuring process it started, a group of investors said. “The non-payment of Wednesday was a strategic default and was not driven by the inability to make the payment,” said Charles Blitzer, a Washington-based consultant who’s advising a group of creditors that hold the majority of the bonds. “This…

IMF Sees Bigger Ghana 2016 Deficit Target Slippage Than Forecast

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ACCRA (Capital Markets in Africa) – Ghana will miss its budget-deficit target for 2016 by a bigger margin than the government’s forecast due to weak revenue collection and higher-than-planned capital spending, according to the International Monetary Fund. West Africa’s second-biggest economy will probably miss the Washington-based lender’s budget-deficit forecast of 5.2 percent of gross domestic product by 2 to 3 percentage points, the IMF said in an e-mailed response to questions. Last month, former Finance Minister Seth Terkper said…

Guinea President Says Rio Payment Saga Tied to Internal Feud

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GUINEA (Capital Markets in Africa) – The President of Guinea is disputing public statements made by Rio Tinto Group regarding the firing of a senior executive for a $10.5 million payment made to the president’s friend Francois de Combret. President Alpha Conde said the firing of Alan Davies, who headed Rio’s $20 billion Simandou iron ore project in Guinea, was the result of an internal feud. Rio has said it was because of improper payments to de Combret…

PwC Survey: CEO Confidence Rises Despite New Risks, Uncertainty

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JOHANNESBURG (Capital Markets in Africa) – Worldwide, CEOs’ confidence levels for their growth prospects and outlook for the economy is back on the rise amidst new risks and uncertainty. In PwC’s (www.PwC.com) 20th annual survey of CEOs worldwide, 38% (2016:35%) are very confident about their company’s growth prospects in the next 12 months while 29% (2016:27%) believe global economic growth will pick up in 2017. Just over one-third (33%) of South African CEOs are very…

Trump Takes Reins of Nation as Divisions Deprive Him a Honeymoon

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WASHINGTON (Capital Markets in Africa) Washington Donald Trump takes the oath of office Friday, a celebration of American unity in a country that is anything but unified. Other presidents have been sworn in on the Capitol steps facing war, economic calamity or domestic social strife. Trump, the only president elected with no prior experience in public or military service, confronts a more fundamental challenge to his leadership. He’s the first president since the dawn of national…

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