The Editorial Team |

Cameroon’s Economy to Grow by 6% in 2017 Says Finance Minister

YAOUNDE (Capital Markets in Africa) – Cameroon’s economy is set to expand 6 percent this year even as it imposes new taxes to compensate for a decline in government revenue from oil, Finance Minister Alamine Ousmane Mey said. The central African nation last month approved the introduction of 24 taxes that apply to a wide range of goods and services, including second-hand car imports and exports of timber, Mey said in a Jan. 3 interview…

Kenyan Senate Passes Controversial Electoral Law Amendments

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NAIROBI (Capital Markets in Africa) – The Kenyan Senate passed contentious amendments to nation’s election laws that the opposition says could aid the ruling party rig a ballot to be held in August. The amendments to the electoral law provide for a manual mechanism for voter registration and results transmission as a fall-back plan should electronic methods fail. The Coalition for Reforms and Democracy, Kenya’s main political opposition group, says the changes may open the electoral…

Emerging Currencies Climb as Mexican Central Bank Steadies Peso

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LONDON (Capital Markets in Africa) – A gauge of emerging-market currencies rose the most in more than three months and stocks indexes jumped as the Federal Reserve signaled a gradual pace of interest rate increases. Mexico’s peso halted a three-day slump after central-bank intervention. Fed’s minutes of its December meeting released on Wednesday showed uncertainty over the impact of President-elect Donald Trump’s policies. Emerging market stocks rallied while gold extended gains to three days and copper rose…

Gold Climbs to Four-Week High on Dollar’s Drop and Haven Demand

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LAGOS (Capital Markets in Africa) – Gold climbed to a four-week high as a weaker dollar and uncertainty over the impact of Donald Trump’s policies bolstered demand for a haven. Palladium rose, heading for the biggest five-day surge since November. Bullion has increased every trading session this year, with spot prices rising as much as 1.4 percent to $1,179.43 an ounce on Thursday. Gold is advancing as the Bloomberg Dollar Spot Index’s retreat from the highest in…

Libyan Oil Port Said to Re-Open as OPEC Nation Boosts Output

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TRIPOLI (Capital Markets in Africa) – Libya is re-opening its last major oil-export terminal and producing at the highest level in more than two years as the war-torn country benefits from an exemption from OPEC output cuts. The Zawiya terminal is preparing to resume exports after the pipeline supplying it was re-opened, an official at the state-run National Oil Corp. said, asking not to be identified for lack of authorization to speak to news media….

EFG-Hermes Halted in Cairo After Surging 10% on Revenue Outlook

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CAIRO (Capital Markets in Africa) — Egyptian investment bank EFG-Hermes halted after rising 10% to 8 1/2-year-high in Cairo, leading gains among 30 members of EGX 30 benchmark, as investors see continued benefit from dollar revenue and pick-up in brokerage business, says Sherif Shebl, an equities trader at Pharos Holding for Financial Investments. Stock suspended for 30 minutes after trading above 5%, under rules of exchange Advance supported by “high exposure to dollar; plus market…

OPEC Oil Output Slides in December Amid Nigeria Disruptions

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LAGOS (Capital Markets in Africa) – OPEC’s crude production fell by 310,000 barrels a day in December, as unplanned disruptions in Nigeria reduced the group’s supply before deliberate cuts take effect this month. Nigeria’s daily output dropped by 200,000 barrels to 1.45 million in December, ending three months of gains as the African nation struggled to restore capacity after a year of militant attacks on oil infrastructure. Saudi Arabia’s production fell by 50,000 barrels a day…

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