The Editorial Team |

Oil dips as OPEC joins Russia in upping output ahead of production cut

LAGOS (Capital Markets in Africa) – Oil prices eased on Tuesday as crude output rose in virtually every major export region despite plans by OPEC and Russia to cut production, triggering fears that a fuel glut that has dogged markets for over two years might last well into 2017. International Brent crude oil futures were trading at $54.75 per barrel at 0807 GMT, down 19 cents, or 0.3 percent, from Monday’s close. U.S. West Texas…

South Africa’s economy barely grows in Q3 renewing downgrade fears

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s economy barely grew in the third quarter of the year as the manufacturing sector contracted sharply, renewing fears that the reprieve from ratings downgrades will only be temporary. Gross domestic product expanded by only 0.2 percent in the period between July to September compared with a revised 3.5 percent in the second quarter, Statistics South Africa said on Tuesday. The figure was just shy of the 0.5…

Egypt signs 3-yr 18 bln yuan bilateral currency swap with China

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CAIRO (Capital Markets in Africa) – China and Egypt on Tuesday concluded an 18 billion yuan ($2.62 billion) three-year bilateral currency swap, a move that importers and economists said would facilitate trade and improve foreign currency liquidity in cash-strapped Egypt. Egypt’s central bank, which signed the deal with the People’s Bank of China, said the arrangement could be extended by mutual consent. “This bilateral currency swap is a mutually beneficial arrangement between both countries,” it…

Nigeria Export Agency Sees Roads, Rail Routes to Growth Recovery

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LAGOS (Capital Markets in Africa) – Nigeria’s push to end its economic contraction requires expanding the country’s road and rail networks for an export-led recovery that would ease a reliance on oil, head of the West African nation’s export agency said. “It’s important we build roads that lead to markets,” Segun Awolowo, chief executive officer of the Nigerian Export Promotion Council, said in an interview in the capital, Abuja. “The rail needs to move goods…

Private Equities Partner to Support Agrotech Startups in East Africa

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NAIROBI (Capital Markets in Africa) – Village Capital and Schooner Africa Fund have launched the Africa Investment Marketplace to invest between $100K and $500K into early stage agrotech startups in East Africa, a move aimed at tackling the disconnect in the region’s between early-stage ventures looking for capital, and investors looking for deal flow. “We are providing due diligence, transaction advisory, investor matching and deal syndication services for 8 agribusinesses from Kenya, Tanzania, Uganda, and…

How much will OPEC’s decision to cut 1.2 million b/d bolster oil price?

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LAGOS (Capital Markets in Africa) – In what has been described as a ‘historic decision,’ OPEC member nations have agreed to cut production by 1.2 million barrels per day (b/d) for six months, beginning 1 January 2017. The group has stated that to rebalance the oil market, cuts are necessary not only from OPEC, but also from other key producers. OPEC stated that these non-OPEC producers can achieve at least 600,000 b/d in additional production cuts, with…

Mozambique bondholders call debt-restructuring deadline a “pipe dream”

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MAPUTO (Capital Markets in Africa) – Debt-ridden Mozambique has no chance of meeting its year-end deadline for a restructuring deal, according to investors who are preparing to dig in their heels until the country comes clear on what it owes and to whom. The southern African country, one of the world’s poorest, has seen its currency and investor confidence collapse since April, when the International Monetary Fund halted a loan after uncovering previously undisclosed debts that…

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