The Editorial Team |

Kenya Cuts Rates Weeks After Capping Cost of Commercial Credit

NAIROBI, Capital Markets in Africa: The Central Bank of Kenya reduced its benchmark rate by 50 basis points to 10 percent, its second cut in four months, in a bid to boost private-sector credit amid government restrictions on loan costs. “The MPC noted the continued decline in growth of private sector credit, which has persisted since the last meeting, posing a risk to economic growth,” Governor Patrick Njoroge said in an e-mailed statement from the capital, Nairobi, Tuesday. Only…

Libya Crude Output Rises as Oil Fields Restart, Ports Reopen

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TRIPOLI, Capital Markets in Africa: Libya boosted crude production by more than 70 percent since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years. The North African nation’s crude output rose to 450,000 barrels a day after work resumed at some oil fields, Ibrahim Al-Awami, head of oil measurement department at state-run National Oil Corp., said by phone on Tuesday. Armed conflicts…

Egypt trade deficit narrows by $7 bln since January: trade minister

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CAIRO, Capital Markets in Africa: Egypt’s trade deficit has narrowed by $7 billion since January, Trade and Industry Minister Tarek Kabil said on Tuesday, adding that exports could rise by 10 percent – helping close the trade gap even more – if authorities devalued the local currency. Pressure has been mounting on the central bank to devalue the currency as Egypt struggles to revive an economy hit by political unrest that has driven away tourists and…

Rwanda’s economic growth slows to 5.4 pct in Q2

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KIGALI, Capital Markets in Africa: Rwanda’s economy grew by 5.4 percent in the second quarter of the year, down from an expansion of 7.2 percent in the same period last year, the statistics office said on Tuesday. The country has had a stellar run in recent years, posting faster growth than other East African economies, but it has been curbed by a weakening of the currency this year, after imports surged. Yusuf Murangwa, the director…

Violence in Congo as Thousands Urge President to Step Down

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CONGO, Capital Markets in Africa: Protesters clashed with security forces across the Democratic Republic of Congo’s capital, Kinshasa, throwing rocks and burning tires as opposition parties marched to call on President Joseph Kabila to step down. Hundreds of armed police, military and presidential guard took up positions around the city center to prevent the protesters from reaching the government district. Agence France-Presse reported that two police officers were killed in clashes with protesters, citing government spokesman Lambert Mende. The…

Ghana’s Central Bank Keeps Benchmark Interest Rate in Sept

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ACCRA, Capital Markets in Africa: Ghana’s central bank kept its benchmark interest rate unchanged for a fifth consecutive meeting after inflation accelerated in August. The Bank of Ghana held the rate at 26 percent, Governor Abdul Nashiru Issahaku told reporters Monday in the capital, Accra. That was in line with the forecast of six of the eight economists in a Bloomberg survey. One said the rate would be cut by 100 basis points and another forecast a 200 basis-point…

Bidvest, Life Healthcare Rise After JSE Top40 Index Inclusion

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JOHANNESBURG, Capital Markets in Africa: Bidvest Group Ltd. and Life Healthcare Group Holdings Ltd. gained for the first time in three days in Johannesburg trading after the companies were added to the stock exchange’s Top40 index. Bidvest, the diversified South African industrial group, advanced as much as 1.4 percent to 152.59, while hospital operator Life Healthcare climbed 1.1 percent to 38.15 rand. The companies and Sibanye Gold Ltd. and Gold Fields Ltd. joined the FTSE/JSE Top40 Tradeable Index…

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