The Editorial Team |

Kenya’s Odinga Backs Call for Single Opposition Vote Candidate

NAIROBI, Capital Markets in Africa: Kenyan opposition leader Raila Odinga backed a call by former Vice President Kalonzo Musyoka for a single candidate to compete in next year’s presidential elections. The nominee should be fielded under banner of the Coalition for Reforms and Democracy, Odinga said in a statement e-mailed Tuesday from the capital, Nairobi. Musyoka has proposed that CORD be registered as a political party and that its three constituents each nominate a candidate, from whom one will…

Namibian President Says $5 Billion Funding Hinges on S. Africa

Posted on by The Editorial Team

WINDHOEK, Capital Markets in Africa: Namibia will seek to raise about $5 billion in loans and bonds over the next decade to help diversify and industrialize its economy with any debt sales to take place in South Africa, according to the country’s president. The southwest African nation plans to issue rand-denominated bonds and get funding from countries including the U.S., China, India and Japan, according to President Hage Geingob. “We’re looking at the South African bond market…

Moody’s Sees One-Third Probability of South Africa Downgrade

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: The probability that South Africa’s sovereign credit rating could be cut in November by Moody’s Investors Service is about a third, the company’s Vice President Zuzana Brixiova said. “We expect the probability of a downgrade at less than 50 percent, its closer to around one third,” Brixiova told reporters in Johannesburg on Tuesday. The country’s growth path will be “very important,” she said. South Africa is struggling to revitalize the economy…

Private Equity | Bain Cedes Control of Retailer Edcon in Debt-for-Equity Deal

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: U.S. private equity firm Bain Capital will cede control of Edcon Holdings Limited in a debt-for-equity swap, handing ownership of South Africa’s largest clothing retailer to creditors including Franklin Templeton after almost a decade of ownership. The move will reduce Johannesburg-based Edcon’s debt to 6 billion rand ($433 million) from 26.7 billion rand, Chief Executive Officer Bernard Brookes said in a presentation in Johannesburg on Tuesday. Edcon will also sell the Legit chain to Metier Private…

Old Mutual Said to Mull Wealth Unit Sale, Dropping IPO, on Costs

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: Old Mutual Plc, Africa’s largest insurer, may drop plans for a listing of its U.K. wealth management unit because of escalating costs from an upgrade of its investment platform, according to a person familiar with the matter. While managers at Old Mutual Wealth want to proceed with an initial public offering, executives at the group level are leaning towards options including a sale of the unit, the person said, asking not…

Nigerian Central Bank Keeps Benchmark Rate Unchanged in Sept

Posted on by The Editorial Team

LAGOS. Capital Markets in Africa: Nigeria’s central bank left its main lending rate unchanged as it weighed supporting the currency and fighting inflation while propping up an ailing economy. The Monetary Policy Committee held the benchmark rate at 14 percent, Governor Godwin Emefiele told reporters Tuesday in the capital, Abuja. That was in line with projections of eight of the 17 economists surveyed by Bloomberg. One predicted a 100 basis point cut, and the rest said policy would be tightened by…

Emerging-Market Volatility Near Brexit Level Before Fed, BoJ

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Volatility in emerging markets hovered near the highest level since June as traders awaited verdicts on monetary policy from the Federal Reserve and the Bank of Japan. The MSCI Emerging Markets Index rose 0.1 percent to 898.61 as of 10:37 a.m. in New York after falling as much as 0.1 percent. Equity benchmarks in the Philippines and Qatar gained at least 1 percent, while measures in Russia, Turkey and India retreated. South…

« 1 … 830 831 832 833 834 … 1,077 »