The Editorial Team |

Nigeria Needs Lower Interest Rates, Finance Minister Says

LAGOS, Capital Markets in Africa: Nigeria’s Monetary Policy Committee needs to cut interest rates to help boost the economy because it’s currently more important to focus on growth than on inflation, according to Finance Minister Kemi Adeosun. “We would like to see the interest-rate increase that happened at the last MPC meeting reconsidered,” Adeosun said in an interview with broadcaster CNBC Africa Monday. “At the moment in the Nigerian economy, growth is the most important thing.”…

As Commodity Slump Batters Africa, Investors Turn to Technology

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: The titans of Silicon Valley are undeterred by the economic slump afflicting much of Africa. Facebook Inc., Google, Oracle Corp. and Uber Technologies Inc. are at the leading edge of turning the world’s frontier markets digital. As the commodity crash buffets the continent’s biggest economies, the interest and investments couldn’t come at a better time. Almost half of foreign direct investment projects in Africa last year were in technology, telecommunications, financial services…

Private Equity | Helios signs $115.8 million agreement with Oando PLC

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: Oando PLC ( Oando or the Group), an integrated oil and gas company headquartered in Nigeria, has announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP (Helios), to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (OGP). The agreed transaction consideration of US$115.8mn is conditional upon the receipt of regulatory approvals and…

Kenyan Bond Yields at 14-Month Lows as Rate Cap Hurts Stocks

Posted on by The Editorial Team

NAIROBI, Capital Markets in Africa: Yields on Kenyan government bonds dropped to the lowest in 14 months after a new law capping interest rates charged by commercial banks sparked a stock market slump, sending investors scurrying for the safety of fixed-income securities. Kenyan shilling debt has returned 6.7 percent this quarter, compared with the 3.9 percent average return of high-yield local-currency sovereign debt monitored by Bloomberg. The benchmark stock index plunged 9.2 percent in the…

Kenya’s Odinga Backs Call for Single Opposition Vote Candidate

Posted on by The Editorial Team

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…

« 1 … 830 831 832 833 834 … 1,077 »