The Editorial Team |

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

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…

Blackouts, Violence and Now Recession: Nigeria’s Troubles Mount

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LAGOS, Capital Markets in Africa: On a site four times the size of Manhattan along the banks of the Niger river, the Ajaokuta steel plant was supposed to symbolize Nigeria’s modernity and prosperity rather than its failure. Russian contractors first started building it in 1979 and estimates on how much has been spent range from $4 billion to $10 billion. The state-owned company that owns the facility calls it “the bedrock of Nigeria’s industrialization.” It’s…

Fastjet Drops Airbus Jets for Embraer While Planning HQ Move

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LAGOS, Capital Markets in Africa: Africa-focused discount airline Fastjet Plc will switch to a fleet of Embraer SA regional jets from larger Airbus Group SE planes as new Chief Executive Officer Nico Bezuidenhout seeks to stem losses by better matching capacity to demand. The fledgling carrier also plans to move its headquarters to Johannesburg from London to pare expenses and bring the company closer to its key markets, Bezuidenhout, who took over as CEO last month, said in an interview in the South African city, the…

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