The Editorial Team |

Nigerian Police Rescue Oil Workers Seized Near Southern Oil Hub

LAGOS, Capital Markets in Africa: Nigerian police rescued 14 oil workers kidnapped near the southern oil hub of Port Harcourt following a gun fight with the abductors, an official said. “The oil workers were rescued unhurt” after the gunmen abandoned them and fled during the gun battle with the police, Nnamdi Omoni, a police spokesman, said by phone from Port Harcourt on Monday. The 14 employees of Nestoil Ltd., a Nigerian company, were seized on Sept….

Egypt Edges Closer to IMF $12 Billion Loan Approval

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CAIRO, Capital Markets in Africa: Egypt will request a meeting of the International Monetary Fund’s executive board within days after meeting the requirements for a $12 billion loan, the lender’s largest ever in the region. “We are making very good progress on getting the required $5 billion to $6 billion” stipulated by the IMF before the board reviews the loan, Egypt’s Deputy Finance Minister Ahmed Kouchouk told reporters at a two-day Euromoney conference that began on Monday in…

Currencies to Politics Bedevil African Central Banks’ Task

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LAGOS, Capital Markets in Africa: Africa’s major economies are taking diverging approaches to monetary policy as they struggle to cope with volatile currencies, slumping growth and political meddling. Ghana, Kenya, Nigeria and South Africa are set to announce interest-rate decisions this week in an environment marked by accelerating price growth and an economic slump in some countries and attempts by politicians to prescribe policy in others. While Nigeria’s central bank will probably take more aggressive action, South Africa,…

Emerging Markets Bounce Back as Fed Seen Holding Rates Steady

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LAGOS, Capital Markets in Africa: Emerging-market stocks rebounded from their biggest weekly drop in four months as optimism that the Federal Reserve will delay raising U.S. interest rates rekindled risk demand. Taiwan’s benchmark equity index jumped the most in a year on speculation demand for Apple Inc.’s latest iPhone model will boost earnings for the island’s suppliers. Hungarian bonds rose for a second day as S&P Global Ratings upgraded the country to investment grade. Russia’s ruble and…

Nigeria Says Oil Output at 1.75 Million Barrels a Day and Rising

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LAGOS, Capital Markets in Africa: Nigeria’s oil output has reached 1.75 million barrels a day and will keep rising after government outreach and a cease-fire with militants allowed some production to be restarted. Mediation with “traditional chiefs and rulers from the region is having positive impact on production,” Minister of State for Petroleum Emmanuel Kachikwu said Monday at a government economic management team meeting with private investors in Abuja. Output should reach 1.8 million barrels a…

Oil Rebounds as Libyan Fighting Thwarts Resumption of Exports

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LAGOS, Capital Markets in Africa: Oil rebounded from the lowest close in more than a month after clashes halted what would have been the first crude shipment from Libya’s Ras Lanuf export terminal since 2014. Crude rose as much as 2.6 percent in New York. The tanker Seadelta suspended loading after fighting on Sunday between local Petroleum Facilities Guard units and forces loyal to eastern-based military commander Khalifa Haftar. OPEC may call an extraordinary meeting if ministers reach consensus at…

IMF Sees Tanzanian Growth Being Spurred by Public Spending

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DAR ES SALAM, Capital Markets in Africa: Tanzania’s economy is expected to grow 7.2 percent this year, driven by public spending and President John Magufuli’s efforts to curb government waste, the International Monetary Fund’s resident representative said. Investment in roads and power plants, along with upgrades to ports and airports, a drive to boost government revenue and lower oil prices all support the expansion of the economy, Bhaswar Mukhopadhyay said in an interview Sept. 16 in the…

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