The Editorial Team |

Kenya Treasury Secretary to Meet Prospective Eurobond Buyers

NAIROBI, Capital Market in Africa: Kenyan Treasury Secretary Henry Rotich said he’s likely to meet potential investors in the East African nation’s next Eurobond while visiting the U.S. next month. The government has also factored a possible U.S. Federal Reserve interest-rate hike later this year into its plans for selling more debt offshore, he said in an interview Tuesday in the capital, Nairobi. Rotich will be attending the International Monetary Fund annual meetings in Washington scheduled to take place…

Visa Introduces Mobile-Money Product to Rival Safaricom’s M-Pesa

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Johannesburg, Capital Markets in Africa: Visa Inc., the world’s largest payments network, introduced a mobile-phone application to enable cashless transactions in Kenya, where the majority of wireless payments are being done through the nation’s biggest telecommunications company, Safaricom Limited. The mVisa app will initially facilitate transactions for people with accounts in four banks, including KCB Group Ltd. and Co-operative Bank of Kenya Ltd., according to Visa Emerging Markets Senior Vice President Uttam Nayak. The company estimates 84 million of Africa’s mobile-phone…

South Africa’s Jonas Worried State Firms Being Used Politically

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Johannesburg, Capital Markets in Africa: South African Deputy Finance Minister Mcebisi Jonas is “worried” about the impact of a perception that state institutions are being used to advance political agendas, saying the issue is a distraction to efforts to expand the economy. “Political behavior does sometimes impact negatively on certainty” and “times are tough, we should be focused on growing the economy,” he said in an interview on Johannesburg-based Talk Radio 702 on Tuesday. The National Treasury has…

Libya’s Oil Comeback Derailed as Former General Seizes Ports

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LIBYA, Capital Markets in Africa: Libya’s plans to restore oil production suffered a significant setback after forces loyal to the eastern region’s powerful military commander ousted government-backed fighters from key export terminals, just days before a tanker was due to load the first shipment in nearly two years. Khalifa Haftar’s fighters took the ports of Ras Lanuf and Es Sider from Ibrahim Jadran, leader of local Petroleum Facilities Guard units, on Sunday. His forces now control shipping…

President Zuma Turmoil Leaves South Africa’s Economy Down But Not Out

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Johannesburg, Capital Market in Africa: At first glance, South Africa appears on a road to nowhere, mired in leadership turmoil and economic stagnation that are rolling back many of the hard-won gains of 22 years of multiracial rule. President Jacob Zuma, who’s lurched from one scandal to the next, is warring with his finance minister over control of the National Treasury. Government and ruling-party officials are at each other’s’ throats over policy, appointments and alleged cronyism. And the…

Investment | DPI invests US$100mn in Atlantic Business International

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ABIDJAN, Capital Markets in Africa: Development Partners International (DPI), one of the leading African private equity specialists with US$1.1bn under management, has agreed to subscribe to a US$100mn capital increase through its ADP II Fund in Atlantic Business International (ABI). ABI is the third largest banking entity in the West African Economic and Monetary Union (UEMOA) and the second largest bank in Côte d’Ivoire in terms of deposits with banking and insurance operations across Côte…

Luster Wears off Tanzanian President’s Anti-Corruption Drive

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Dar es Salam, Capital Markets in Africa: Tanzanian President John Magufuli’s quick action to stem corruption and government waste won praise from so many graft-weary East Africans that it triggered the internet meme #WhatWouldMagufuliDo. Now, there are growing concerns that the man nicknamed “bulldozer” is going too far. This year, the government has banned three newspapers for reasons including “inflammatory” reporting and ordered the closure of two radio stations for allegedly broadcasting seditious content. In June, police outlawed all protests…

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