The Editorial Team |

Lungu Wins Zambia Presidential Vote Rival Says Was Rigged

LUSAKA, Zambia, Capital Markets in Africa: Zambian President Edgar Lungu was declared the winner of an Aug. 11 election that the main opposition said was stolen by the electoral commission and ruling party officials who colluded to rig the outcome — an allegation the authorities deny. Lungu, 59, secured a five-year term with 1.86 million of the about 3.7 million valid votes cast, surpassing the 50 percent mark needed to avoid a runoff, Esau Chulu, chairman of…

Al-Qaeda Affiliate Seen Posing Increasing Risk in East Africa

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NAIROBI, Kenya, Capital Markets in Africa: East Africa faces a rising threat from al-Qaeda’s Somalia-based affiliate after it established a presence in five other countries in the region, according to a report from a multi-national bloc. Al-Shabaab, which is being targeted both by U.S. drones and an African military force, has expanded to Djibouti, Ethiopia, Kenya, Tanzania and Uganda since 2010, the Intergovernmental Authority on Development said Monday. The militants have staged fatal attacks in Kenya, killing dozens of…

IMF Steps Deeper Into Middle East Cauldron With Loan to Egypt

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CAIRO, Egypt, Capital Markets in Africa: The International Monetary Fund is stepping up lending in a region where economic reformers haven’t exactly had the most success. Hoping to restore the confidence of foreign investors, Egypt announced an initial agreement Thursday to borrow $12 billion over three years from the IMF, joining Iraq, Tunisia and Jordan in taking money from the Washington-based fund. Egypt’s program is likely to see the government of President Abdel-Fattah El-Sisi move toward a…

IMF Plans to Help Egypt Secure Remaining Money for Loan Deal

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CAIRO, Egypt, Capital Markets in Africa: The International Monetary Fund said it will help Egypt plug the remaining financing gap for its economic program before the fund’s executive board approves a $12 billion loan deal with the Arab country. The government is targeting $21 billion over three years to revive growth and ease a crippling foreign-exchange shortage. In addition to the IMF loan, funds will come from the World Bank, the bond market, and bilateral accords. “All…

South Africa’s Rand Gains Offer South Africa’s Kganyago ‘Cushion’ on Rates

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South Africa, Capital Markets in Africa: The recent strength of South Africa’s rand is providing a cushion for the country’s policy makers and shouldn’t lead to complacency in tackling inflation, Reserve Bank Governor Lesetja Kganyago said. “The risks to the inflation outlook has to do with possible future weakness in the currency,” Kganyago told reporters at a central bank event in Pretoria on Thursday. “The fact that the currency has strengthened has not taken that way, it has…

Zambians Await Presidential Vote Results After Frenzied Campaign

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LUSAKA, Zambia, Capital Markets in Africa: Ballot counting in Zambia was under way Friday after voting ended in a hotly contested election that pitted President Edgar Lungu against his main challenger, Hakainde Hichilema, for the second time in 19 months. Less than 28,000 votes separated the two men when they contested a snap poll in January last year, after President Michael Sata died in office. While Lungu’s administration has improved the country’s road system and built new clinics and schools, a growth…

SBM of Mauritius Looks to New Hires to Sustain Earnings Growth

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Mauritius, Capital Markets in Africa: SBM Holdings Ltd., the second-biggest company by market value in Mauritius, plans to reshuffle its top management and make new hires to sustain earnings growth that saw first-half profit more than double. “With further appointments at strategic posts in the coming months, in line with the implementation of our modernization and diversification plan, SBM is poised to generate new sources of income which will impact even more favorably on our…

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