The Editorial Team |

Old Mutual Drops Most in Six Weeks as Profit Misses Estimates

Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, the London-based insurer planning to split into separate businesses, dropped the most in more than six weeks as first-half profit missed analyst estimates and the company said the rest of the year will be fraught with challenges. The stock slid as much as 6.3 percent on Thursday, the biggest intraday decline since June 24, before paring losses to trade 5.6 percent down at 212.90 pence as of 9:26…

Ethiopia Key U.S. Africa Ally Faces More Unrest After Scores Killed

Posted on by The Editorial Team

Addis Ababa, Ethiopia, Capital Markets in Africa: Ethiopia, a key U.S. ally in the fight against Islamist militants in East Africa, faces the prospect of further unrest after a crackdown on anti-government demonstrations held by its two largest communities over the weekend that Amnesty International said left 97 people dead. Security forces opened fire on protesters in the country’s Amhara region, with the worst bloodshed in the northern city of Bahir Dar where at least 30 people…

South Africa Opposition Wants Deal to Shut ANC Out of Johannesburg

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s Democratic Alliance is proposing a deal that would allow it to run the country’s biggest city while giving a smaller rival control of its first municipality and locking the ruling African National Congress out of the management of the two cities. The country’s biggest opposition party, known as the DA, wants to swap support with the Economic Freedom Fighters following local elections last week that would…

Nigeria Helped by Low Debt as It Tackles Slump With Spending

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Nigeria is facing a recession, a plunging currency, inflation at a decade-high and a widening budget deficit. It has one thing going for it: low debt. That means the west African nation has room to tap international markets as it plans to spend its way out of an economic slump, according to analysts including Manji Cheto at Teneo Intelligence. Nigeria said on Aug. 8 it’s seeking banks to manage a Eurobond sale…

IMF Sees Funding for Somalia If Government Sticks to Reforms

Posted on by The Editorial Team

Khartoum, Somalia, Capital Markets in Africa: Somalia may be eligible to tap financing from the International Monetary Fund and other multilateral lenders if it maintains a reform program intended to help rebuild the country’s war-shattered economy, the IMF country head said. Prospects for peace after more than two decades of conflict have been boosted after Somalis agreed to elect a new president on Oct. 30, Samba Thiam said in an e-mailed response to questions Aug. 9. The…

Emerging Markets Advance as Fed Optimism Sparks Dollar Weakness

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: Emerging-market currencies and bonds rallied as traders pushed back forecasts for when the Federal Reserve will increase U.S. interest rates, bolstering demand for higher-yielding assets. Most developing-nation currencies trading on Wednesday strengthened against the dollar, led by the South Korean won, Malaysian ringgit and South African rand. Russia’s ruble fell as oil declined for a second day, while the yuan strengthened the most in almost two weeks. Government bonds rallied, with Polish and…

Zambia Sees Swift Subsidy Cuts in $1.2 Billion IMF Deal

Posted on by The Editorial Team

Zambia, Capital Markets in Africa: Zambian President Edgar Lungu has pledged to remove or reduce energy and agricultural subsidies as part of a loan deal with the International Monetary Fund that could top $1.2 billion, his spokesman said. “Straight away when the IMF program begins, subsidies will significantly go down in the energy sector,” Amos Chanda said in an interview on Wednesday. “The president has promised to move rapidly to either completely do away with subsidies or progressively…

« 1 … 853 854 855 856 857 … 1,077 »