The Editorial Team |

Heineken Sales Slow in Africa as Low Oil Prices Curb Demand

LAGOS, Capital Markets in Africa: Heineken NV, the world’s third-largest brewer, reported sales growth that missed expectations as demand waned in key regions such as Africa, Russia and the Middle East. Second-quarter beer volumes dipped 5.9 percent on an organic basis across Africa, the Middle East and Eastern Europe, hurt by a weakening environment in Russia and Nigeria where low oil prices and falling currencies are denting growth. Chief Executive Officer Jean-Francois van Boxmeer said cuts to…

World Bank Stops Funding World’s Biggest Power Plant Plan

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LAGOS, Nigeria, Capital Markets in Africa: The World Bank has suspended funding to help develop a $14 billion hydropower project in the Democratic Republic of Congo, a stage in what could become the world’s biggest power plant, after a disagreement with the nation over implementation plans. The announcement to halt financing the Inga 3 project followed the Congo’s decision “to take the project in a different strategic direction to that agreed between the World Bank and the government in…

Egypt Stocks Rise Most in World as Bonds Rally on IMF Loan Talks

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CAIRO, Egypt, Capital Markets in Africa: Egyptian stocks and bonds rallied after the government said it’s negotiating with the International Monetary Fund for a loan to help revive its battered economy. The EGX 30 Index advanced 4.7 percent to 7,894.03 at 11:08 a.m. in Cairo, the biggest gain among more than 90 gauges tracked by Bloomberg globally. Commercial International Bank Egypt was the largest contributor to the jump, climbing 6.8 percent, the most on a closing basis since…

Egypt Seeks $12 Billion IMF Loan to Repair Battered Economy

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CAIRO, Egypt, Capital Markets in Africa: Egypt plans to secure a $12 billion loan from the International Monetary Fund to ease a crippling dollar squeeze and restore confidence in the economy, an accord that would be the fund’s biggest aid package in a region pummelled by political unrest and the plunge in oil prices. Stocks surged after authorities said on Tuesday evening they will finalize terms with an IMF team set to visit Cairo from July…

Kenya Leads in Mobile Remittances Globally, WorldRemit Says

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NAIROBI, Kenya, Capital Markets in Africa: Kenyans living abroad sent one million mobile-phone money transactions through transfer company WorldRemit over the past five years, the most of 50 nations where the services are used. Remittances are the leading source of foreign exchange in East Africa’s biggest economy and hit a record of $156.1 million in June from $146.8 million in the previous month, according to Central Bank of Kenya data. London-based WorldRemit processes 450,000 transactions every month, 50,000 of them transfers to Kenya, the…

Market Watch: Emerging-Market Stocks Advance With Volatility at 11-Year Low

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose toward the highest level since China’s currency devaluation last year, while volatility fell to an 11-year low, on optimism earnings are improving and central banks remain supportive of growth. Egyptian stocks rallied the most in the world after the government said it’s nearing the final stages of talks for an International Monetary Fund loan. Turkey’s benchmark index headed for a one-week high, rising with the country’s bonds and currency,…

Kenyan Banks Seen Resisting Lower Loan Costs After Rate Cut

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NAIROBI, Kenya, Capital Markets in Africa: The Central Bank of Kenya’s reduction of the benchmark rate used by lenders to set borrowing costs may have caught commercial banks by surprise but they may find ways to dodge lowering lending rates. “Which bank would want to lend at a lower rate, taking more risk for lower returns?” Faith Atiti, a research analyst at Commercial Bank of Africa Ltd., said by phone from Nairobi. Banks will probably increase premiums and…

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