The Editorial Team |

MTN Sinks as Nigeria Fine, Currency to Cause First-Half Loss

LAGOS, Nigeria, Capital Markets in Africa: MTN Group Ltd. fell in Johannesburg trading as Africa’s largest mobile-phone company said it expects to report a first-half loss after agreeing to pay a record fine in Nigeria. The shares dropped 2.5 percent to 138.13 rand by 11:25 a.m., after earlier slumping as much as 3.8 percent, the most in three weeks on a closing basis. The 330 billion naira ($1.18 billion) settlement in Nigeria, announced in June, will reduce earnings per…

Nigeria’s Skye Bank Gains on Report Power Firm May Pay Debts

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LAGOS, Capital Markets in Africa: Skye Bank Plc, whose top management was replaced by regulators this month, surged for a second day following a report that a major debtor reached an agreement that may help it repay the Nigerian lender. The stock closed up 9.1 percent to 72 kobo in Lagos, the best performer on the 171-member Nigerian Stock Exchange All-Share Index. Almost 58 million shares were traded, about four times the three-month daily average. Skye plunged…

Flows From Single Deal Will Help Double Tanzania’s FDI in 2016

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Tanzania, Capital Markets in Africa: Tanzania may receive $4.2 billion in foreign direct investment this year, double the average annual amount, boosted by inflows for a single project, the head of the Tanzania Investment Centre said. “A few days ago, we got someone who is bringing investment that’s more than the annual combined investment that we have been getting,” acting Executive Director Clifford Tandari said, declining to provide any details. “So the future outlook is…

IMF Says Nigeria’s Economy May Contract by 1.8% in 2016

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LAGOS, Nigeria, Capital Markets in Africa: Africa’s largest economy will probably contract by 1.8 percent this year and curb growth in the entire region, according to the International Monetary Fund. The Washington-based lender cut its 2016 growth forecast for Nigeria from 2.3 percent projected in April, according to its World Economic Outlook update released on Tuesday. The projection for next year was reduced to 1.1 percent from 3.5 percent. The Nigerian economy will contract for the first…

IMF Says Brexit Will Drag Down World Economic Growth

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LAGOS, Nigeria, Capital Markets in Africa: Britain’s decision to leave the European Union will reduce global economic growth this year and next, the International Monetary Fund says. The IMF said Tuesday that it is shaving its estimate for worldwide growth to 3.1 percent this year and 3.4 percent in 2017. Both estimates are 0.1 percentage points lower than the bank’s previous forecast in April. IMF chief economist Maurice Obstfeld said the bank was prepared “as…

South Africa GDP Growth Too Slow to Improve Conditions, IMF Says

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South Africa, Capital Markets in Africa: Economic growth in South Africa is too slow to improve living standards in a country where a third of the population is excluded from the economy, according to the International Monetary Fund. “The cost of insufficient action has reached the critical point,” the lender’s First Deputy Managing Director David Lipton said in a speech in Johannesburg on Tuesday. “What is needed is a fresh and energetic review of South Africa’s policies, followed by…

Namibia’s Diamond Discoveries Seen Extending Mining by 50 Years

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Namibia, Capital Markets in Africa: Discoveries of diamonds on land bordering the southern Atlantic coastal areas of Namibia, the world’s largest producer of marine gems, may extend ground-based mining operations by another 50 years, Finance Minister Calle Schlettwein said. Namdeb Diamond Corp., jointly owned by the Namibian government and Anglo American Plc’s De Beers, struck more deposits after pushing back the sea wall at its land-based operations, Schlettwein said an interview Sunday in Kigali, Rwanda’s capital, where he was…

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