The Editorial Team |

Attijariwafa Said to Work With UBS on Bid for Barclays Egypt

Casablanca, Morocco, Capital Markets in Africa: Attijariwafa Bank, Morocco’s biggest lender, is working with UBS Group AG on a potential bid for Barclays Plc’s Egyptian business, people familiar with the matter said. The U.K. bank has received limited interest for the business after reaching out to Gulf-based banks, two of the people said, asking not to be identified as the information is private. The British bank has yet to receive any non-binding offers, they said. Chief Executive Officer Jes…

South Africa Maintains Rate at 7% Despite Inflation Risk in May

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Johannesburg, South Africa, Capital Markets in Africa: The pause in the South African central bank’s policy tightening cycle may be short-lived as it forecast increasing risks for inflation from a weaker rand and food prices. The repurchase rate was left unchanged at 7 percent, Governor Lesetja Kganyago told reporters on Thursday in the capital, Pretoria. Nineteen of the 25 economists in a Bloomberg survey predicted no change to borrowing costs. Five of the six members Monetary Policy Committee members preferred to keep the rate unchanged…

Glencore’s Best Start to Year Eases Blow From Post-IPO Slump

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LAGOS, Nigeria, Capital Markets in Africa: Glencore Plc shareholders showing up for the miner’s annual meeting on Thursday can take comfort in the stock’s best ever start to a year. Less so the loss of about half the company’s value since they met 12 months ago and more than 70 percent since a $10 billion initial public offering in 2011. Such wild share swings highlight both the opportunities from billionaire Chief Executive Officer Ivan Glasenberg’s plans to…

Ghana Regulator Probes Adviser in Latest Hurdle for Biggest IPO

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s largest initial public offering hit another snag as the nation’s regulator put the listing of shares in Agricultural Development Bank Ltd. on hold and began an investigation of the transaction adviser. ADB, which sold 450 million cedis ($116 million) of shares in an IPO that closed in March, filed a complaint last week against Accra-based IC Securities Holdings Ltd., Adu Anane Antwi, director general of the Securities and Exchange Commission, said…

MTN Raises South Africa Investment to $757 Million for Deals

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Johannesburg, South Africa, Capital Markets in Africa: MTN Group Limited raised its South Africa investment target by 50 percent as the continent’s biggest wireless operator by sales looks to boost its data-services offering with acquisitions and network upgrades in its home market. Capital expenditure will be about 12 billion rand ($757 million) in the country in 2016, MTN’s South Africa head Mteto Nyati told reporters in Johannesburg on Thursday. That compares with an 8 billion rand target…

Nigeria | Violent Struggle Over Oil and Money Rattles Global Energy Market

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LAGOS, Nigeria, Capital Markets in Africa: After years of relative peace, militants are again blowing up the pipelines that criss-cross the mangrove swamps of Nigeria’s Niger River delta, reducing oil output to the lowest in almost three decades and fueling a rally in global crude prices. The resurgent conflict in Africa’s largest economy has a long history, interweaving corruption and poverty with regional rivalries and presidential politics, but at its core is money. Between 2006 and…

Zimbabwe Cement Industry Demands Dangote Face Import Tariffs

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HARARE, Zimbabwe, Capital Markets in Africa: Zimbabwe’s cement industry has called on the government to impose tariffs on imports from international manufacturers including Dangote Cement Plc of Nigeria, which it says is undercutting local makers of the building material and threatening jobs. The government should impose a tariff of $50 a metric ton on cement made at a lower cost in other countries and then sold in Zimbabwe, the Cement and Concrete Institute of Zimbabwe said in a…

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