Features | - Part 220

IMF says expects board to consider Egypt loan in next few weeks

CAIRO (Capital Markets in Africa) – The International Monetary Fund said on Thursday that a $12 billion loan program for Egypt should be ready for board approval in the next few weeks and insisted that it would not call for cuts to food subsidies. “Progress has been made on a number of objectives and actions under that program in the subsequent period and we expect the program to come to the board within the next…

South Africa can avoid credit downgrades , Finance Minister says

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa is making progress towards avoiding rating downgrades despite the economy not growing fast enough, Finance Minister Pravin Gordhan told a trade union gathering on Wednesday a week before reading his mid-term budget speech. Ratings agencies have warned they could cut the country’s credit rating to “junk” by year-end if the country does not lift growth to at least 1 percent annually. “As a country we have to understand…

FIX Technology: Three Years on the Nigerian Capital Markets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Any analysis of Frontier markets will, inevitably, underline the role of technology and best-in-class operational processes and establish them as key drivers to moving a market from “frontier” to an “emerging markets” classification. Enabling technology and transparent efficient processes are, therefore, essential ingredients for these markets to achieve their full potential; serving both a national need for developmental capital and wealth creation, as well as an international need for…

How is Africa Navigating the new Reality: Contraction or Expansion?

Posted on by The Editorial Team

IMF Cuts 2017 GDP Growth Outlook for Africa’s Largest Economies The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices; policy uncertainty and weak investor confidence weigh on output. Gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in July, the Washington-based lender said in its latest World Economic Outlook Report. Nigeria’s economy will contract 1.7 percent this year and…

Ethiopian protesters attack factories in Africa’s rising economic star

Posted on by The Editorial Team

ADDIS ABABA (Capital Markets in Africa) – Protesters in Ethiopia damaged almost a dozen mostly foreign-owned factories and flower farms and destroyed scores of vehicles this week, adding economic casualties to a rising death toll in a wave of unrest over land grabs and rights. The violence has cast a shadow over a nation where a state-led industrial drive has created one of Africa’s fastest growing economies, but where the government has also faced rising international…

Best Western Continues Impressive Expansion into East Africa

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KIGALI (Capital Markets in Africa) – Best Western® Hotels & Resorts adds another hotel to its East African portfolio. The newest addition is BW Premier Collection The Alba, located in Nairobi, Kenya. Centrally located, with easy access to businesses, offices, banks, shopping and tourist attractions, it is the ideal place to stay in Nairobi for either business or pleasure. The new construction property, set to open in Q3 2017, features 83 carefully designed rooms all…

Zuma Complains About Criticism From AngloGold, Sibanye Leaders

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma’s office said it’s concerned by the “relentless public attacks” on him by leaders of Sibanye Gold Ltd. and AngloGold Ashanti Ltd. The presidency issued the statement after recent calls by AngloGold Ashanti Chairman Sipho Pityana and Sibanye Chief Executive Officer Neal Froneman urging Zuma to resign, arguing that his government’s poor record is deterring investment and economic growth. While Zuma respects freedom of speech, “such dialogue is more helpful…

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