Features | - Part 235

Kenya’s Odinga Says He Has Evidence Eurobond Funds Went Missing

KENYA, Capital Markets in Africa: Kenya’s main opposition party says it will produce evidence in coming weeks to support allegations that almost a third of the $2.82 billion the nation raised in its debut Eurobond sale two years ago has been misappropriated. Raila Odinga, the leader of the Coalition for Reforms and Democracy, said the East African nation’s Auditor-General doesn’t have a paper trail to account for the transfer of the funds into the country….

Mauritius Expects 46% Leap in Foreign Investment This Year

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MAURITIUS, Capital Markets in Africa: Mauritius’s government expects foreign direct investment to increase as much as 46 percent this year, even as the United Kingdom’s decision to leave the European Union may curb inflows to the Indian Ocean island nation. Foreign investors are expected to commit 14 billion rupees ($395 million) by the end of 2016, compared with 9.6 billion rupees last year, Board of Investment Chief Executive Officer Ken Poonoosamy said in a phone…

Old Mutual Split Forges Ahead Even as Brexit Risks Returns

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SOUTH AFRICA, Capital Markets in Africa: Old Mutual Plc plans to split into a South African holding company that will consist mainly of its emerging-markets businesses and another company comprising its wealth management operations, with shares traded on the London Stock Exchange. The insurer will spin off a significant portion of its stake in Nedbank to investors, leaving the South African company with a strategic holding in the lender through Old Mutual Life Assurance Co., the insurer…

Ghana Sees Debt Levels Slowing as Growth Outpaces Borrowings

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GHANA, Capital Markets in Africa: Growth in Ghanaian government debt will slow in 2016 as economic expansion outpaces borrowing, Finance Minister Seth Terkper said. The West Africa nation’s debt, which measured 71 percent of gross domestic product in 2015, “will improve on account of positive growth,” Terkper told journalists Monday in the capital, Accra. The economy of the world’s second-biggest cocoa grower expanded by 4.9 percent in the first quarter from a year earlier, compared with a revised 4.1…

Tanzania Central Bank ‘Must’ Defend Currency, President Says

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Dar es Salam, Tanzania, Capital Markets in Africa: Tanzania’s central bank should rally to the defense of the shilling by taking steps such as stopping the “dollarization” of the economy, President John Magufuli said. The currency of the natural gas-producing country has weakened almost 2 percent against the dollar this year, extending depreciation of 19 percent in 2015. Tanzania held $3.9 billion of gross international reserves at end-March, sufficient for 4.1 months of imports. “The central bank…

World’s 2nd-Biggest Sovereign Fund Sees Oil Glut Until Mid-2017

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LAGOS, Nigeria, Capital Markets in Africa: The global oil glut will probably persist until at least next summer as markets take time to absorb excess crude in storage, according to the head of research at the world’s second-largest sovereign wealth fund. Supply and demand for oil are coming back into balance, and the response of shale producers to rising prices will help determine how high crude can go, Christof Ruehl, the global head of research at Abu Dhabi Investment Authority,…

Africa’s Richest Person Drops $3.7 Billion on Plunging Naira

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LAGOS, Nigeria, Capital Markets in Africa Nigerian billionaire Aliko Dangote, Africa’s richest person, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day of trading without a peg to the U.S. dollar. Dangote’s fortune fell $3.7 billion, knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on Friday. The majority of Dangote’s $12.7 billion fortune is derived from a 91 percent stake in Dangote Cement…

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