Features | - Part 236

Tanzania Central Bank ‘Must’ Defend Currency, President Says

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

Posted on by The Editorial Team

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…

Mauritius Eyes Nigeria, Other Africa Markets to Grow Tourism

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Port Louis, Mauritius, Capital Markets in Africa: Mauritius is targeting Nigeria and other African nations to help sustain growth in tourism revenue that’s expected to reach almost 10 percent this year, Deputy Prime Minister and Tourism Minister Xavier Luc Duval said. The country received 114,796 visitors from Africa in the first five months of this year, accounting for 22 percent of the total, according to Statistics Mauritius. Of the visitors from Africa, more than half came from the…

STANLIB announces single equity franchise

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: STANLIB says it has drawn from its depth of talent, competence and experience in its investment team to make enhancements in the best interests of its customers. “These enhancements are in line with its proven operating model, which has now been successfully operating for five years. The specialist investment model offers a clear focus on client outcomes through line of sight and accountability of the investment professionals.” STANLIB says…

African Development Bank Sees Africa Eurobond Issuance Slowing on Rate Concern

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LAGOS, Nigeria, Capital Markets in Africa: African governments may curtail foreign-currency bond sales in coming months amid expectation that U.S. policy tightening will make it more expensive to pay back those debts, African Development Bank President Akinwumi Adesina said. “Right now there is a little bit of caginess with regard to issuing dollar bonds or Eurobonds because the Fed rates are going up, which means it’s becoming a race to the top of the yield curve,” Adesina…

South Africa Current-Account Gap Widens as Dividends Paid Rise

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s current-account deficit widened to 5 percent of gross domestic product in the first quarter as dividend payments by local companies to foreign shareholders increased. The gap on the current account, the broadest measure of trade in goods and services, widened from a revised 4.6 percent in the fourth quarter of last year, the Reserve Bank said in its Quarterly Bulletin released on Tuesday in the capital, Pretoria. The…

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