African Trade Bank Plans Eurobond Sales to Build on May Sale

African Trade Bank Plans Eurobond Sales to Build on May Sale

LAGOS (Capital Markets in Africa) – Trade & Development Bank, a trade financier with 22 African countries as members, plans to return to the market sooner than planned to raise $100 million as borrowing costs become more favorable. “There’s a strong possibility that we would be tapping by the end of 2019,” Chief Executive Officer Admassu Tadesse said in an interview in Port-Louis. “It could be $100 million dollar – we would see that as a more…

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Trade Finance in Africa: Challenges, Opportunities And The Role of Risk In Reducing The Financing Gap

Trade Finance in Africa: Challenges, Opportunities And The Role of Risk In Reducing The Financing Gap

LAGOS (Capital Markets in Africa) – Trade finance in Africa offers a mixture of intertwined challenges and opportunities. Take for instance the continent’s contribution to global GDP and trade, which stands at just 3 percent in contrast to its population, which accounts for 17 percent of the world’s total. Numerous factors contribute to this mismatch including, in the financing space, a lack of transparency, lack of access to adequate trade financing facilities, lack robust financial…

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New import-restrictive measures hit $336bn of trade merchandise

New  import-restrictive  measures  hit  $336bn  of trade merchandise

LAGOS (Capital Markets in Africa) – The World Trade Organization indicated that WTO members have put in place 20 new trade-restrictive measures between mid-October 2018 and mid-May 2019, compared to 40 measures between mid-May 2018 and mid-October 2018. Trade restrictive measures consisted of 16 import-related restrictions and four export-related measures. The WTO members introduced an average of three trade-restrictive measures per month during the covered period, down from eight measures per month between mid-May 2018…

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British High Street Woes Weigh on Truworths as Retailer Slumps

British High Street Woes Weigh on Truworths as Retailer Slumps

JOHANNESBURG (Capital Markets in Africa) – Truworths International Holdings Ltd. fell the most in five months in Johannesburg as the South African retailer joined the ranks of those feeling the pain from the U.K.’s ailing shopping streets. Truworths said Tuesday British footwear subsidiary Office had started debt restructuring talks with its lenders in the face of the “depressed retail trading environment.” The stock slumped as much as 6.5%, the biggest drop since January, making it the second-worst performer among…

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Ethiopian PM Says Reforms Will Deliver 3 Million Jobs in 2019-20

Ethiopian PM Says Reforms Will Deliver 3 Million Jobs in 2019-20

ADDIS ABABA (Capital Markets in Africa) – Abiy Ahmed plans to double jobs created in 2019-20 as he implements a reform agenda that opens up the economy for more foreign investment. Africa’s second-most populous nation will probably create 3 million jobs in the year starting July 8 compared with 1.4 million in the previous 12 months, Abiy told lawmakers in the capital, Addis Ababa. Most of the jobs will come from small businesses, he said. While…

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Moody’s Sees Wave of M&A Deals Among Ghana Insurers on New Rules

Moody’s Sees Wave of M&A Deals Among Ghana Insurers on New Rules

ACCRA (Capital Markets in Africa) – Moody’s Investors Service is predicting Ghana’s insurance industry will see a wave of mergers and acquisitions after the West African nation’s regulator more than tripled minimum capital requirements. The move to higher capital requirements is credit positive for the industry, Brandan Holmes, a vice president at Moody’s, said in emailed response to questions. Smaller insurers will either need to raise additional cash or be absorbed by their larger rivals, he…

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Nigeria Sees $48 Billion Energy Investment Flow Through 2025

Nigeria Sees $48 Billion Energy Investment Flow Through 2025

LAGOS (Capital Markets in Africa) – Nigeria sees itself securing oil and gas investments worth $48 billion between 2018 and 2025, which is 25% of a $194 billion surge of capital anticipated to flow into Africa during the eight-year period, according to the state-owned Nigerian National Petroleum Corp. “The nation’s energy outlook appears very positive even amidst the difficult operating and economic headwinds across the continent,” Maikanti Baru, the outgoing group managing director of the company…

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