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Angolan Party Rejects President’s Daughter as Oil Company Head

Luanda, Angola, Capital Markets in Africa: Angola’s main opposition party rejected President Jose Eduardo dos Santos’s decision to name his billionaire daughter Isabel as chairwoman of the state oil company and said it would ask parliament to debate the appointment. “The measure confirms once more the practice of nepotism by President Jose Eduardo dos Santos,” the National Union for Total Independence of Angola, known as Unita, said Tuesday in an e-mailed statement. “Angolans should not accept…

South Africa’s S&P Rating Respite Strengthens Gordhan’s Hand

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Johannesburg, South Africa, Capital Markets in Africa: South African Finance Minister Pravin Gordhan emerged in a stronger position in his tug of war with President Jacob Zuma after S&P Global Ratings decided not to cut the nation’s credit rating to junk. “This means that Gordhan will not be going anywhere for the time being, unless he takes a personal decision to go,” said Susan Booysen, a politics professor at the University of the Witwatersrand’s School of Governance. “This is another…

Angola Leader Secures Economic Grip Naming Daughter as Oil Boss

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Luanda, Angola, Capital Markets in Africa: Angolan President Jose Eduardo dos Santos tightened his family’s grip on sub-Saharan Africa’s third-biggest economy two years before he has indicated he’ll leave office by naming his billionaire daughter Isabel as chairwoman of the state oil company. The appointment “shows that President dos Santos doesn’t trust anyone else and moreover that he’s looking to have a dynastic succession,” Markus Weimer, an analyst for Horizon Client Access Inc., an energy investment advisory group, said…

Angola | Moody’s downgrades Angola’s rating to B1 with negative outlook

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Luanda, Angola, Capital Market in Africa — Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured debt ratings of the Government of Angola to B1 from Ba2 and assigned a negative outlook. The short-term issuer ratings have been affirmed at Not-Prime (NP). The key drivers of the downgrade are: The government’s financial position and the country’s external position have deteriorated sharply due to the shock stemming from the structural downward shift in…

Angolan Central Bank Lowers Kwanza Rate Against Dollar, Euro

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Luanda, Angola, Capital Markets in Africa — Angola’s central bank weakened the official exchange rate of the kwanza to 163.703 per dollar from 161.468 and to 182.905 per euro from 180.408, according to data published on regulator’s website. Kwanza -17.5% vs USD this year, worst performer among 23 African currencies.

Angola to Hold Talks on IMF Loan as Oil Prices Sting Economy

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Luanda, Angola, Capital Markets in Africa — Angola plans to start talks with the International Monetary Fund about a loan to help the oil-producing economy cope with the slide in oil. State revenue in Africa’s second-biggest producer of the commodity has plunged due to the weakening of crude prices since mid-2014, while the kwanza has declined almost 18 percent against the dollar this year. With the government relying on the oil industry for about 95 percent of export income,…

Angola’s central bank Raises Basic Interest Rate by 2% in March

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Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) held a meeting on 28 March 2016, decided to increase the Basic Interest Rate to by 200 basis points to 14.oo percent, to manage inflation rate and strength the currency, BNA said in a statement on its website on Tuesday. In addition, the central bank raised the standing lending facility rate to 16 percent from 14…

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