News | - Part 19

Al-Qaeda Affiliate Seen Posing Increasing Risk in East Africa

NAIROBI, Kenya, Capital Markets in Africa: East Africa faces a rising threat from al-Qaeda’s Somalia-based affiliate after it established a presence in five other countries in the region, according to a report from a multi-national bloc. Al-Shabaab, which is being targeted both by U.S. drones and an African military force, has expanded to Djibouti, Ethiopia, Kenya, Tanzania and Uganda since 2010, the Intergovernmental Authority on Development said Monday. The militants have staged fatal attacks in Kenya, killing dozens of…

IMF Plans to Help Egypt Secure Remaining Money for Loan Deal

Posted on by The Editorial Team

CAIRO, Egypt, Capital Markets in Africa: The International Monetary Fund said it will help Egypt plug the remaining financing gap for its economic program before the fund’s executive board approves a $12 billion loan deal with the Arab country. The government is targeting $21 billion over three years to revive growth and ease a crippling foreign-exchange shortage. In addition to the IMF loan, funds will come from the World Bank, the bond market, and bilateral accords. “All…

SBM of Mauritius Looks to New Hires to Sustain Earnings Growth

Posted on by The Editorial Team

Mauritius, Capital Markets in Africa: SBM Holdings Ltd., the second-biggest company by market value in Mauritius, plans to reshuffle its top management and make new hires to sustain earnings growth that saw first-half profit more than double. “With further appointments at strategic posts in the coming months, in line with the implementation of our modernization and diversification plan, SBM is poised to generate new sources of income which will impact even more favorably on our…

South Africa’s Aveng Rises by Record as JSE Sentiment on Construction Improves

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South Africa, Capital Markets in Africa: Aveng Ltd., South Africa’s largest construction company by sales, jumped by the most on record in Johannesburg trading after forecasting better earnings and as sentiment toward the industry improves. Aveng surged as much as 23 percent and was 17 percent higher at 5.52 rand by 11:43 a.m., taking its advance this week to 38 percent. The company said Aug. 10 it expects a smaller full-year loss. The seven-member FTSE/JSE Africa…

Zenith Bank at Three-Week Low as First-Half Profit Slides

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LAGOS, Nigeria, Capital Markets in Africa: Zenith Bank Plc, Nigeria’s second-largest lender by market value, fell to the lowest level in almost three weeks after reporting a 16 percent drop in first-half profit. The stock, which has declined in six out of the past seven days, slid 2.5 percent to 15.60 naira, the lowest closing price since July 22. That pared gains this year to 11 percent, making it the fourth best-performing bank on the…

Zambia Votes After Violence Mars Close-Run Presidential Race

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LUSAKA, Zambia, Capital Markets in Africa: Zambians began voting Thursday in elections that are set to be a rematch of last year’s neck-and-neck contest between President Edgar Lungu and his main rival, Hakainde Hichilema, following a violence-marred campaign. Less than 28,000 votes separated the two men the last time they squared off in a snap poll 19 months ago, after President Michael Sata died in office. While incumbent Lungu, 59, has enjoyed blanket state-media coverage of his campaign, an economic…

South Africa Sued to Protect Recipients of $9.7 Billion in Welfare

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: South Africa’s government is facing a counter legal challenge in a dispute with Net 1 UEPS Technologies Inc. with a rights group demanding that it protect welfare recipients from companies that are allegedly selling the nation’s poorest people goods and services they don’t need and deducting payments from grants paid to them by the state. Black Sash Trust, a human rights activist group, on Wednesday applied to the High Court in…

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