News | - Part 27

Tanzania Plans Foreign Loans in Next Fiscal Year, Ndulu Says

Dar es Salaam, Tanzania, Capital Markets in Africa: Tanzania plans to borrow offshore in the next fiscal year, central bank Governor Benno Ndulu said. “We will be guided by what’s needed and what is reasonable in the market to do,” Ndulu said in an interview Wednesday at the World Economic Forum on Africa in the Rwandan capital, Kigali. The “firm numbers will still come out. If it’s a Eurobond, typically you cannot issue less than $500 million.” The…

Commodity Rout Hits Home as South Africa Has Record Output Drop

Posted on by The Editorial Team

Johannesburg, South Africa, Capital Markets in Africa: South Africa’s mining production fell the most since at least 1980 after the country’s biggest gold and platinum mines halted unprofitable output. Production declined 18 percent in March from a year earlier, accelerating February’s revised contraction of 8.3 percent, Statistics South Africa spokesman Juan-Pierre Terblanche said by phone Thursday. Expectations were for a drop of 12 percent, according to a Bloomberg survey of eight analysts. “This is a radical structural shift for…

Transnet Turns to Retailers, Manufacturers as Commodities Falter

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s state rail and ports operator is considering entering new businesses, including warehousing and pitching its services to retailers and manufacturers, as it seeks to boost income and reduce its reliance on transporting coal and iron ore. Transnet SOC Ltd. plans to increase the volume of consumer and manufactured goods on its rail lines and may add distribution operations, Chief Executive Officer Siyabonga Gama, 48, said on Wednesday. While…

South Africa | Transnet Moving to Fixed-Rate Debt as Credit Downgrade Looms

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Johannesburg, South Africa, Capital Markets in Africa: Transnet Holdings SOC Ltd., South Africa’s state-owned transport company, is cutting its proportion of floating-rate debt to hedge against a rise in borrowing costs in the event of a downgrade of the country’s credit rating to junk, Chief Executive Officer Siyabonga Gama said. The possibility of South Africa’s national sovereign debt rating being cut to junk by S&P Global Ratings next month is “a big concern for the country, it’s…

Nigeria Maintains Oil-Revenue Forecast Despite Output Decline

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria maintained revenue forecast for this year’s budget based on daily oil production of 2.2 million barrels despite output falling over the past month, reaching a 20 year low currently. The government of Africa’s biggest economy is keeping price assumptions at $38 per barrel, Budget Minister Udoma Udo Udoma told reporters in the capital, Abuja, on Thursday. Nigeria recently dropped to second place behind Angola as Africa’s largest oil producer following…

British Prime Minister tags Nigeria Most-Corrupt Nations

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LONDON, Capital Markets in Africa: When U.K. Prime Minister David Cameron decided to host the first international summit focused exclusively on efforts to combat corruption, he couldn’t have imagined how uncomfortable the commitment would become. In April, the Panama leaks forced Cameron to admit he’d invested in an offshore fund set up by his stockbroker father. While there was no suggestion of wrongdoing, the revelation was a political embarrassment. Then on Tuesday, he was caught on camera telling Queen Elizabeth…

Egypt | Inflation at 20-Month High in Egypt Adds Pressure to Raise Rates

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CAIRO, Egypt, Capital Market in Africa: The rate increase that followed the biggest one-time devaluation of the Egyptian pound in March may represent the start of a tightening cycle, as prices rose at the fastest pace in 20 months. Annual core inflation, a gauge of price increases of non-volatile consumer goods, reached 9.51 percent last month, the highest level since August 2014, the official statistics agency said on its website. Headline inflation in urban areas rose to 10.3 percent,…

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