News | - Part 59

Burundi’s Political Crisis Is Credit Negative

Bujumbura, Burundi (Capital Markets in Africa):-Last Friday, the United Nations High Commissioner for Refugees said that more than 105,000 people had fled Burundi (unrated) to neighbouring countries to escape political violence after three weeks of demonstrations and a failed coup last Wednesday. The worsening political situation in Burundi threatens to disrupt economic activity and administrative stability, weaken the political will and capacity to implement much-needed structural reform, and jeopardise multilateral and bilateral donor support. Additionally,…

Nigeria MPC Meeting: Economists Say Slow Growth, High Inflation, Naira Value Will Top Agenda

Posted on by The Editorial Team

When members of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meet for their 244th meeting in Abuja tomorrow, economic experts believe the key policy considerations will be the current stagnation in the nation’s growth rate, high inflation, naira volatility, precarious state of the nation’s external reserves and anxiety over the policy thrust of the incoming administration. Speaking in separate interviews, the economic experts also explained that although the committee may not want to…

Moody’s: Currency shifts to widen gap between global economies in 2015-16

Posted on by The Editorial Team

London (Capital Markets in Africa):- Robust US growth and stabilising financing conditions will help the global economy to grow more strongly next year after muted growth in 2015, says Moody’s Investors Service in its quarterly Global Macro Outlook report. Divergence between the major economies is likely to widen. The report “Global Macro Outlook: 2015-16. Stronger US Dollar and Shifts in Capital Flows Stoke Divisions in Global Growth”, is now available on www.moodys.com. Moody’s subscribers can…

Egypt’s GDP expected at 3 pct in second half of fiscal year says Ashraf al-Arabi

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s planning minister said on Wednesday the country’s average economic growth was expected to be 3 percent in the second half of the 2014/2015 fiscal year, compared with 5.6 percent in the first half of the year. Ashraf al-Arabi told reporters at a news conference that average economic growth for the current fiscal year would be 4 percent, or slightly above 4 percent.

Transnet says shutting coal export line won’t affect Tonnage

Posted on by The Editorial Team

By Zandi Shabalala JOHANNESBURG (Reuters) – South Africa’s Transnet said it will shut down its coal export line over a 10-day period for annual maintenance but this would not affect tonnages delivered as the halt was factored into its schedule. The state-owned logistics firm said in a statement seen by Reuters on Tuesday that the shut-down is meant to help it catch up on a maintenance backlog and upgrade its railway network. Companies such as…

Tanzania signs up for customs deal alongside Kenya, Uganda and Rwanda

Posted on by The Editorial Team

Dar es Salaam, Tanzania (Capital Markets in Africa):- Tanzania has joined Kenya, Uganda and Rwanda in fast tracking the movement of goods along the main corridors (Northern and Central) under the customs seals in the COMESA region. This follows the signing of an inter-surety agreement by Tanzania’s National Insurance Corporation (NICT) to join the COMESA Regional Transit Guarantee (RCTG) scheme thereby allowing the country to issue regional customs bond guarantees. The RCTG Scheme is a customs transit…

AngloGold says wage, power hikes threaten South African gold sector

Posted on by The Editorial Team

By Peroshni Govender and Zandi Shabalala JOHANNESBURG (Reuters) – AngloGold Ashanti Ltd, Africa’s top bullion producer, said on Monday steep wage demands and rising power costs could turn South Africa’s once thriving gold sector into a “sunset” industry. AngloGold, which reported that it had swung to a quarterly profit on robust performance in its international operations sending its shares 5 percent higher, said looming wage and electricity tariff rises were a concern. “We cannot have…

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