News | - Part 70

Zambia central bank to address volatile kwacha

LUSAKA (Reuters) – Zambia’s central bank will take measures to deal with the volatility in the kwacha’s exchange rate against the dollar, including tightening liquidity in the market, new Governor Denny Kalyalya said on Friday. The kwacha turned on his comments, firming by 1.3 percent to 7.55, having earlier fallen more than 1.1 percent against the greenback. The currency weakened to a record low of 7.7500 on Thursday. The local unit has fallen about 20…

Abraaj, Helios Said to Be Among Possible Bidders for Actis’ EMP

Posted on by The Editorial Team

(Bloomberg) — Private-equity firms Abraaj Group and Helios Investment Partners are among potential bidders for Actis’s payment services firm Emerging Markets Payments Group, two people with knowledge of the matter said. A formal bidding process for EMP, which may fetch about $400 million, could start as soon as this month, the people said, asking not to be identified as the information is private. The sale may also draw rivals that want to expand in emerging…

Moody’s: Namibia’s strong growth record and sound public finances support stable Baa3 rating

Posted on by The Editorial Team

Namibia’s (Baa3 stable) small but diversified economy, strong growth record and responsible government budget management underpin its rating, Moody’s Investors Service says today in its annual Credit Analysis for the country. Namibia’s abundant natural resources, infrastructure investment and developments in the mining sector support its favourable near-term growth prospects, while government deficits have been moderate. “The government has a track record of prudent debt management and has adequate debt recording systems,” says Kristin Lindow, Senior…

Egypt’s current account hits deficit of $2.9 bln in Oct-Dec quarter

Posted on by The Editorial Team

CAIRO (Reuters) – Egypt’s current account deficit widened to $2.9 billion in the three months to December from $1.4 billion in the same period the previous year, according to Reuters calculations. The deficit stood at $4.3 billion in the first half of the fiscal year which began on July 1, compared with a deficit of $866 million in the same period a year before, the central bank said on Thursday. The deficit was driven by…

What can $300 billion buy in Egypt? A new capital or a pipedream

Posted on by The Editorial Team

CAIRO (Reuters) – It is a project as ambitious as Egypt’s ancient pyramids. Built from scratch to escape Cairo’s choking pollution, a planned new capital will feature an airport larger than London’s Heathrow, a building taller than Paris’s Eiffel Tower and more than 10,000 km (6,200 miles) of boulevards, avenues and streets.The city, meant to be built within just seven years, was unveiled last week at the Sharm El-Sheikh economic summit, where President Abdel Fattah…

IMF puts Tanzania’s economic growth above 7 pct in 2014

Posted on by The Editorial Team

DAR ES SALAAM (Reuters) – Tanzania’s gross domestic product expanded by more than 7 percent in 2014, with falling oil prices expected to further buoy the economy this year, the International Monetary Fund said on Thursday. The IMF despite a strong growth outlook for 2015, the east African nation must keep a tight rein on public spending due to revenue collection shortfalls and a reduction in financial aid. Donors have withheld more than three-quarters of…

MOPCO in talks to hire financial advisor for IPO

Posted on by The Editorial Team

State-owned Misr Fertilizers Production Company (MOPCO) is in talks to appoint an independent financial advisor to set the stock’s fair value in preparation for listing on the local stock market, said Chairman Hassan Abdel Alim. The Egyptian Exchange said it received a request on Thursday from the state-owned fertiliser producer to list on the stock market with EGP 2.3 billion capital. The portion of shares to be floated has not been defined yet, the top…

« 1 … 68 69 70 71 72 … 84 »