News | - Part 82

Angola’s central bank leaves key interest rate unchanged at 9.0 pct

JOHANNESBURG (Reuters) – Angola’s central bank left its benchmark lending rate unchanged at 9.0 percent on Friday, saying this was the appropriate measure to maintain price stability, and taking into account the economic outlook. The Bank of Angola has kept the rate unchanged in Africa’s second-biggest oil producer since raising it by 25 basis points in October last year

Fitch says South Africa’s budget highlights deficit challenges

Posted on by The Editorial Team

Fitch director for sovereigns Carmen Altenkirch said the rating agency had previously highlighted that weak economic growth and a failure to boost potential growth were a negative rating trigger. The outlook for public finances would form an important part of Fitch’s next scheduled review of SA’s sovereign ratings on June 5, the agency said on Thursday. Ms Altenkirch said Fitch’s sovereign credit rating for SA of BBB with a negative outlook recognised economic growth and…

Egypt could raise up to $2 bln in Eurobond issue

Posted on by The Editorial Team

LONDON (Reuters) – Egypt could raise as much as $2 billion through a Eurobond this year and expects economic growth of close to 7 percent in three years’ time, Finance Minister Hany Kadry Dimian said on Friday. The Arab world’s most populous country is in the process of rebuilding its battered finances after the uprising that toppled Hosni Mubarak four years ago hit the country’s economy, discouraging investors and tourists, and slashing growth. “I am…

LeapFrog invests US$25mn in AFB Mauritius Limited

Posted on by The Editorial Team

LeapFrog Investments is investing US$25m in AFB Mauritius Limited (“afb”). afb is a disruptive financial technology platform that offers life-changing financial tools to financially-excluded consumers and small businesses in sub-Saharan Africa. afb partners with mobile operators and retailers to reach this vast, untapped market. • afb is growing rapidly, and already reaches some one million people in sub-Saharan Africa; this investment will accelerate the impact of the business across the region. This is LeapFrog’s fourth…

8 Miles invests in Uganda’s Orient Bank

Posted on by The Editorial Team

Pan-African private equity firm 8 Miles have joined a consortium of local investors to buy Bank PHB, formerly Orient Bank Limited, a mid-tier commercial bank in Uganda, from Keystone Bank, a government-owned Nigerian bank. The consortium includes the original founders of Orient Bank who lead the consortium as well as Chinese business man who is a resident in Uganda. The bank had reportedly been making losses it had been taken over by Nigerian Keystone Bank and…

Consortium plans to set up South Africa’s 2nd bourse

Posted on by The Editorial Team

JOHANNESBURG (Reuters) – A consortium led by Bravura Equity Services plans to set up a stock exchange in South Africa for companies that are currently trading their shares on the over-the-counter platform, the company said on Thursday.If granted, the proposed bourse would be the second exchange after the more than a century old Johannesburg Stock Exchange (JSE) – Africa’s biggest and most liquid stock market.The mooted bourse would also add another layer in the Africa’s…

Nigerian Central Bank closes RDAS/WDAS Foreign Exchange Window

Posted on by The Editorial Team

The Central Bank of Nigeria (CBN) today published a circular closing down the RDAS Window stating that forthwith, all demands for foreign exchange should be channeled through the Interbank Foreign Exchange Market. The Apex bank also stated that it will continue to intervene in the interbank foreign exchange market to meet genuine/legitimate demands.This is a positive development as we have always clamoured for a one-way quote to reduce speculation and unhealthy malpractices. The development can…

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