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Exclusive Interview: Mohamed El Kettani, Chairman and CEO of Attijariwafa Bank Morocco

LAGOS (Capital Markets in Africa) – Mohamed El Kettani, Chairman and Chief Executive Officer of Attijariwafa Bank Morocco, grants an exclusive interview to Capital Markets in Africa. He shared with us his personal life experiences and leadership style as well as Attijariwaja bank’s long-term strategic plans to maximize profitability and enhance shareholders’ value. In addition, Mohamed viewed that Moroccan banking sector has achieved an impressive transformation over the two last decades, thanks to aggressive investment strategies…

Libya Said to Pump Over 1 Million B/d After Deadly Attack

Posted on by The Editorial Team

TRIPOLI (Capital Markets in Africa) – Libya’s oil production is stable above 1 million barrels a day despite a deadly Islamic State attack on the offices of the country’s state energy company, according to a person with direct knowledge of the situation. Oil fields across the OPEC member are producing as normal just two days after militants carried out an attack against the National Oil Co. headquarters in the capital Tripoli, leaving two employees dead, dozens wounded…

Libya Capital Airport Closed as Rockets Shatter UN Ceasefire

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TRIPOLI (Capital Markets in Africa) – Tripoli’s international airport was closed and flights rerouted after a series of overnight rocket attacks rendered all but meaningless a ceasefire announced by the United Nations days earlier. Inbound flights were being sent to the city of Misrata, Libyan television reported, noting that there were no reports of injuries from the attacks. The Maitiga International Airport’s Facebook page said that no planes were damaged in the violence. The incidents came…

ING Is Said to Suspend Trade Finance for Wheat Cargoes to Egypt

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – ING Groep NV, one of the world’s largest banks financing the global commodities trade, has suspended lending for wheat shipments to top importer Egypt, according to people familiar with the matter. The Dutch lender has stopped backing deals for cargoes sold to Egypt’s state buyer General Authority for Supply Commodities, said the people, who asked not to be identified because the information is private. The move comes as Egypt…

Dis-Chem Climbs Most in Six Months as Pharmacy Chain Takes Share

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CAIRO (Capital Markets in Africa) – Dis-Chem Pharmacies Ltd. rose the most since January after South Africa’s second-biggest pharmacy chain gained market share as sales growth outstripped several local retailers. Retailers in Africa’s most-industrialized economy have struggled as higher taxes and fuel prices curb consumer spending. Dis-Chem’s sales for the four months through June rose 11 percent to 7 billion rand ($520 million), the Johannesburg-based company said in a statement on Thursday. That compares with Shoprite Holdings…

Egypt Inflation Rate Accelerates for First Time in 11 Months

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt’s inflation accelerated for the first time in 11 months in June after the government slashed fuel and electricity subsidies to help reduce the budget deficit. Inflation in urban parts of the country, the rate closely watched by the central bank, climbed to 14.4 percent from 11.4 percent in May, according to the state statistics agency. Prices rose 3.5 percent on the month, the most since January last year….

IMF Urges Egypt to Watch Inflation After New Subsidy Cuts

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – The International Monetary Fund urged Egypt to maintain a tight monetary policy as a new round of subsidy cuts rekindled inflation worries. The Washington-based lender praised Egypt’s implementation of economic reforms as “instrumental in achieving macroeconomic stabilization, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating.” At the same time, the central bank “should retain its restrictive stance to counter second-round effects of fuel and electricity price increases,”…

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