The Markets | - Part 172

Unintended Result of Nigerian Dollar Hunt Is Naira Shortage

LAGOS (Capital Markets in Africa) – First Nigerian businesses were hit by a dollar shortage. Now there aren’t enough naira. A central bank requirement that companies back forward dollar purchases with naira is drying up supplies, helping to underpin a 2.1 percent gain since the local currency fell to a record low against the greenback on Aug. 9. At the same time, an increase in government borrowing is spurring banks to invest in the safety of sovereign debt rather…

Aliko Dangote Ups Bidding War for PPC With Cash, Share Offer

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, the Nigerian company controlled by Africa’s richest person, has written to PPC Ltd. offering South Africa’s biggest cement maker cash and shares as part of a takeover deal that is fuelling a bidding war. “We are waiting for them to get back to us, hopefully early next week,” Aliko Dangote said in an interview with Bloomberg TV in New York. “They can be part and parcel…

Oil Riches On Line as African Maritime Boundary Ruling Looms

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ACCRA (Capital Markets in Africa) – Petrodollars are at stake when the International Tribunal for the Law of the Sea rules this Saturday on the maritime boundary between Ghana and Ivory Coast. The ruling will impact on an offshore area holding an estimated 2 billion barrels of oil and 1.2 trillion cubic feet of natural gas, according to Teneo Intelligence. Here’s what you need to know ahead of this ruling: Why A Ruling Now? Ghana…

Wall Street Braces for Emerging-Market Jolt by Dodging Dollar

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LAGOS (Capital Markets in Africa) – After two years of almost uninterrupted gains in developing-nation currencies against the U.S. dollar, it’s time for a new strategy. That’s the assessment of traders who’ve grown anxious that the greenback’s 16 percent slide against a basket of emerging-market currencies since January 2016 has gone too far. The latest inflation reading in the world’s largest economy added to concern, possibly giving the Federal Reserve cover to tighten monetary policy. At the same time,…

Swiss Regulator Shuts Down `Fake Cryptocurrency’ Firm E-Coin

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LAGOS (Capital Markets in Africa) – Financial Market Supervisory Authority closed unauthorized providers of “fake cryptocurrency” E-Coin after the company accepted millions of francs in public deposits without holding a banking license, Finma says in statement. Finma started bankruptcy proceedings against legal entities involved Quid Pro Quo has been issuing E-Coins and ran an online trading platform together with Digital Trading AG and Marcelco Group AG The three entities accepted funds amounting to at least…

Vodafone Mobile Operations Halted in Cameroon Over License Issue

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YAOUNDE (Capital Markets in Africa) – Vodafone Group Plc’s operations in Cameroon have been halted after the country’s telecommunications regulator ruled that a license had been incorrectly awarded to the local partner of the U.K. wireless carrier. The west African nation’s Telecommunications Regulatory Board allowed Vodafone Cameroon to provide internet and mobile services in the country without government approval, Posts and Telecommunications Minister Minette Libom Li Likeng said in interview in the capital, Yaounde, on…

UBS Wealth Has Good Things to Say About EM, Not South Africa

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JOHANNESBURG (Capital Markets in Africa) – There’s one emerging market country that Michael Bolliger can’t get bullish about at the moment: South Africa. President Jacob Zuma is fighting to stay out of court before the African National Congress votes for a new leader in December. He’s pushing for his ex-wife to succeed him, but most analysts in a Bloomberg survey think the nation’s Deputy President Cyril Ramaphosa probably will. It’s more noise for a market that has already paid a price…

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