The Markets | - Part 174

Cameroon Seeks to Improve Cocoa Bean Quality After Declines

YAOUNDE (Capital Markets in Africa) – Cameroon is taking steps to encourage farmers to grow better quality cocoa after a deterioration in last year’s crop resulted in lower prices for the country’s beans. About 90 percent of Cameroon’s cocoa exports in the season through July were classed as Grade 2, the second of three quality ratings for beans, according to Trade Minister Luc Magloire Atangana Mbarga. That compared with 97 percent previously and meant that Cameroonian…

North Korea Hackers Step Up Bitcoin Attacks Amid Sanctions

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – North Korea appears to be stepping up efforts to secure bitcoin and other cryptocurrencies, which could be used to avoid trade restrictions including new sanctions approved by the United Nations Security Council. Hackers from Kim Jong Un’s regime are increasing their attacks on cryptocurrency exchanges in South Korea and related sites, according to anew report from security researcher FireEye Inc. They also breached an English-language bitcoin news website and collected bitcoin ransom payments from…

Kuwait Says OPEC May Decide on Extending Cuts in March 2018

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LAGOS (Capital Markets in Africa) – OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018, Kuwait’s oil minister said. The Organization of Petroleum Exporting Countries will consider all its alternatives if the market doesn’t re-balance by the end of March when the cuts expire, Kuwait’s Oil Minister Issam Almarzooq said Wednesday at a…

PPC’s Biggest Shareholder Is Said to Back Fairfax-AfriSam Offer

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JOHANNESBURG (Capital Markets in Africa) – PPC Ltd.’s largest shareholder is supporting a joint offer for South Africa’s biggest cement maker from domestic rival AfriSam Group Pty Ltd. and Canadian insurer Fairfax Financial Holdings Ltd. as the tie-up would create a national champion, according to people familiar with the matter. The Public Investment Corp., Africa’s biggest money manager, sees the three-way deal as a way for an enlarged cement maker to expand more effectively on the continent,…

Zambia’s economy to grow 4.3 percent, copper output easing slightly in 2017

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LUSAKA (Capital Markets in Africa) – Zambia’s economy will grow 4.3 percent this year and 5.1 percent in 2018, boosted by improved agriculture and mining output and a recovery in electricity generation, the central bank reported. “There has been strengthening confidence in Zambia’s medium to long-term economic prospects as reflected by the participation of non-resident investors in the Government securities markets,” the Bank of Zambia hinted in a report surveying the first half of 2017….

Moody’s: South African gold and platinum miners’ restructuring supports their credit profiles

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JOHANNESBURG (Capital Markets in Africa) – The credit profiles of South African gold and platinum group metals (PGM) miners are benefitting from restructuring programmes that aim to protect the sustainability and profitability of their South African mines, Moody’s Investors Service said in a report today. The report, “Metals & Mining — South Africa, Restructuring of South African operations is credit positive for gold, PGM miners”, is now available on www.moodys.com. Moody’s subscribers can access this…

Zimbabwe stock market hits new highs as currency, cash problems worsen

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HARARE (Capital Markets in Africa) – Zimbabwe’s stock market hit a record high on Monday, propelled by local investors seeking a safe haven in an economy suffering acute shortages of foreign exchange. The Zimbabwe Stock Exchange’s (ZSE) main industrial index touched 301.03 points, the highest since it was rebased in 2009 when Zimbabwe dumped its hyperinflation-hit currency in favor of the US dollar. Market capitalization reached $8.5 billion. It has more than doubled since January…

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