The Markets | - Part 179

Cryptocurrencies Are New Barbarians at the Gate of Central Banks

LAGOS (Capital Markets in Africa) – When the cryptocurrency Exio Coin starts a round of fundraising on Sept. 7, its founders say the unit will come with a unique distinction: the first to be endorsed by a sovereign nation. The identity of the government backer won’t be revealed until October, and Bloomberg News has no way of verifying the claim of support. According to co-founder Sunny Johnson though, the supporter is one of “the world’s richest countries” on a…

Libya’s Roller-Coaster Oil Output Hit Takes the Heat Off OPEC

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Libya’s oil production has dropped by 361,000 barrels a day, equal to 35 percent of output last month, taking some of the heat off of OPEC’s struggle to reduce a global glut. The North African country’s lost production is worth $160 million since Aug. 19 as “gangsters” took over pipelines and facilities that forced the shutdown of the Sharara field, the nation’s biggest, and the Hamada and El Feel, or…

Nigeria bond auction raises 56 bln naira, less than half of amount on offer

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria raised 56.05 billion naira ($179 million) in a bond auction on Wednesday, less than half the amount on offer as domestic pension funds and insurance firms cut orders due to low yields, traders said on Thursday. The Debt Management Office (DMO) offered 135 billion naira worth of bonds maturing in 2021, 2027 and 2037, but investors shunned the auction to take positions in the relative liquid secondary market….

Nigeria launches $200 mln fund to help local oil and gas firms

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria launched a fund on Thursday with an initial value of $200 million to support local oil and gas firms, the oil minister said, part of a government drive to improve access to low-cost credit across the economy. The Nigerian Content Development Fund (NCDF) would be financed through allocating the fund one percent of the value of all contracts awarded in the state-run upstream oil and gas industry, Petroleum…

How African property markets can move beyond the ‘pioneering’ phase

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Property pioneers have already taken the first steps in shaping Africa’s urban landscapes, constructing landmark malls, hotels and office blocks that could be called iconic. This is just the start. Modern, fully functioning cities require a well-oiled system of residential, commercial and industrial development and civil infrastructure, with the real estate skills and services to match. The question is: Who will design, build, manage, maintain – and of course…

Strate CEO, Monica Singer, stepping down to pursue new opportunities

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Strate would like to announce that its CEO, Monica Singer, will be leaving Strate at the end of August 2017 to fulfill her dream of living in Cape Town and to pursue new opportunities. After being at Strate for almost two decades, and being its project manager since inception, Monica has been committed to the success of Strate. During her tenure, she was responsible for the introduction of electronic…

Ghana to Cut 2017 Spending as It Struggles to Raise Revenue

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana plans to cut spending this year as weak revenue collections are the “Achilles’ heel” in getting its accounts to balance, Finance Minister Ken Ofori-Atta said. “We are trying to contain expenditures as much as we can,” Ofori-Atta said at a conference Monday in the capital, Accra. In July, the West African nation trimmed the budget-deficit forecast to this year 6.3 percent of gross domestic product from 6.5 percent. Constant overspending prompted…

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