The Markets | - Part 219

Messiest Politics the Best, Emerging-Market Money Manager Says

LAGOS, Capital Markets in Africa: Developing countries experiencing the deepest political turmoil shouldn’t deter investors, because they offer some of the best opportunities, according to the joint head of Old Mutual Investment Group’s emerging-markets unit. “The politics always give us an opportunity,” Siboniso Nxumalo, co-head of Global Emerging Markets at OMIG, told reporters in Johannesburg Wednesday. “The best-performing market in the world this year is Brazil, which had one of the messiest politics. Russia is the second-best…

Libya Bids to Resume Oil Exports From Key Ports Within Weeks

Posted on by The Editorial Team

LIBYA, Capital Markets in Africa: Libya’s National Oil Co. plans to restart oil exports from key ports “immediately” after reaching a deal with Khalifa Haftar, commander of the military forces who took control of the facilities on Sunday. The resumption of shipments from ports including Ras Lanuf, Es Sider and Zueitina would allow Libya to double crude output to 600,000 barrels a day within four weeks, NOC Chairman Mustafa Sanalla said Tuesday in a statementon the company’s website. The…

Kenya Treasury Secretary to Meet Prospective Eurobond Buyers

Posted on by The Editorial Team

NAIROBI, Capital Market in Africa: Kenyan Treasury Secretary Henry Rotich said he’s likely to meet potential investors in the East African nation’s next Eurobond while visiting the U.S. next month. The government has also factored a possible U.S. Federal Reserve interest-rate hike later this year into its plans for selling more debt offshore, he said in an interview Tuesday in the capital, Nairobi. Rotich will be attending the International Monetary Fund annual meetings in Washington scheduled to take place…

Libya’s Oil Comeback Derailed as Former General Seizes Ports

Posted on by The Editorial Team

LIBYA, Capital Markets in Africa: Libya’s plans to restore oil production suffered a significant setback after forces loyal to the eastern region’s powerful military commander ousted government-backed fighters from key export terminals, just days before a tanker was due to load the first shipment in nearly two years. Khalifa Haftar’s fighters took the ports of Ras Lanuf and Es Sider from Ibrahim Jadran, leader of local Petroleum Facilities Guard units, on Sunday. His forces now control shipping…

Ghana Eurobond Return More Than Five Times Oversubscribed

Posted on by The Editorial Team

ACCRA, Ghana, Capital Markets in Africa: Ghana raised $750 million selling Eurobonds at a yield of 9.25 percent in an auction that was more than five times oversubscribed, a month after abandoning plans to issue debt due to the price demanded by investors. Yields on the nation’s existing dollar bonds fell to 14-month lows. The country received orders exceeding $4 billion for the bond that will be repaid in three equal installments between September 2020 and…

South African Rand Leads Currency Declines as Liquidity Dwindles

Posted on by The Editorial Team

JOHANNESBURG, Capital Markets in Africa: South Africa’s rand fell the most in more than two weeks against the dollar, leading global currency losses amid lingering political risks and as central banks signaled they are starting to question further monetary easing. The rand declined 1.9 percent to 14.3946 per dollar by 3:38 p.m. in Johannesburg, heading for the biggest drop since Aug. 23, after a police unit summoned Finance Minister Pravin Gordhan to answer to charges related to alleged irregularities…

Iran, Nigeria Have Right to Raise Oil Output, Algiers Host Says

Posted on by The Editorial Team

LAGOS, Capital Markets in Africa: OPEC and other producers can reconcile talks aimed at stabilizing the oil market with the prerogative of Iran, Nigeria and Libya to boost output, according to Algeria’s energy minister. “Iran has the right to increase production to the pre-sanctions level,” Algeria’s Noureddine Bouterfa said in an interview in Moscow Friday, after meeting his Russian counterpart Alexander Novak. “It is also the right of Libya, Nigeria to increase.” Bouterfa was shuttling between Moscow…

« 1 … 217 218 219 220 221 … 259 »