Africa | - Part 4

Diageo’s Kenyan Unit Sees Improved Outlook as Earnings Climb

NAIROBI (Capital Markets in Africa) – East African Breweries Ltd., the region’s biggest brewer, said it’s optimistic about the outlook for the year ahead with its main market Kenya performing better and business in Tanzania returning to growth. “Management is encouraged by trends in the second half of the year in Kenya, during which the business saw better performance in premium and mainstream beer,” the Nairobi-based company said in an emailed statement. “In Tanzania, the…

MTN Drops After Return to Profit Falls Short of Expectations

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd., Africa’s biggest mobile-network operator by sales, fell the most in more than a year after a return to first-half profit after a $1 billion regulatory fine fell short of analyst expectations. Headline earnings per share, which exclude one-time items, were probably 2.10 rand to 2.30 rand in the six months ended June 30, the Johannesburg-based company said in a statement Thursday. Analysts at Citi expected 2.60 rand a share, they…

Huawei Partners With WorldRemit on African Mobile-Money Service

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LAGOS (Capital Markets in Africa) – Huawei Technologies Co. said it will partner with British money-transfer operator WorldRemit Ltd. to let African expatriates send cash home to millions of users of the Chinese company’s mobile-money service platform. The deal will let Huawei and WorldRemit tap into growing demand for remittances from Africans living abroad using mobile-payments services, which are popular in places where banks are scarce or unreliable. All carriers that are Huawei partners can switch on the service,…

World’s Biggest Mobile Carriers Defeated as Africa Promise Fades

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LAGOS (Capital Markets in Africa) – Back when African countries were auctioning off mobile licenses by the boatload to serve the region’s young, tech-savvy population, investing in the continent’s fast-growing economies seemed like a no-brainer. Some of the world’s biggest wireless carriers rushed in. Now they’re wondering if they made a mistake. Increasing government and regulatory scrutiny, as well as a lack of expansion opportunities in sub-Saharan Africa, are making it harder for operators such…

Climate of Fear Engulfs Rwanda’s Upcoming Vote, Amnesty Says

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KIGALI (Capital Markets in Africa) – Rwandan President Paul Kagame is seeking re-election amid a climate of fear that’s the result of two decades of crackdowns on the political opposition, media and human-rights defenders, Amnesty International said. A report from the London-based group released Friday said freedom of expression, association and peaceful assembly have all been restricted since the Rwandan Patriotic Front came to power in the wake of the East African nation’s 1994 genocide. Opposition politicians…

Zimbabwe Plans a Green-Energy Fund to Boost Generation

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HARARE (Capital Markets in Africa) – Zimbabwe plans a green-energy fund to promote the use of renewables, with the initial aim of making up a 600 megawatt shortfall in electricity production. The southern African nation wants to generate at least 1,000 megawatts of power, or 16 percent of its total projected generation, through solar and other renewable energy systems by 2025, according to the energy ministry’s final draft of a policy document emailed to Bloomberg News. State-owned…

Traders Snap Up Assets of Nation Where Default Is New Normal

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LAGOS (Capital Markets in Africa) – For a country that has missed several debt payments this year, Mozambique’s assets are performing remarkably well. The southern African nation’s currency has posted the world’s biggest gain in 2017, while the price of its overseas bonds, which the government defaulted on in January, has soared about 30 percent, making them among the best-performing sovereign notes in emerging markets. The rally — after last year’s rout — suggests investors may be…

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