Africa

Barclays Sells Zimbabwe Bank to Malawi’s First Merchant

Posted on by The Editorial Team
Barclays Sells Zimbabwe Bank to Malawi’s First Merchant

JOHANNESBURG (Capital Markets in Africa) – Barclays has announced the sale of its Zimbabwe bank to Malawi-listed First Merchant Bank on Friday as the British lender continues its exit from Africa. In March Barclays announced it was in talks on the sale of its stake in Barclays Bank of Zimbabwe as part of a broader exit from Africa to refocus on the United States and Britain. Barclays said the deal would remove 292 million pounds ($375.69 million)…

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Emerging Economies are at the forefront of Moving the World to a Climate-Resilient Clean Economy

Posted on by The Editorial Team
Emerging Economies are at the forefront of Moving the World to a Climate-Resilient Clean Economy

LAGOS (Capital Markets in Africa) – Emerging economies are increasingly taking the lead in shifting the world onto a cleaner development path, a senior World Bank official said on Wednesday, pointing to the role of China, India and Africa’s Ethiopia  in pushing down the cost of producing solar power.  John Roome, senior director for climate change at the World Bank, said India had evolved from a decade ago when it was seen as part of the…

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Biggest Daily percentage slide as Oil Prices tumble 5 percent after Disappointment in Oil Cuts

Posted on by The Editorial Team
Biggest Daily percentage slide as Oil Prices tumble 5 percent after Disappointment in Oil Cuts

LAGOS (Capital Markets in Africa) – Oil prices tumbled 5 percent on Thursday as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices since early March. At Thursday’s meeting in Vienna, the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend supply cuts of 1.8 million barrels per day (bpd) until…

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South Africa’s Gigaba Calms investor fears pledging accelerated and “inclusive growth” for the Investment Community

Posted on by The Editorial Team
South Africa’s Gigaba Calms investor fears pledging accelerated and “inclusive growth” for the Investment Community

JOHANNESBURG (Capital Markets in Africa) – South Africa’s finance minister has sought to allay investor fears over his pledge of “radical economic transformation”, toning down the rhetoric just over a month into the job to talk more of “inclusive growth”. Malusi Gigaba, appointed after President Jacob Zuma sacked his predecessor Pravin Gordhan in a move that rattled markets, has backed Zuma’s aim of redistributing wealth to poor blacks. While investors want the ruling African National…

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Ghebreyesus Becomes First African Head of the World Health Organisation (WHO)

Posted on by The Editorial Team
Ghebreyesus Becomes First African Head of the World Health Organisation (WHO)

GENEVA (Capital Markets in Africa) – Ethiopia’s Tedros Adhanom Ghebreyesus won the race to be the next head of the World Health Organisation (WHO) on Tuesday, becoming the first African to lead the Geneva-based United Nations agency.  The former health minister and foreign minister, who vowed to make universal health care his priority, won over half the votes from 189 member states in the first round and prevailed in a third-round ballot against Britain’s David…

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Nigeria’s Senate Passes Long-awaited Oil Governance Bill To Improve Transparency and Stimulate Growth

Posted on by The Editorial Team
Nigeria’s Senate Passes Long-awaited Oil Governance Bill To Improve Transparency and Stimulate Growth

ABUJA (Capital Markets in Africa) – As Nigeria’s Oil Minister  Emmanuel Ibe Kachikwu spoke to journalists at the meeting of the Organisation of Oil Petroleum Exporting Countries OPEC in Vienna Thursday, Nigeria’s Senate passed a long-awaited oil governance bill which the president of parliament’s upper chamber said would improve transparency in the OPEC member’s energy industry and stimulate growth in the sector. The Petroleum Industry Governance Bill is one part of proposed reforms that make up the sprawling…

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Norway Development Fund Bets Big on African Finance

Posted on by The Editorial Team
Norway Development Fund Bets Big on African Finance

LAGOS (Capital Markets in Africa) Norway’s state-run development fund, Norfund, is finding the fattest returns in Africa are in the financial industry. The $2 billion fund, which is more and more concentrating its investments in sub-Saharan Africa, placed more than half its new capital last year in financial institutions. That focus helped salvage returns last year. At the end of 2016, the fund had invested 16.8 billion kroner ($2 billion) in 124 companies, with renewable…

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