Economic News |

Standard Chartered will invest Millions to boost retail business says Group Head of Retail

Nairobi (Capital Markets in Africa): – Standard Chartered will spend “hundreds of millions of dollars” in the years ahead to raise the share of income from its retail business 10 percentage points by 2020, its group head of retail clients said. Karen Fawcett said the lender, which focuses on Asia, Africa and the Middle East, would invest the money in areas such as technology to raise the share of retail business income from 30 percent now….

Ethiopia’s favourable growth prospects and low debt burden support B1 rating says Moodys

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Addis Ababa, Ethiopia (Capital Markets in Africa) :- Ethiopia’s (B1 Stable) government bond rating is supported by its strong growth prospects, prudent fiscal management and large and stable donor inflows, Moody’s Investors Service says in its latest credit analysis of the country today. However, Ethiopia’s relatively small economy, low per capita income and weak institutional strength all constrain the rating. The report is now available on www.moodys.com. Moody’s subscribers can access this report via the link…

AfDB funds USD 70.5 million for Tanzania’s power sector reform and governance support programme

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Dar Es Salaam, Tanzania (Capital Markets in Africa):– Power sector reform and a governance support programme are central to the African Development’s actions to accompany Tanzania’s economic growth. It is in line with this, that the Permanent Secretary in the Ministry of Finance of the United Republic of Tanzania, Servacius Likwelile and the African Development Bank’s Vice-President, in charge of Agriculture, Water, Human Development, Governance and Natural Resources, Aly Abou-Sabaa signed a USD 70.5 million loan accord…

Governor of Congo mining hub Katanga warns against tax hikes

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LUBUMBASHI, DRC (Capital Markets in Africa): – The powerful governor of Democratic Republic of Congo’s Katanga province warned on Wednesday against significant tax hikes in a proposed new mining code amid a recent decline in copper prices. The southeastern province accounts for nearly all of the vast central African state’s copper production, which surpassed 1 million tonnes for the first time in 2014. Congo vies with Zambia to be the continent’s top producer of the metal. A…

Nigeria agriculture minister wins African Development Bank presidency

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Abidjan (Capital Markets in Africa) – Nigeria’s Agriculture Minister Akinwumi Adesina won an election on Thursday to be the new president of the African Development Bank (AfDB). After six rounds of voting that saw seven rivals from across the continent defeated, Adesina secured around 60 percent of the vote in an election held in Ivory Coast, where the AfDB is based. Adesina will take over from outgoing bank president Donald Kaberuka of Rwanda on Sept. 1…

South Africa’s Tongaat posts lower full-year earnings

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Johannesburg (Capital Markets in Africa): – South African sugar maker Tongaat Hulett posted a 16 percent drop in full-year earnings on Monday, weighed down by lower sugar output and prices. Tongaat said diluted headline earnings per share for the year to the end of March totalled 826.1 cents compared with 979 cents a year earlier. Headline earnings are the main profit gauge in South Africa and exclude certain one-off and non-trading items. Source: Reuters Africa Business…

AfDB sees Africa’s GDP growth nearing pre-crisis levels

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Abidjan, Ivory Coast (Capital Markets in Africa) – African economies will grow 4.5 percent this year and 5 percent in 2016, approaching levels last seen before the 2007 global financial crisis, as economic prospects improve worldwide, the African Development Bank (AfDB) said. The AfDB estimates that Africa’s gross domestic product expanded by 3.9 percent in 2014 despite sharp falls in international commodity and oil prices, an Ebola epidemic and pockets of political instability and armed conflict….

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