Politics | - Part 4

Zuma Has Broken Businesses’ Trust, South African Lobby Says

JOHANNESBURG (Capital Markets in Africa) – President Jacob Zuma and his ruling African National Congress have broken the business community’s trust after he recalled a finance minister from an investment roadshow in the U.K. and then fired him in a cabinet shuffle, the head of Business Leadership South Africa said. The exit of Pravin Gordhan as finance minister prompted two of the three main credit ratings agencies to cut the assessment on South Africa’s foreign-currency debt to junk, thwarting…

Ramaphosa Targeted as S. Africa’s Succession Race Turns Ugly

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The race to lead South Africa’s ruling party is turning increasingly nasty. Allegations that Deputy President Cyril Ramaphosa, a front-runner for the post, had extra-marital affairs with at least eight women and paid expenses for some of them were splashed across the front page of the Sunday Independent, which cited Ramaphosa’s private emails to back up the story. It didn’t say how it obtained them. Ramaphosa called the report part…

Kenyan Assets Jolted by Ruling That May Deliver Long-Term Gains

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Short-term pain, long term gain is the prognosis for Kenyan assets after a landmark court ruling that nullified last month’s presidential election and ordered a fresh poll. Yields on Kenya’s foreign debt climbed the most in almost two months, the shilling weakened and stocks tumbled after the judgment. But for investors willing to look past the immediate political risks, it’s good news, according to JPMorgan Asset Management. The court upheld an…

Somalia Confirms Capture, Deportation of Ethiopian Rebel Leader

Posted on by The Editorial Team

MOGADISHU (Capital Markets in Africa) – Somali agents captured a senior Ethiopian rebel leader and handed him over to the authorities of his home country, the head of Somali intelligence said. Abdikarim Sheikh Muse, a member of the Ogaden National Liberation Front’s executive committee, was detained in the central town of Adado, 500 kilometres (311 miles) north of the Somali capital, Mogadishu, on Aug. 25, National Intelligence & Security Agency Director Abdullahi Mohamed Ali told…

Death Threats, Court Case Mark Battle for South Africa’s ANC

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Death threats and court challenges mark an intensifying battle for control of South Africa’s ruling African National Congress as factions fight it out in the nation’s provinces before the party elects a new leader to replace Jacob Zuma. In the region with the most ANC members, KwaZulu-Natal, the high court is expected to rule next month on an application by party officials to overturn an 2015 election of provincial leaders…

Rwanda President Sworn In for Third Term After Landslide Victory

Posted on by The Editorial Team

KIGALI (Capital Markets in Africa) – Rwandan President Paul Kagame was sworn in for a third term after a landslide victory in the East African nation’s elections earlier this month that critics said took place amid a crackdown on his political opponents. Kagame received almost 99 percent of ballots in the Aug. 4 vote, extending his 17-year rule after a 2015 referendum backed amending the constitution to remove a two-term limit. The 59-year-old took the oath of…

Investors Too Busy Cheering Kenyatta to Fret About Vote Spat

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Euphoria over a President Uhuru Kenyatta win, even if the election results are preliminary, boosted the nation’s stocks by the most in Africa and sent Kenya’s dollar bonds higher. The FTSE NSE Kenya 25 Index of stocks advanced as much as 2.7 percent to the highest level in two years. The yield on the nation’s Eurobonds due 2024 fell the most since March and the shilling was little changed. With ballots from more than 97…

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