The Editorial Team |

Algeria Economy Contract, Ethiopia Weaker Economic Activity

LAGOS (Capital Markets in Africa) – IHS Markit projected Algeria’s economic activity to contract by 5% in 2020 due to the imposition of restrictive measures to address the coronavirus pandemic, as well as to lower hydrocarbon exports. Also, it forecast the fiscal deficit to widen from 8% of GDP in 2019 to 10% of GDP in 2020, despite the government’s plan to reduce spending by 30% this year. It anticipated that the government is likely…

RMH to Spin Off FirstRand Stake After Market Turmoil Hits Shares

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) — RMB Holdings Ltd. will spin off its stake in Africa’s biggest banking group by market value even after turmoil in global stock markets caused the shares of both companies to plunge. The unbundling of FirstRand Ltd. to RMH’s shareholders will unlock 5.4 billion rand ($300 million) in value for investors of the holding company, who will now directly own equity in the banking group, Johannesburg-based RMH said in a statement on Tuesday. Since…

Nigerian Central Bank Plans $39-Billion Fund Post Pandemic

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Nigeria’s central bank plans to set up an independently managed fund within the next 12 months to help build critical infrastructure in the West African nation once the coronavirus pandemic is over. The fund will start with a combination of debt and equity capital of 15 trillion naira ($39 billion) and focus on building transport networks “required to move agriculture products to processors, raw materials to factories, and finished goods…

Chocolate Demand Slump Signals Slowdown in Cocoa Processing

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Cocoa processing probably declined in the first quarter on falling chocolate demand from retail outlets shuttered across the globe because of the coronavirus outbreak, according to surveys conducted by Bloomberg. In Europe, the biggest consuming region, grinding may fall 3% from a year earlier, according to the median estimate in a survey of seven analysts, brokers and processors. Estimates ranged from a drop of 1% to as much as 11%….

South Africa Cuts Off Funding Line to State-Owned Airline

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) — South African Airways has been denied any further funding by its government owner as the national carrier looks for ways to recover from the coronavirus crisis and a local form of bankruptcy protection. The airline’s administrators, who were put in charge in December, were told by the state to instead source cash from available resources, according to a letter they sent to affected parties and to Bloomberg News dated April 14….

Trump’s Funding Cut Won’t Fix the WHO’s Problems: David Fickling

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) — Global health emergencies will be a fact of life in the 21st century. So, too, will be the World Health Organization’s chronic inability to rise to the occasion. President Donald Trump is hoping that the body’s failures in dealing with the Covid-19 pandemic can be corrected with punishment. The U.S. will halt payments to the WHO to hold it “accountable” for its failure to warn earlier of a public health…

Ex-Goldman Banker Accused of Bribing Ghana Officials

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) — A former Goldman Sachs Group Inc. banker was sued by U.S. regulators for allegedly orchestrating a bribery scheme that helped a client win a government contract to build a power plant in the Republic of Ghana. Asante Berko, 46, arranged for a Turkish energy company to funnel at least $2.5 million through a Ghana-based intermediary to government officials, the Securities and Exchange Commission said in a Monday statement. Berko hid his misconduct from Goldman…

« 1 … 179 180 181 182 183 … 1,068 »