The Editorial Team

Egypt Sells $3 Billion of Bonds in Rush to Beat Fed Taper

CAIRO (Capital Markets in Africa) – Egypt sold $3 billion in its second Eurobond issuance of the year, joining a rush of emerging-market governments taking advantage of low borrowing costs before the U.S. Federal Reserve starts tapering its pandemic stimulus. The issuance was three times oversubscribed, with total bids of $9 billion by more than 300 investors from U.S., Europe, Asia, Middle East and Africa, the Finance Ministry said Friday in a statement. The sale included $1.125…

South African Central Bank Signals More Hawkish Stance on Rates

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank held its benchmark interest rate for a seventh straight meeting and turned more hawkish on raising borrowing costs through 2023. The monetary policy committee kept the repurchase rate at 3.5%, Governor Lesetja Kganyago said Thursday in an online briefing. The decision by the five-member panel was unanimous, the same as in July. The key rate remains at the lowest level since it was introduced in 1998. The…

South African Mines Plan $2.7 Billion Power Investment

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JOHANNESBURG (Capital Markets in Africa) – Mining companies in South Africa are considering spending as much as 40 billion rand ($2.7 billion) to construct 2,000 megawatts of power generation capacity, said Roger Baxter, chief executive officer of Minerals Council South Africa. Mining companies have been pushing to develop their own power plants because of persistent power cuts imposed by state power utility Eskom Holdings SOC Ltd. They are also keen to move away from total reliance on…

Is EdTech The Future of Education?

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LONDON (Capital Markets in Africa) -There is no question that education, like many aspects of our lives today, has been transformed by technology. Over the course of the pandemic, educators have tried and tested new methods to keep instruction continuous for students. A survey revealed that schooling options post-pandemic were in favor of retaining several practices currently being used. For instance, Bay View Analytics found that 32% of schools plan on offering full-time virtual options for classes…

Billionaire-Backed RMI to Shake Up South Africa Insurer Group

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JOHANNESBURG (Capital Markets in Africa)- Rand Merchant Investment Holdings Ltd. will divest from insurers Discovery Ltd. and Momentum Metropolitan Holdings Ltd. as part of a wider restructuring of the South African investment group. The firm is planning a rights issue of as much as 6.5 billion rand ($440 million) to facilitate the move, according to a Monday statement. The proceeds will be used to pay down debt and are required for the two exits to proceed,…

India to Resume Exports of Covid-19 Vaccines Starting Next Month

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LAGOS (Capital Markets in Africa) – India will restart exports of Covid-19 vaccines for the World Health Organization’s Covax initiative from the quarter beginning Oct. 1, Health Minister Mansukh Mandaviya says, days after the government pledged to first focus on meeting local requirements. The country will also begin shipments as part of its vaccine donation program, the federal minister told reporters Monday. He did not give any details. Home to the world’s largest vaccine-manufacturing industry,…

BP Oil Trader Says He Was Fired Over Nigeria Bribe Concerns

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LAGOS (Capital Markets in Africa)- BP Plc fired an ex-oil trader because he voiced concerns about bribes being paid in Nigeria to secure local contracts, according to a sprawling London employment suit that sheds light on the energy giant’s lucrative trading floor. Jonathan Zarembok, who traded on BP’s West Africa desk, said that the company paid an “abnormally large” fee to a local agent to participate in a state oil tender. He alleged that BP’s…

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