Economy | - Part 44

South African Jobless Rate at 14-Year High as Economy Stalls

JOHANNESBURG (Capital Markets in Africa) – South Africa’s jobless remained at a 14-year high in the third quarter as the continent’s most-industrialized economy staged a weak recovery from a recession. The unemployment rate was 27.7 percent, matching the previous two quarters’ figures, Statistics South Africa said in a report released on Tuesday in Cape Town. The economy expanded 2.5 percent in the three months ended June 30, exiting its second recession in almost a decade…

Kenyan Inflation Rate at 17-Month Low as Food-Cost Growth Slows

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyan inflation slowed to a 17-month low in October as food-price growth decelerated and demand was hamstrung by political uncertainty. Consumer prices rose 5.7 percent from a year earlier, compared with 7.1 percent in September, the Kenya National Bureau of Statistics said Tuesday in an emailed statement from the capital, Nairobi. Costs decreased 0.6 percent in the month. The economy of the world’s largest shipper of black tea has been hit…

South Africa Business Fears Political Limbo If ANC Vote Stalls

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s main business group fears the country will be stuck in political limbo if infighting causes the ruling party’s elective conference in December not to go ahead. The race to succeed President Jacob Zuma as leader of the African National Congress is widely seen as a head-to-head contest between his deputy, Cyril Ramaphosa, and Nkosazana Dlamini-Zuma, the leader’s ex-wife and former chairwoman of the African Union Commission. The battle has grown fractious…

IMF says rising debt, political risk dim sub-Saharan Africa’s economic outlook

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LAGOS (Capital Markets in Africa) – Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth. Nigeria and South Africa are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the…

Moody’s assigns B2 first-time issuer ratings to the Government of Swaziland, with a negative outlook

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LONDON (Capital Markets in Africa)– Moody’s Investors Service (“Moody’s”) has today assigned first-time issuer ratings of B2 to the Government of Swaziland. The outlook is negative. The rating assignment is based on the following key drivers: 1. Economic strength assessed at ‘Low (+), reflecting the country’s relatively small and slow-growing economy, but well integrated and resilient on top of its middle-income status. 2. Institutional strength constrained by governance challenges that have been hampering fiscal policy-making…

Moody’s downgrades Angola’s ratings to B2, outlook stable

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LUANDA (Capital Markets in Africa) – Moody’s Investors Service has today downgraded the long-term issuer and senior unsecured ratings of the Government of Angola to B2 from B1 and changed the outlook to stable from negative. It also affirmed Angola’s short-term issuer ratings at Not Prime. The key drivers supporting the downgrade are: 1) Lower economic strength in light of the diminished medium-term growth outlook, constrained by foreign currency shortages, high inflation, lower public sector…

Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

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DAR ES SALAM (Capital Markets in Africa) – Barrick Gold Corp. agreed to pay Tanzania’s government $300 million as talks about the state’s tax dispute with unit Acacia Mining Plc continue, Chairman John Thornton said. Acacia shares surged by a record. The payment is a “a show of good faith” as a working group comprised of representatives from both sides seek to establish an ultimate resolution to the disagreement, Thornton said at a briefing Thursday after a…

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