Features | - Part 237

Mauritius Eyes Nigeria, Other Africa Markets to Grow Tourism

Port Louis, Mauritius, Capital Markets in Africa: Mauritius is targeting Nigeria and other African nations to help sustain growth in tourism revenue that’s expected to reach almost 10 percent this year, Deputy Prime Minister and Tourism Minister Xavier Luc Duval said. The country received 114,796 visitors from Africa in the first five months of this year, accounting for 22 percent of the total, according to Statistics Mauritius. Of the visitors from Africa, more than half came from the…

STANLIB announces single equity franchise

Posted on by The Editorial Team

South Africa, Capital Markets in Africa: STANLIB says it has drawn from its depth of talent, competence and experience in its investment team to make enhancements in the best interests of its customers. “These enhancements are in line with its proven operating model, which has now been successfully operating for five years. The specialist investment model offers a clear focus on client outcomes through line of sight and accountability of the investment professionals.” STANLIB says…

African Development Bank Sees Africa Eurobond Issuance Slowing on Rate Concern

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LAGOS, Nigeria, Capital Markets in Africa: African governments may curtail foreign-currency bond sales in coming months amid expectation that U.S. policy tightening will make it more expensive to pay back those debts, African Development Bank President Akinwumi Adesina said. “Right now there is a little bit of caginess with regard to issuing dollar bonds or Eurobonds because the Fed rates are going up, which means it’s becoming a race to the top of the yield curve,” Adesina…

South Africa Current-Account Gap Widens as Dividends Paid Rise

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s current-account deficit widened to 5 percent of gross domestic product in the first quarter as dividend payments by local companies to foreign shareholders increased. The gap on the current account, the broadest measure of trade in goods and services, widened from a revised 4.6 percent in the fourth quarter of last year, the Reserve Bank said in its Quarterly Bulletin released on Tuesday in the capital, Pretoria. The…

Nigeria Oil Militants Give Talk Terms, Threaten Bloodshed

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian militants whose attacks on oil infrastructure have sent output plunging to its lowest level in 27 years said for the first time that they are considering peace talks, even as they threatened to rethink their policy of avoiding bloodshed. The oil minister said Monday that negotiations with the Niger Delta Avengers had begun. After rejecting talks with the government last week, the militants said they would need “a…

Nigeria | Airlines Exit Nigeria on Slow Economy Hit by Dollar Shortage

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LAGOS, Nigeria, Capital Markets in Africa: International carriers may follow the example of United Airlines and Iberia and halt operations in Nigeria or cut flights as they struggle to move revenue out of the country because the oil-price slump has depleted the West African nation’s foreign exchange reserves. Iberia suspended its route to Africa’s biggest economy on May 12, followed by United, which informed employees that it would end flights from the U.S. to Nigeria at the end of…

Nigeria Food-to-Logistics Company UAC Joins Naira Complaints

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LAGOS, Nigeria, Capital Markets in Africa: UAC of Nigeria Plc, an investor in foods, logistics and real-estate services in Africa’s largest economy, said the central bank’s delays in announcing details of a more flexible foreign-exchange system are holding back business decisions because of confusion over future costs. “They should have done it yesterday, rather than tomorrow,” Larry Ettah, UAC’s chief executive officer, said in an interview Wednesday in Lagos, Nigeria’s commercial capital. “We are hopeful that…

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