The Markets | - Part 162

Selected Capital Markets, Economic and Political News Around Africa

Ethiopia Devalues Birr by 15%, Increases Interest Rate: Ethiopia devalues birr by 15% from Oct. 11, Fana Broadcasting Corp. reports, citing National Bank of Ethiopia Deputy Governor Yohannes Ayalew. Dollar will exchange for 26.9303 birr. Drop in global commodity prices has hurt nation’s export earnings from coffee, oil seeds, leather, gold. Interest rate will increase to 7% from 5% Mozambique’s Zandamela Says FX Reserves, Exchange Rate Stable: The exchange rate of the Mozambican currency, the…

Putin Is Said to Hold First Meeting on Cryptocurrency Rules

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – President Vladimir Putin is holding his first meeting with his top finance officials on cryptocurrencies as a debate rages on regulation of the instruments, according to four people with knowledge of the plans. Bank of Russia Governor Elvira Nabiullina and Finance Minister Anton Siluanovare flying to Sochi to meet with the president and his economic aide, Andrey Belousov, Tuesday, the people said, asking not to be identified before the meeting. A firm decision on whether…

Kenya Airways CEO Shrinks Board in Bid to Return to Profit

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NAIROBI (Capital Markets in Africa) – Kenya Airways Limited is thinning out its board as part of an effort to return sub-Saharan Africa’s third-biggest airline to profit, Chief Executive Officer Sebastian Mikosz said. The carrier is implementing changes to its management structure that will “significantly” reduce the number of managers and direct reports to the CEO, Mikosz said Tuesday in an emailed response to questions. The adjustments are also aimed at making staff more accountable and some employees…

Flour Mills of Nigeria Seeks $306 Million to Cut Funding Costs

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LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, plans to raise 110 billion naira ($306 million) in equity and debt as it seeks to reduce costs and boost operations in the West African nation. The company plans to raise as much as 40 billion naira by rights issue and 70 billion naira through “medium-term notes,’’ according to a statement Monday on the website of the Nigerian…

Burger Brexit Hit Sends Famous Brands Tumbling Most in 14 Years

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JOHANNESBURG (Capital Markets in Africa) – Famous Brands Limited slumped the most in 14 years after the South African fast-food chain owner said its U.K. Gourmet Burger Kitchen business, acquired months after Britain voted to leave the European Union, may only return to profit in the next financial year. The stock dropped as much as 17 percent in Johannesburg, the biggest intraday decline since June 11, 2003. First-half earnings per share fell as much as 60 percent in…

Sasol Drops $950 Million Share Plan for Black-Investor Debt

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ABIDJAN (Capital Markets in Africa) – Sasol Limited, the world’s largest maker of fuel from coal, abandoned a plan to sell about 13 billion rand ($950 million ) of shares in order to repay debt owed by investors who participated in a transaction to boost black ownership of the company. Johannesburg-based Sasol transferred a stake to about 250,000 black investors in 2008 in a so-called black economic empowerment deal. The transaction was partly financed through…

Zambia Favors Kwacha Debt Over Eurobonds for 2018 Financing

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LUSAKA (Capital Markets in Africa) – Zambia won’t sell dollar debt in 2018 as it focuses on raising kwacha loans and increasing tax collection, Finance Minister Felix Mutati said. The government plans to borrow 11.2 billion kwacha ($1.2 billion) from the domestic market next year, more than triple the amount in the 2017 budget. This is part of its strategy to tilt funding in favor of the local market, after external debt bulged to $7.5 billion by mid-year…

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