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Egypt Plans to Extend $2 Billion Financing Deal for a Year

Egypt Plans to Extend $2 Billion Financing Deal for a Year

Egypt plans to renew a $2 billion financing deal with international banks while also developing alternative sources of funding such as issuing dollar-denominated Eurobonds, Finance Minister Amr El-Garhy said. The repurchase transaction, which international banks offered to increase to $5 billion upon its extension, will remain unchanged in size and probably in duration, El-Garhy said, […]

Sub-Saharan Africa To Grow At A Slower Rate This Year, World Bank Says

Sub-Saharan Africa To Grow At A Slower Rate This Year, World Bank Says

The economy of sub-Saharan Africa is seen growing more slowly this year than previously forecast, largely due to weak investment and productivity, the World Bank said on Wednesday. In a report, it forecast growth in the region to be 2.4 percent in 2017, down from the 2.6 percent that it projected in April. But growth […]

IMF Sees No ‘Substantive’ Zambian Aid-Deal Talks This Month

IMF Sees No ‘Substantive’ Zambian Aid-Deal Talks This Month

The Zambian government and the International Monetary Fund won’t be holding meaningful discussions on a proposed $1.3-billion aid program at the Washington-based lender’s annual meetings this month after talks were put on hold in August. The nation’s Eurobond yields climbed. “IMF staff will be meeting the Zambian delegation at the IMF-World Bank annual meetings to […]

KPMG Revamps S. African Top Management as Clients Dump Firm

KPMG Revamps S. African Top Management as Clients Dump Firm

KPMG LLP’s South African unit appointed nine new executives in an attempt to restore trust in the auditing firm as clients continued to distance themselves over its involvement with the politically connected Gupta family. Andrew Cranston, a partner and former chief operating officer of parent KPMG International, will be the local firm’s interim COO, while […]

Saudis to Make Deepest Cut to Crude Supply Despite Demand

Saudis to Make Deepest Cut to Crude Supply Despite Demand

Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market. State-run Saudi Arabian Oil Co., known as Aramco, will make an “unprecedented” cut of 560,000 barrels a day in its allocations to customers next month, the Saudi energy […]

Angola’s State Oil Firm Saves $1.7 Bln After Spending Cuts

Angola’s State Oil Firm Saves $1.7 Bln After Spending Cuts

Angola’s state-owned oil company Sonangol said on Friday it had saved $1.7 billion thanks to spending cuts since 2014 in response to lower crude prices. Oil companies across the world have made steep cuts to their annual capital expenditure over the last three years to cope with a slump in oil prices. Sonangol said in […]

Ivory Coast Starts Alstom Rail Talks After Hyundai Edged Out

Ivory Coast Starts Alstom Rail Talks After Hyundai Edged Out

Ivory Coast is talking to French train equipment suppliers Alstom SA and Thales SA about taking part in a 1.4 billion euro ($1.6 billion) urban-railway project to be funded by France, pushing out South Korean manufacturers that were part of the deal. The West African nation is about to amend an initial 2015 concession agreement […]

Kachikwu Questions $24 Billion Oil Deals

Kachikwu Questions $24 Billion Oil Deals

Nigeria’s oil minister sent a letter to President Muhammadu Buhari listing at least $24 billion of contracts involving the state oil company that he said were never discussed with him or the firm’s board, a copy of the document seen by Bloomberg shows. Emmanuel Kachikwu, the state minister for petroleum resources, complained in the seven-page, Aug. […]

Ghana’s Banks Need More Cash Than Its Markets Can Provide

Ghana’s Banks Need More Cash Than Its Markets Can Provide

Ghana’s banks face a daunting race to meet new capital rules by the end of next year. Lenders will need to raise 9 billion cedis ($2 billion), which the local equity and debt market is too small to supply, according to George Bodo, the head of banking research at Ecobank Capital Ltd. in Nairobi, Kenya. […]

Ivory Coast Cuts Cocoa Farmers Pay by Third for Main Harvest

Ivory Coast Cuts Cocoa Farmers Pay by Third for Main Harvest

Ivory Coast, the world’s biggest cocoa producer, cut farmers’ pay for the new main season by more than a third as forecasts for a second annual global oversupply weigh on prices. Farmers will receive a guaranteed price of 700 CFA francs ($1.23) a kilogram for the larger of the two annual harvests that starts this […]

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