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Allan Gray Signals Net1 Shareholder Revolt Over South Africa Grants Debacle

Allan Gray Signals Net1 Shareholder Revolt Over South Africa Grants Debacle

Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders’ meeting over the payment technology provider’s handling of the scandal over a South African welfare contract. South Africa’s Constitutional Court was set to rule on Friday in a case concerning the unlawful tender of a contract […]

Barclays Africa Debt Sale Misses Target as Banks Issue More

Barclays Africa Debt Sale Misses Target as Banks Issue More

  Barclays Africa Group Ltd. sold less than half its target in a bond auction as a wall of debt issuance by South African banks and the impending exit of its U.K. parent, Barclays Plc, damped demand. Barclays Africa offered 1.5 billion rand ($113 million) of notes on Monday but raised only 642 million rand […]

Nigeria Inflation Eases For First Time In 15-months In Feb: Stats Office

Nigeria Inflation Eases For First Time In 15-months In Feb: Stats Office

Nigeria’s inflation rate bucked the trend in February to fall to 17.78 percent, its lowest level in 15 months, driven by a slower rise in general price levels, the National Bureau of Statistics said on Tuesday. Inflation had risen to 18.72 percent in January, its 12th monthly rise and its highest level in more than […]

Egypt’s Capital Set To Grow By Half A Million In 2017

Egypt’s Capital Set To Grow By Half A Million In 2017

Cairo’s population is set to grow by 500,000 this year, more than any other city in the world, adding to the pressure on an Egyptian economy struggling to recover from six years of political turmoil. Greater Cairo, a metropolitan area including Cairo and parts of the Giza and Qalyubia provinces, is home to some 22.8 […]

Nigeria’s Telecoms Regulator Sees Deal In Etisalat Debt Talks

Nigeria’s Telecoms Regulator Sees Deal In Etisalat Debt Talks

Nigeria’s financial and telecoms regulator said it agreed on Friday with local banks to end the prospect of receivership for mobile operator Etisalat Nigeria, which has missed a payment on a $1.2 billion loan. A banking source told Reuters on Wednesday that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to […]

Egypt’s Feb Annual Urban Consumer Price Inflation Hits 30-yr High

Egypt’s Feb Annual Urban Consumer Price Inflation Hits 30-yr High

  Egypt’s annual urban consumer price inflation soared to its highest level in more than three decades, hitting 30.2 percent in February, the statistics agency CAPMAS said on Thursday. It’s the fourth consecutive jump in inflation since the central bank abandoned its currency peg to the U.S. dollar on Nov. 3 in a dramatic move […]

Nigeria To Open Up Government Airports To Private Investment

Nigeria To Open Up Government Airports To Private Investment

Nigeria will open up its government-owned airports to private investment, the minister of aviation said on Monday, as the capital’s airport prepares to close for repairs after years of neglect. All government-owned airports will be offered to investors who have “the wherewithal, the know-how, the technology, the capacity, the ability, the finance to put up huge fantastic […]

Ghana Faces Budget Bind; Unplanned Spending Roils Investors

Ghana Faces Budget Bind; Unplanned Spending Roils Investors

Ghana’s new finance minister faces having to fulfill election pledges to spend more on education and job creation while trying to raise investor confidence eroded by fears about the nation’s finances. After promises of free high-school education and tax cuts in the run-up to a December vote, Finance Minister Ken Ofori-Atta, 57, will present the […]

Risk of Nigeria Devaluing Naira Rising, But It Won’t Float Freely

Risk of Nigeria Devaluing Naira Rising, But It Won’t Float Freely

Nigeria’s authorities may soon devalue the naira but won’t fully relinquish control over it, instead taking steps to narrow the gap between the official and black market rates to boost confidence in the economy, a Reuters poll showed on Friday.     A shortage of dollars in Nigeria – for big and small needs including […]

Barclays To Pay $988 mln To Split From African Business

Barclays To Pay $988 mln To Split From African Business

Barclays has agreed to pay Barclays Africa nearly $1 billion to fund investments needed for it to split from its African business, paving the way for the British bank to cut its stake to below 50 percent. Barclays is in the middle of an overhaul that includes cutting its holding in the African business as […]