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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 […]

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 […]

One Hundred Years Later, Heart of Congo Ships Oil Again

One Hundred Years Later, Heart of Congo Ships Oil Again

The equatorial sun pierces the forest canopy as two laborers manipulate a machete at the end of a long pole to cut hard red fruits from the top of a soaring palm. The heavy bunches are collected by hand and trucked to a mill, where palm oil is extracted before beginning its journey down the […]

Dangote Cement Approaches South Africa’s PPC About Takeover

Dangote Cement Approaches South Africa’s PPC About Takeover

Dangote Cement Plc has approached PPC Ltd. about a takeover deal, signaling the start of a possible bidding war for South Africa’s biggest cement maker after an earlier offer led by Canada’s Fairfax Financial Holdings Ltd. Dangote has told PPC’s board that it’s interested in buying “the entire share capital,” the Lagos-based company said late […]

Ivory Coast Weighs Cocoa Tax Cuts to Lift Farmer Pay

Ivory Coast Weighs Cocoa Tax Cuts to Lift Farmer Pay

Ivory Coast is considering cutting taxes on buying and and exporting of cocoa to allow for an increase in the minimum price paid to farmers in the upcoming season, according to a person familiar with the matter. The world’s biggest producer of cocoa is unlikely to raise the minimum price that it allows merchants to […]

IMF Approves One-Year Extension to Ghana’s Credit Program

IMF Approves One-Year Extension to Ghana’s Credit Program

The International Monetary Fund has approved a one-year extension of Ghana’s $918 million credit-facility program after a review of the nation’s progress on monetary and fiscal reforms. The extension will give the West African nation more time to achieve targets such as narrowing the budget shortfall. The IMF approved a payment of $94.2 million to […]

Steinhoff’s African Listing Overshadowed By Europe Woes

Steinhoff’s African Listing Overshadowed By Europe Woes

A German investigation into alleged accounting fraud by senior managers at Steinhoff’s European operations couldn’t have come at a worse time for its top shareholder Christo Wiese. The South African retail magnate is about to split Steinhoff’s African businesses so investors can better judge the value of its faster-growing ones in the United States, Europe […]

Kenya Shilling Firms After Peaceful Election

Kenya Shilling Firms After Peaceful Election

The Kenyan shilling strengthened against the dollar on Wednesday as early results from a peaceful election showed President Uhuru Kenyatta in a commanding lead, traders said. At 0657 GMT, commercial banks quoted the shilling at 103.70/90 per dollar compared with 103.95/104.05 at Monday’s close. Markets were closed during Tuesday’s session as Kenyans voted for president […]

South Africa’s Rand Weakens Slightly Ahead Of Zuma No-Confidence Vote

South Africa’s Rand Weakens Slightly Ahead Of Zuma No-Confidence Vote

South Africa’s rand drifted lower on early Tuesday, giving back some gains after rallying to its firmest level in a week as some investors bet a no-confidence vote by secret ballot against President Jacob Zuma could see him ousted. At 0650 GMT the rand was 0.13 percent weaker at 13.2375 per dollar compared with an […]

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