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This is an exclusive new report designed to give you an overview about Africa countries tackling Economic, Political, Stock Market and Company transactions issue.
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- The financial services sector continued to dominate the East African deals till October 2019, helping drive the number of disclosed deals higher by 46 % to 91 compared to 62 in the same period last year, valued at 162.6 BN KES (1.6 BN USD).
- Zambia real GDP decreased in Q2-2019 reaching 2.3% compared to 3.9% in Q2-2018. Moreover, it is projected to significantly decline to about 2.0% from 4.0% in 2018 premised on projected contraction in agriculture, constrained electricity generation, and lower than anticipated mining output.
- The Bank of Zambia (BOZ) has announced an increase in the monetary policy rate from 10.25% to 11.5%. The adjustment comes after the central bank increase the commercial banks overnight lending rate and to reduce the occurred inflation.
- The Kenyan Treasury missed the 50 BN KES (489.7 MM USD) target for the 10-year bond issue whose sale closed at the end of last week, reflecting tightening liquidity conditions and the market adopting a wait-and-see attitude on the direction of interest rates.
- The number of Kenyans earning below 30,000 KES (293 USD) per month has increased by 14% which nearly half of the total employed workers captured in government records reaching 1,279,982 from 154,945, according to the Kenya National Bureau of Statistics (KNBS).
- The Kenya Tea Development Agency firm stated that despite Kenyan tea being in high demand, its competitiveness in the international market has been eroding due to costs and poor marketing of the commodity.
- The International Monetary Fund (IMF) stated that South Africa is facing a prolonged period of weak economic growth marked by rising unemployment, inequality and greater credit-rating risk if the government does not act fast to implement reforms.
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- Zimbabwe Environment and Tourism patron, First Lady Auxillia Mnangagwa, is concerned about the exclusion of women in tourism despite forming a huge base of the workforce in the sector. Noting that the percentage of women who work in the industry was high, but they occupy unskilled and lowly-paying jobs.
- Khalid Belhoul, Undersecretary of the Ministry of Foreign Affairs and International Cooperation (MoFAIC) of UAE, met Selma Ashipala-Musavyi, Executive Director in the Ministry of International Relations and Cooperation of Namibia in order to enhance cooperation between the two friendly countries and discussed a number of issues of common concern.
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Major Companies Transactions
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- Cordros Asset Management Limited (CAML) opened application list for the initial public offering (IPO) for its Cordros Dollar Fund, opening up new avenue for investors to reduce risks and earn stable returns. Cordros Dollar Fund is offering 2 MM USD in 20,000 units at 100 USD each with a minimum subscription of five units or 500 USD. The fund will be open-ended meaning investors can continuously add new subscriptions.
- Kenya Airways (KQ) has signed a plane maintenance deal with Joramco, a Dubai-based firm for its Boeing 787 planes in a move aimed at improving the safety status of its aircraft. The deal will see Joramco, the engineering arm of Dubai Aerospace Enterprise (DAE), perform seven heavy checks and modifications of the planes between January and September in 2020.
- Sidian Bank will borrow 3.7 BN KES (36.24 MM USD) in 2019 to shore up its capital and boost its capacity to lend to its customer base of small and medium-sized firms. Last week it announced it has taken a 2 BN KES (20 MM USD) five-year loan from Dutch development finance institution FMO for onward lending.
- Jubilee Holdings is splitting its insurance businesses to increase efficiency and management focus, with the company creating two new subsidiaries to house medical and general underwriting business.
- Six government-owned corporations have so far failed to meet a deadline to publish their financial results for the year ended June due to a vacancy in the Auditor-General's office. This includes Kenya Power, KenGen and East African Portland Cement Company (EAPCC) which are listed on the Nairobi Securities Exchange (NSE).
- Two Rwandan Start-ups, Engineering Hub and Quip.link, caught the attention of global investors in Dubai, UAE in the previous week where they were pitching their firms in search of partnerships.
- Hundreds of youth from east and central Africa countries are expected to present an action plan to shape the future of the African food through a 5 day training event called "Shaping the future of food system in Africa".
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Dubai Office:
Office No. N 307, North Tower, Emirates Financial Towers, DIFC, P.O Box 506726, Dubai, UAE.
Tel:
+97142820301
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Cairo Office:
Z
epter Office Building
S5-6 ,
Area 5, District 1, 5th Settlement,
New Cairo, Egypt.
P.O. Box:
1147
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Kenya Office:
Block C, Ground Floor, Fortis Office Park Muthangari Dr Westlands, Nairobi, Kenya
Tel: +254 20 5148174
P.O. Box: 66488-00800
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