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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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- Kenyan Eurobond yields have increased in the past two weeks as global markets remained unsettled. The Central Bank of Kenya (CBK) showed that yields on the 7-, 10- and 30-year bonds increased in the week ending September 26. The week was also marked by increase in yields of Angola and Ghana Eurobonds.
- Majority of Kenyan shoppers have stopped using 1 Kenyan Shelling coins noting that the preference for higher-value coins and crisp notes is fueling a new wave of inflation as retailers prefer to increase prices in multiples of fives and tens to avoid the low-value currency.
- The number of Kenyans with more than 100,000 KES (964 USD) as savings in their bank accounts has dropped for the first time in more than 13 years, reflecting the cash flow problems in an economy troubled by job cuts and modest economic activity.
- The Bank of Uganda (BoU) showed that the Ugandan shilling, which was trading at 3,765.6 against the dollar in May, has remained stable at just over the 3,600 units for the months of August and September, coinciding with a steady decrease in headline inflation since June 2019.
- The Bnak of Uganda cut its key lending rate by 100 basis points to 9.0%, saying the reduction would revive economic growth in the country. It is the first time the BoU has changed its main rate since October 2018.
- In Namibia, 70% of government schools are still not connected to the internet. The total number of government schools across the country is 1,897 government schools and only 590 schools are connected to the internet.
- The Reserve Bank of Zimbabwe (RBZ) has allowed companies to pay their workers in foreign currency but the employees will not be able to withdraw cash from their NOSTRO accounts, accounts that a bank holds in a foreign currency in another bank.
- The price of fuel increased again in Zimbabwe on Sunday, October 6, by more than 25% reaching 16.64 Zimbabwe dollars (around 1 dollar), while gasoline would increase to 14.97 Zimbabwe dollars.
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- The US government has escalated its political and economic war against Zimbabwe in the past few weeks, despite major efforts to foster a mutually beneficial long-lasting bilateral relationship. However, President Emmerson Mnangagwa's Government has implemented a new foreign policy thrust anchored on the mantra, "Zimbabwe is Open for Business and Re-engagement."
- The UAE Ambassador Khalifa Abdurahman Al Marzouqi presents his credentials to President of Zambia Edgar Lungu expressing his keenness to strengthen joint ties between the two friendly countries and deepen economic, trade, and investment relations.
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Major Companies Transactions
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- Kenya state-owned fuel marketer National Oil (Nock) has invited private partners to lease open spaces and buildings within its petrol stations. The oil marketer joins the race for subsidiary income from fuel stations that has become an alternative for petrol stations.
- Kenya first green bond issued by property developer, Acorn Group and PE fund Helios has attained 85% subscription, raising 4.3 BN KES (414.4 MM USD) of the targeted 5 BN KES (481.8 MM USD).
- In Kenya, KCB Group is looking at additional markets for expansion while awaiting a license to operate in Congo and Ethiopia because they are very much aligned to the company's business.
- Centum Investment Company has repaid 8 BN KES (770.9 MM USD) loan it took from Co-operative Bank to develop the Two Rivers Mall in Nairobi. Noting that the company used a new loan from South Africa Standard Bank to retire the Co-op Bank debt.
- Faulu Microfinance Bank has announced a 113 MM KES (1.1 MM USD) branch expansion plan opening eight new branches in Ugunja, Kapenguria, Homabay, Kericho, Busia, Voi, Bondo and Limuru, Kenya.
- Safaricom's share of mobile subscribers decreased to 63.5% in 2018/2019, making it the lowest market share it has recorded in the last decade as rival Airtel steadily won over its customers.
- In Rwanda, Safi Ltd, a local start-up behind the technology for shared electric bicycles and motorcycles,launched electric motorcycles as part of broader efforts toward smart cities and a clean energy-oriented transport arrangement. The company aims to increase the options for public transport and promote the use of bikes.
- South African Airways (SAA) has announced the expansion of the code share agreement with Air Seychelles (HM) to New York effective 1 November 2019. SAA will be the operating carrier on the Johannesburg (JNB) - New York (JFK) sector and Air Seychelles will be the marketing carrier.
- In Tanzania, the US government through the Agency for International Development (USAID) signed a 10 MM USD financing portfolio guarantee with Amana Bank to strengthen its ability to provide financing to agro-sector business.
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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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