Banking | Portugal/Angola
A tug of war is developing over Portugal’s fourth-largest lender, Banco BPI, between its two largest shareholders.
Banking | Portugal/Angola
Uganda, the East African country that will soon to join the league of oil producers, is set to build a refinery before its own production capacity comes online.
Global Finance sat down with Egyptian bank CIB’s chairman and MD, Hisham Ezz Al-Arab, to discuss its strategy during the Arab Spring and how it plans to attract a younger clientele.
Milestones | Nigeria
A week before it was to take place, Nigeria’s presidential election was postponed for fear it would spark violence. The election was originally scheduled for February 14 but has been pushed back six weeks to March 28. The outcome of this delay is unclear.
Country Report | Angola
Up until 2013, Angola's GDP, buoyed by booming oil revenues, grew by an average rate of 10.7%, reaching an all-time high of 23.2% in 2007. Now, as economic growth slows and the country’s financial coffers move from surplus to deficit, Angola is rethinking its dependence on “black gold.”
Newsmakers | Malawi
Friday Jumbe is set to become the latest African finance minister to swap his political ambitions to take up a senior post in a development bank.
Country Report | Mozambique
Mozambique is the current star in Africa’s rising inward-investment constellation. For much of the last quarter of the 20th century, Mozambique was a war zone. Today the only war on its horizon is a bidder’s war, as investors salivate over the opportunities this Southern African country offers.
Sovereign Debt | Capital Markets
Governments in Africa issued a record amount of debt in international markets in 2014, taking advantage of strong investor demand and low borrowing costs ahead of the Federal Reserve’s expected rate increases this year.
Corporate Tax | Trends
By replacing cascading sales taxes with a value-added tax (VAT), Africa has succeeded in lowering its total tax rate to 46.6% from a peak of 72.2% in 2005.
Nigeria | Milestones
Nigerians go to the polls next month with some trepidation...
Africa | Emerging Markets Regional Review
African economies are well on their way to transforming the region’s status from a frontier to an emerging market. The IMF predicts Africa will grow by 5.8% in 2015, up from 5.1% this year, with Chad, Côte d’Ivoire, Democratic Republic of the Congo and Mozambique projected to growth over 8%.
Tunisia | Newsmakers
Elections in Tunisia in October, which saw the secular Nidaa Tounes party (39.7%) narrowly beat the incumbent Islamic party, Ennahda (31.8% of the vote), were widely praised for being free and fair. Questions remain, however, about their democratic robustness.
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Regional Focus | The Levant
Offshore energy reserves, a stable banking sector and infrastructure gaps all present opportunities for foreign investment in the Levant region.
AFRICA 2014 | INTRODUCTION
Though Africa has experienced impressive growth for well over a decade now, domestic markets and intraregional economic relations have remained constrained, with national economies driven primarily by mounting foreign demand for the continent’s natural resources and commodity exports.Today, however, things appear to be changing. For one thing, Africa is witnessing the emergence of a middle class.
MILESTONES | TANZANIA
Plans by Tanzania’s Capital Markets and Securities Authority to dispense with the 60% foreign ownership limit in stocks listed on the Dar es Salaam Stock Exchange could bring positive results in the short and medium term for Africa’s capital markets.
AFRICA 2014 | INTRA-AFRICA TRADE
The rise of the African consumer market is providing an opportunity for domestic companies to increase their footprint across the region.
NEWSMAKERS | POLAND
Tony Elumelu, former managing director and CEO of United Bank for Africa, returned to the bank in late August as chairman, following his appointment by the shareholders.
AFRICA 2014 | UNITY
Africa’s dream of greater economic unity is gradually becoming a reality, with plans to establish a free-trade area spanning eastern and southern African countries well under way. Yet it could take time for the associated economic and trading benefits to play out.