Africa Finance Daily

As US, Europe struggle economically, Africa growing
USA TODAY
A forecast from the African Development Bank expects 4.5 percent growth across Africa in 2012 and 4.8 percent growth in 2013, with sub-Saharan Africa to grow at an even faster pace, the bank’s chief economist Mthuli Ncube said. Post-revolution Libya …

South Africa Posts Sixth Straight Monthly Trade Deficit in June
Bloomberg
A debt crisis in Europe, which buys a third of South Africa’s manufactured exports, has curbed demand, boosting the trade gap for the first half of the year to 51.1 billion rand from 2.5 billion rand a year earlier. That’s widened the deficit on the …

Economist: Africa growing, political risks remain
MiamiHerald.com
A woman with her child on her back, begs, on a street in Johannesburg, South Africa on Tuesday July 31, 2012. A forecast from the African Development Bank expects 4.5 percent growth across Africa in 2012 and 4.8 percent growth in 2013, with sub-Saharan …

S.African bonds weaken, Treasury to offer more stock
Reuters Africa
JOHANNESBURG, July 31 (Reuters) – South Africa’s government bonds weakened slightly in late Tuesday trade and yields edged up after the Treasury said it would increase the amount of paper primary dealers can buy over and above their allocation at …

Kenyan shilling slips vs dollar, stocks extend fall
Reuters
He said the market would stabilise from more solid half-year financial results expected in the coming weeks. Shares in Equity bank, Kenya’s largest bank by depositors and one of the most traded stocks, extended their previous day’s fall by 3.4 percent …

Kenya bourse to list in 2013, plans bond index
Reuters Africa
By Tosin Sulaiman. LONDON (Reuters) – The Nairobi Securities Exchange is planning a share market listing of its own in the first half of 2013, completing a lengthy process of demutualisation, its chief executive told Reuters on Tuesday. The bourse, the …

Kenya doubles planned debut Eurobond to $1 billion
Reuters Africa
LONDON (Reuters) – Kenya has doubled the size of its planned debut Eurobond to $1 billion with a tenor of at least 10 years and aims to complete the transaction in the 2013/14 fiscal year, the country’s finance minister told Reuters on Tuesday …

Nigerian lender FCMB to complete merger with Finbank by Q3
Reuters
LAGOS, July 31 (Reuters) – Nigerian lender FCMB said it would complete a legal and operational merger with former rival Finbank by the end of the third quarter. “We took full control of Finbank in Feb. 9, and a complete integration is on the way … it …

Europe a key risk to Africa’s 2012 growth outlook – AfDB economist
Creamer Media’s Engineering News
The bank currently expects continent-wide growth of 4.5% in 2012, underpinned by a sub-Saharan Africa economic expansion of 5.3% – excluding slow-growing South Africa, the rate of growth in the rest of the sub-region is estimated at 5.9% for the year.

Fitch Ratings Raises Fresh Crisis Alert On Nigerian Banks
AllAfrica.com
Fitch Ratings has raised fresh alert on the growing loan facilities in the Nigerian Banking sector that might lead to another round of non-performing loan crisis. Fitch in a newly-published special report on Nigerian banks said the recent rapid credit …

ECOBANK now the biggest bank in Ghana
Myjoyonline.com
The bank’s total asset according to the half year results released today is now slightly over 3 billion cedis compared to Ghana Commercial Bank’s 2.6 billion Ghana cedis. The growth in the ECOBANK’s assets follows its merger with the Trust Bank last year.

South Africa among 10 slowest growing markets in 2012
BusinessLIVE
SOUTH Africa will be among the ten slowest growing economies in Africa in 2012, African Development Bank (AfDB) chief economist and vice president Mthuli Ncube said on Tuesday. The bank has downwardly revised the country’s economic growth forecast …

Nigeria Tops Global Destination For Foreign Direct Investment – Aganga
Leadership Newspapers
Minister of Trade and Investment, Dr Olusegun Aganga, said yesterday that Nigeria, with a record of $8.9 billion investment inflow in 2011, has become one of the top global destinations for Foreign Direct Investment (FOI). Aganga made the remarks when …

First yuan bonds to African banks
China Daily
African central banks were given access to yuan-denominated bonds for the first time after a large Chinese lender allocated them a purchase quota of three-year bonds, an important development in the yuan’s wider use globally. China Development Bank …

Futuregrowth sows investment into Africa
Independent Online
The company’s move to buy agricultural land in Africa tracks an investment push led by China, India, Malaysia and Indonesia that is being driven by concerns about food security and rising grain prices. About 45 million hectares of farmland were leased …

Survey puts PoS usage, penetration in Nigeria at six per cent
The Guardian Nigeria
The survey, titled the “2012 Nigerian Banking Industry survey” conducted by KPMG revealed that the Automated Teller Machine (ATM) remains the preferred channel with 82 per cent acceptance from respondents; seven per cent of respondents preferred …

Expanding Trade With East Africa
Voice of America
Expanding Trade With East Africa. President Barack Obama is proposing to boost U.S. trade and investment in East Africa through a new partnership aimed at enhancing commercial and economic ties between our country and the region. Email; Print …

China’s plans for Africa shifting to sustainability
Irish Times
South African president Jacob Zuma warned that the trade relationship between the two sides couldn’t last, because from China comes debt relief, human resources development and investment, while Africa supplies raw materials and technology transfers.