Bond: Ethiopia becomes Africa’s latest sovereign default
According to two sources familiar with the situation, bondholders had not been paid the coupon as of the end of Friday December 22, the last international banking working day before the grace period expires.
Some respite for Man United as British billionaire Ratcliffe acquires 25 per cent stake in Red Devils
The club said $200 million of Ratcliffe’s planned investment would be paid on closing of the deal, and a further $100 million by the end of 2024.
Shipping companies reroute to South African ports to avoid Houthi attacks in Red Sea
Other large African deep-water ports along the Cape route, such as Mombasa in Kenya and Dar es Salaam in Tanzania are too ill-equipped to handle the expected traffic over the next couple of weeks, Lencioni said.
Forex: Kenyan, Zambian currencies in-play against backdrop of subdued dollar supply
Zambia’s kwacha could hold steady next week or fall slightly as hard-currency supply remains subdued. On Thursday the kwacha was trading at 25.20 per dollar from 24.55 a week ago.
With US dollar forecast to weaken in 2024, countries with hefty debts like Kenya, Tunisia expected to manage repayment
Kenya, Tunisia and Egypt have significant maturities due in 2024. Kenya plans to buy back up to a quarter of its $2 billion bond, due in June, with the help of loans from the Trade & Development Bank and the African Export-Import Bank.
Paramount in talks to sell Black Entertainment Television Network to management-led group
Paramount is controlled by the Shari Redstone-led media company that owns 77 per cent of Paramount’s Class A voting shares.
German Covid vaccine giant BioNTech unveils plans to set up factory in Rwanda in 2025
Rival Moderna in March this year unveiled plans to establish an mRNA manufacturing facility in Kenya, which would be its first such facility in Africa.
Portuguese ship that vanished in 16th century excavated in Namibian desert with gold, copper
The condition that the ship was found in suggests that the storm that caused the shipwreck was especially violent, although an absence of human remains (besides a few scattered bone fragments) in the site suggests that most of the crew on board survived the wreck or died at sea.
While Kenyan president is upbeat about the economy, local currency is in turbulence
Kenya’s shilling is seen slipping on increased foreign-currency demand from the manufacturing sector and as Kenyans living abroad ask for higher exchange rates to part with their dollars.
Kenya looks to lower deficit in current financial year, high-ranking Treasury official says
The tighter monetary stance will work, Finance Minister Njuguna Ndung’u told the same budget preparation forum, helping to stabilise the macroeconomic fundamentals.
