page contents
Connect with us

Business

Invest in Ethiopia, Ethiopia President appeals to Investors.

Published

on

Ethiopia’s president, Sahlework Zewde appealed to investors in South Africa to invest in her country, arguing that government has deliberately put in place an enabling environment.

Zewde, who was attending the inaugural session of the Africa Investment Forum, held in South Africa, highlighted the projects being done by Ethiopia to attract investment.



“In terms of infrastructure, we have an electric, railway, and the Ethiopian Airlines. All of this helps in attracting investors,” she said.

IMG-20180912-WA0030

South African, companies including the telecommunications giant, MTN, have expressed interest in entering the Ethiopian market, that has previously been dominated by state enterprises.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

President Sahleowk also noted that the private sector will play a critical rôle in helping Ethiopia achieve its ambitious 2025 economic targets.

“We have a target to move the country to another level. The main focus for economic growth is making Ethiopia the manufacturing hub of Africa. We plan to be there by 2025,” she said.

Zewde is expected to have a bilateral meetings with several South African government officials on the sidelines of the forum.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Business

South Africa Rand stables against embattled pound

Published

on

The rand was relatively stable on Friday morning, and headed for its best week against the beleaguered pound in about nine weeks.



The fallout from the failure of the UK’s Brexit plan is on traders’ radars, overshadowing the controversial and divisive land reform debate, which has previously hurt the rand.

“May has seen her plans for ‘Shmexit’ torn apart: that is what one could dub a Brexit that is literally leaving the EU, but which in no way regains sovereignty in key areas, and which might be impossible to ever change further unilaterally,” UK-based Rabobank International analyst Michael Every said in a note.

“Indeed, we have seen a swathe of key ministerial resignations, and suggestions there are enough MPs’ votes in hand to trigger a leadership election as soon as next week.”

The pound tanked against a host of currencies on the news, but has since stabilised at lower levels as markets await further developments.

IMG-20180912-WA0030

The rand has benefited from the ensuing market volatility, settling a hefty 3% stronger against the pound on Thursday night. Local bonds have benefited, too.

The local currency has fared better against the dollar so far this week, strengthening the case for a big cut in fuel prices in December.

According to AA, the petrol price is likely to be cut by R1.54 a litre, diesel by 92c and illuminating paraffin 85c.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

The expected drop in fuel prices comes as oil prices fall: Brent crude is about 10% lower in November, according to Iress data.

At 10.12am, the rand was 0.2% softer against the dollar at R14.2075, 0.32% weaker against the euro at R16.12 and 0.36% softer against the pound at R18.1858. The euro was 0.14% stronger to $1.1346.

The yield on the benchmark R186 bond slipped to 9.145% in early trade, from 9.17% at its last settlement.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Business

Uganda Shilling Fares Well than past week.

Published

on

The Uganda Shilling was relatively stable, trading within range of 3747/57 as market demand was evenly matched by the inflows.




In the interbank money market, overnight funds traded at 6.50% while one week traded at 10%, a report by Alpha Capital Markets indicates.

The Shilling closed the week at around 3,744.88/3,754.88 to the US Dollar, up from 3,748/58 last week buying and selling.

In the fixed income market, a treasury bill auction with sh195bn on offer was held. Yields marginally declined across all the tenors and came out at 10.800%, 12.400% and 13.501%, for the 91, 182 and 364 days. The auction was hugely oversubscribed.

IMG-20180912-WA0030

In the regional currency markets, the report further indicates that the Kenya Shilling was quickly coming under pressure due to increased demand from importers of oil and other commodities as they close out payments for orders ahead of the festive season.

The Kenya and Tanzanian currencies traded at 36.77/36.87 and 1.63/1.64 buying and selling respectively.

Stephen Kaboyo the Alpha Capital Markets CEO, said that in international markets, the US Dollar gained against other major currencies as the Federal Reserve kept interest rates steady but reaffirmed its monetary tightening, setting the stage for a rate hike in December.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

On the other hand, Kaboyo added that the US midterm elections outcome that markets interpreted as a gridlock on Capitol Hill, came in support of the greenback with expectation that chances of further fiscal stimulus and tax cuts will be minimal.

“Outlook for the shilling indicate a range bound unit as mid-month market dynamics set in. It is likely that demand will remain at a low ebb,” he said.

Dealers attributed the performance of the Shilling to liquidity squeeze in the money markets.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

-NewVision

Continue Reading

Facebook

Advertisement
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved