Global Courant 2023-05-15 15:11:58
Moody’s wants to downgrade Egypt to B3
Moody’s Investors Services has reassessed Egypt’s B3 long-term ratings of foreign currency and local currency issuers for a downgrade, according to a local report. This follows Fitch Ratings’ downgrade of the country’s long-term foreign currency credit rating to “B” from “B+” for debt issuance last week.
“The assessment period will focus on the government’s ability to complete the target $2 billion in asset sales needed to meet the financing targets of the IMF program for fiscal 2023 (ending June) and demonstrate the viability of the programme’s external financing strategy, which is highly dependent on asset sales. Moody’s noted.
When an economy is downgraded by a credit rating agency, such as Moody’s, it provides data for foreign capital market investors to understand the level of risk in the market they plan to enter before making any investment moves. Invariably, the latest downgrounds can reduce investment or deter investors from entering the Egyptian market.
New source of wealth discovered in Zimbabwe
Invictus Energy, an A-listed Australian company recently confirmed the presence of light oil, gas condensate and helium at its Cabora Bassa project in Zimbabwe. The company has ensured that helium gas is present in commercially viable concentrations, comparable to helium-producing fields worldwide. With the latest discovery, Zimbabwe could become a major supplier of helium gas to the international market. In his announcement, Invictus energy noted that mudgas tests showed commercial helium concentrations of about 0.1 percent. Meanwhile, commercial production typically requires helium concentrations between 0.04-0.35%.
Tanzania is working with American clubs to boost tourism
Last week, Tanzania signed three major agreements with leading sports clubs in the United States in the major football and basketball leagues. These deals are aimed at strengthening strategic investment and tourism through sports with US clubs. Speaking at the US signing event, Hassan Abbas, Permanent Secretary of the Department of Tourism and Natural Resources, affirmed the government’s commitment to promoting sports and tourism worldwide.
The new partnerships aim to increase the number of tourists in various tourist circuits in the East African country. Tourism is an important foreign earner for Tanzania. Despite the impact of the COVID-19 pandemic in 2020, the tourism sector still manages to grow slightly to 6 percent, up from 5.7 percent in 2020. The US clubs involved in the new agreement are Seattle Sounders FC, Seattle Seahawks (NFL) and Portland Trailblazers (NBA).
ICYMI: Market overview
The Nigerian Exchange Group opened trading on the stock market on Monday, May 7. The NGX All-Share Index rose +0.10% (52.16) to close the week of May 12, 2023 at 52,214.62.
The top winners were Mrs Oil Nigeria +9.93%, Academy Press +9.87%, Ikeja Hotel +9.86%, Transcorp +9.75% and Forte Oil +9.09%. On the other hand, the biggest fallers were C&I Leasing -9.86%, Prestige Assurance -9.76%, Sterling Bank -7.50%, Royal Exchange -6.90% and Courteville Business Solutions -6.52% .
The naira refused to close the week on N462.50/1$ on Friday compared to the N461.50/1$ recorded the previous week.
Brent closed the week up $74.17, while US West Texas Intermediate (WTI) crude closed up $70.04.
The global cryptocurrency market cap was $1.12 trillion, at 8:52 PM Sunday, May 14, 2023. Bitcoin was at $26,891.01 (down 7.15% in 7 days), Ethereum was at $1,797.77 (down 6.23 % in 7 days) and the Binance coin rose at $311.55 (down 3.87% in 7 days).
South-African e-health startup Quro Medical raises $1.3 million from Mineworkers Investment Company.
Egyptian fintech startup Balad raises a 7-figure pre-seed funding round.
South African student housing startup DigsConnect receives funding from Intaba Capital.
Kenyan fundraising startup secures investment from US-based company Carta.
