Chris Kay News
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Nigeria’s slow implementation of structural economic reforms is limiting its chances of a credit- rating upgrade, Moody’s Investors Service said.
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Guinness Nigeria Plc, the West African nation’s second-largest brewer, said nine-month profit declined 18 percent as weak consumer spending stifled growth.
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Nigeria plans to sell $1 billion of Eurobonds to finance power projects after meetings with international investors in June, Finance Minister Ngozi Okonjo- Iweala said.
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The naira rose to the highest in a month as investors brought in money to buy Nigerian Treasury bills in a central bank auction and after oil companies were said to sell dollars earlier in the week.
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Sweden’s government abandoned its hands-off stance on the krona and New Zealand announced it sold the kiwi, joining a growing band of countries to escalate their response to strengthening currencies.
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Aliko Dangote, Africa’s wealthiest man, says he has negotiated loans of $4.25 billion from banks to build a refinery to help the continent’s largest crude oil producer reduce gasoline imports.
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Sweden is now targeting Africa to revive trade as the Nordic region’s largest economy adjusts to a slump in demand from Europe.
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Sub-Saharan African nations outside South Africa are selling $7 billion of debt this year, more than in the past five years combined, as yields more than double those of Treasuries lure investors repelled in the past by violence and corruption.
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Emerging stocks advanced, sending the benchmark gauge to a seven-week high, as Malaysian equities rallied after the ruling coalition won elections to extend its 55-year rule and higher oil fueled gains in energy shares.
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MTN Group Ltd., Africa’s biggest mobile-phone company, said a report that criticized its market leadership and pricing policy in Nigeria isn’t clear and that it will seek talks with the industry regulator.
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