Bips & Pieces
Dar Al Arkan Sees Strong Demand for USD400mn Sukuk
Saudi-based real estate developer Dar Al Arkan raised USD400mn this week, selling 7-year sukuk in the first deal out of the Kingdom since the sovereign and Samba group hit the market in January.
20 Feb 2020
Kenya Announces Plans to Streamline Building Approval Processes
Kenya’s Principal Secretary for Housing & Urban Development, Charles Hinga, announced plans this week to harmonise building fees and approval processes for buildings throughout the country. The move is intended to cut costs for developers, spur the growth of affordable housing, and stimulate investor participation in the sector.
20 Feb 2020
Turkey Delays Structural Reforms in Favour of Credit Fuelled Recovery – Chatham House
Despite a strong recovery since the economic crisis of 2018, Turkey is not out of the woods yet. Binging on cheap credit may have pulled the economy out of recession for now, stimulating key sectors and driving consumption, but it leaves the lira vulnerable, according to a recent report by Fadi Hakura, Turkey Specialist and Manager of the Turkey Project at Chatham House.
20 Feb 2020
Standard Chartered Kenya Launches Mobile Bond Trading Service
Standard Chartered Kenya has launched a bond trading service via its app, SC Mobile App, allowing customers to trade local currency government bonds through their mobile devices.
19 Feb 2020
Monetary Policy Alone Cannot Support Growth in South Africa - Standard Bank
While inflation is edging up incrementally in January, more pro-growth reforms are urgently needed as a downgrade by Moody's looms.
18 Feb 2020
South Africa’s Mining Sector Production Continues to Fall – Standard Bank
South Africa’s mining sector suffered a drop in production during 2019, following an equally disappointing performance in 2018, according to a report from Thanda Sithole, an economist at Standard Bank. Production fell by 1.4% year-on-year in 2019, after a 1.9% decline in 2018.
18 Feb 2020
Russian Government Reshuffle Spreads to MinFin as Another Key Minister Set to Leave
Storchak, a veteran of the finance ministry is expected to resign in coming days, according to state media reports.
18 Feb 2020
Global Growth Forecast Marked Down Amid Lingering Coronavirus Threat – Moody’s
The ratings agency expects G-20 economies to grow at just 2.4% in 2020, with a pick-up to 2.8% next year.
17 Feb 2020
Russia Sovereign Wealth Fund to Buy Out Central Bank Stake in Sberbank
The move is expected to ease concerns about the potential conflict of interest (regarding the CBR’s partial ownership of Russia’s biggest bank) and should provide additional funds for the “January Revolution” of additional social spending announced by President Putin at the start of this year.
17 Feb 2020
Prospect of Early Romanian Election Sparks ‘Benevolent’ Market Reaction – ING
A successful no-confidence motion against Romania’s government has raised the prospect of early elections and may usher in a period of political instability, but the market has reacted relatively well according to ING emerging market strategist Trieu Pham.
7 Feb 2020