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7.1%
Tanzania’s economy grew around 7.1 percent last year, beating the government’s own revised forecast, Prime Minister Kassim Majaliwa said. Majaliwa said East Africa’s third-largest economy grew faster than expected last year owing to an increase in mining activity. “Latest data … shows that the country’s gross domestic product grew 7.1 percent in the period between January and December 2017, compared to a GDP growth of 7.0 percent in 2016,” Majaliwa said in the parliamentary presentation.
11,044
Nissan Motor Co. plans to start assembling vehicles in Kenya, bolstering government plans to develop a regional auto-manufacturing hub in East Africa’s biggest economy. The Japanese automaker is the latest to target Kenya where sales of new units fell 20 percent last year to 11,044. Volkswagen AG, PSA Peugeot and CNH Industrial NV have announced plans for assembly lines in Kenya in the past 18 months. Nissan will initially put together pick-up trucks from semi-knocked-down kits, or SKDs, if the government agrees to waive a 25 percent import tax, according to Jim Dando, director of Africa operations for Nissan.
$2.5bn
Ghana is considering selling bonds from China to Japan as the country prepares to issue as much as $2.5 billion in foreign-currency debt this year. Ghana will use $1 billion to help meet its 2018 budget and the remainder to refinance dollar bonds of as much as $1.5 billion should it be able to sell the securities at a cheaper rate. Apart from selling dollar debt, Ghana is weighing an issuance of Islamic securities, so-called Panda bonds in mainland China and Samurai notes in Japan.
13.48%
Nigeria is joining a silent revolution. Only three countries have issued a sovereign green bond — Poland, France and Fiji — and now Nigeria is the most recent member of the movement. As an oil-producing giant, the country has long been in search of a trump card against falling crude prices. In December, the government issued a N10.69bn ($29m) green bond to fund local solar and forestry projects. The fully subscribed bond’s tenor is five years, and investors will receive a 13.48 per cent annual coupon, creating high expectations for the environmental projects linked to the government’s use of proceeds from the bond.
16.9%
BlackRock, the world’s largest asset manager, is to launch a range of new funds that exclude firearms manufacturers and retailers following a deadly school shooting in Florida in February. New York-based BlackRock is one of the biggest shareholders of the three largest US publicly traded gun companies. It owns 16.9 per cent of Sturm Ruger; 11.1 per cent of American Outdoor Brands; and 12.7 per cent of Vista Outdoor.
