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Middle East & Africa


South Africa's rand pauses ahead of rating decisions JOHANNESBURG: South Africa's rand was largely unchanged against the US dollar on Friday, after falling 1 percent in the previous session as chronic power shortages underlined the fragile state of the economy ahead of credit rating decisions.By 0709 GMT, the rand traded 0.06 percent firmer at 11.6235 per dollar, after closing overnight in New York at 11.6335/$. The local unit fell to a fresh six-year low on Thursday, with some analysts betting the currency will weaken further as Fitch and Standard and Poor's release credit reports later in the session. Yields on government bonds rose to continue a week of heavy off-shore selling, with the benchmark paper due in 2026 adding 8 basis points to 7.98 percent. On Thursday government announced a multi-billion rand emergency plan to rescue ailing power utility Eskom, placing it under the watch of National Treasury while funding an increase of gas and diesel imports to ...

Ugandan shilling edges down, outlook seen stable KAMPALA: The Ugandan shilling inched down on Friday due to demand for dollars from companies in the energy sector, and traders said it had a stable outlook after the central bank held its key lending rate.At 1203 GMT, commercial banks quoted the shilling at 2,765/2,775, compared with Thursday's close of 2,760/2,770."The market has seen significant demand from energy sector firms," said Faisal Bukenya, head of market making at Barclays Bank.The shilling is down 8.8 percent ...
South Africa's rand extends losses, Eskom funding fears weigh JOHANNESBURG: South Africa's rand eased one percent to fresh six year lows against the U.S. dollar on Thursday, as a new government rescue plan for Eskom highlighted the huge burden fixing electricity shortages will have on state coffers.South Africa's government said it would increase diesel and gas imports and sign a private sector coal-fired power plant deal as it seeks to halt chronic electricity shortages that have hobbled the economy.Ratings agencies Standard & Poor's and ...
Kenyan shilling steady after central bank sells dollars NAIROBI: The Kenyan shilling recovered losses to end unchanged on Thursday after the central bank sold an unspecified amount of dollars to banks to prop up the local currency, dealers said.At the 1300 GMT close of trade, commercial banks posted the shilling at 90.55/65, similar to the previous day's close, after earlier hitting 90.65/75, its lowest level since November 2011.Traders said the central bank sold dollars in the morning but warned the currency would remain ...
Kenyan shilling firms after central bank sells dollars NAIROBI: The Kenyan shilling strengthened on Thursday when the central bank sold dollars after the currency touched a new 3-year low earlier in the session, traders said.At 0847 GMT commercial banks posted the shilling at 90.30/50 to the dollar, firmer than Wednesday's close of 90.55/65.Before the central bank's intervention, the shilling had fallen to 90.65/75, its lowest level since November 2011."Whatever intervention happened is not strong enough to give the support required," said one trader ...
Egyptian pound steady at official auction, weaker on black market CAIRO: The Egyptian pound held steady at a central bank dollar sale on Thursday, but weakened slightly on the unofficial market.The bank offered $40 million and said it had sold $38.8 million at a cut-off price of 7.1401 pounds a dollar, unchanged from its last sale on Wednesday.The rates at which banks are allowed to trade dollars are determined by the results of central bank sales, giving the bank effective control over official exchange rates.In ...
South Africa's rand on shaky ground ahead of ratings reviews JOHANNESBURG: South Africa's rand traded sideways against the dollar on Thursday after falling to fresh six year lows the day before, with the market bracing for a downgrade when Fitch and Standard & Poor's review the country's credit rating this week. Government bonds yields hovered near Wednesday's multi-week highs, with latest data from the JSE securities exchange showing foreigners sold nearly 2 billion rand ($174 million) of local debt in the previous session. At 0700 ...


Index Closing Chg%
Arrow DJIA 17,959.44 0.87
Arrow Nasdaq 4,781.43 0.34
Arrow S&P 2,078.54 0.38
Arrow FTSE 6,576.74 0.48
Arrow DAX 9,865.76 0.81
Arrow CAC-40 4,254.43 0.30
Arrow Nikkei 17,635.14 0.08
Arrow H.Seng 23,408.57 1.26
Arrow Sensex 27,701.79 1.21

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyDecember 22, 2014
Reserves $14.042 bln