Emerging-market stocks rose the most in almost six months, while bond yields sank, as China’s cash crunch eased and speculation grew that
the Federal Reserve will maintain stimulus.
Brazil’s real gained for a fourth day.The real climbed as the central bank said it will eliminate reserve requirements on short dollar positions
held by local banks to support the local currency.
India’s rupee fell to a record, it plunged to 60.73 per dollar in Mumbai, while bonds and stocks declined
All 10 groups in the MSCI Emerging Markets Index rose today led by consumer, industrial and financial shares.
The iShares MSCI Emerging Markets Index exchange-traded fund rose 1.6 percent to $38.02.
The Mexican IPC index surged 2.4 percent, the most since January 2012, led by construction company Empresas ICA SAB.
Today & tomorrow The World Peace Forum will hold its second annual meeting in Beiljing.
Yesterday, the Chinese President, in a meeting he had with the President of Sierra Leone said:
”China and Africa share a common destiny and bilateral cooperation has huge potential for growth.
Chinese companies will become further engaged in the continent’s infrastructure construction, mining, telecommunication and agriculture.”
The President of Sierra Leone, concerning his country said, that he will improve local conditions for FDI and welcome more Chinese conmpanies
to develop their economy.
Parliament has deferred approval of the country’s second EUROBOND to Thursday June 27, 2013
as government plans to turn to the international capital market next month to raise $1 billion.
On Tuesday June 25 the Finance Committee of Parliament failed to provide a report, that’s why the House didn’t approve the bond issue.
Delays in approving the BOND might affect government’s chances of getting all the funds from investors at a good interest rate.
IMF FOR ENERGY CRISIS IN GHANA:
In April IMF said, that the current energy crisis in Ghana could curtail the country’s economic growth if not resolved,
and short-term stability risks would rise.
Yersterday the IMF urged Government to increase electricity tariff, to help address the energy supply problems in the country.
The Goverment decided to remove fuel subsidies and gave the assurance that it would resolve the problem with urgency.
GHANA GAS INFRASTRUCTURE PROJECT AT ATUABO:
The Minister of Finance confirms, that there are delays in the disbursement of the project funds by the China Development Bank (CDB).
At the moment, $309 million of payment certificates remain unpaid because of the inability of CDB to disburse.
This Project will deliver gas to thermal plants in the Aboadze and reduce current reliance on the West African Gas Pipeline and light crude oil.
KETU POWER PROJECT:
Consultants of the 2,000 Megawatt Ketu Power Project (KPP) have offered 300 million Euros as Local Content Participation (LCP) in the power project,
on a try to resolve the energy crisis.
The LCP, which comes in the form of investments, goods and services, is available to people and organisations in the public and private sectors.
At a recent meeting in Accra, the lead consultant of the project, said :“half of the 30 percent equity has already been taken by foreign partners
of the project and we have had to negotiate strongly to cede the other part to the Government of Ghana and all other investors.”
STANDARD CHARTERED BANK (STANCHART):
Standard Chartered Bank (Stanchart), which has been operating in some of the world’s most dynamic markets for over 150 years is puting an effort
to link Ghana to the various financial markets and partners for trade and investments across the globe. In an interview in Accra,
the Group Chief Executive Officer of the Bank, Mr Peter Sands, said: ”In the area of financing, we make sure that we provide Ghana with best capabilities.
The drivers of growth, in terms of demographics, industrialisation and increasing political stability, all abound in the country.
Ghana is at a leading edge and we see huge opportunities here ”
- Ghana’s Parliament approves $1b Eurobond (ghanabusinessnews.com)
- Mahama appeals to Stanchart to provide more opportunities for Ghanaians (themaytimes.com)
- AfDB offers Olam $80m loan for investment programmes in Ghana, others (ghanabusinessnews.com)
- Ghana opts for bridge financing as Chinese funds delay for gas project (ghanabusinessnews.com)
- New leisure projects for Ghana (modernghana.com)
- Japanese Companies To Invest In Ghana (theinvesmentman.wordpress.com)
- Influx of foreign banks to Ghana (frankofori.wordpress.com)
- Shareholders Of StanChart Express Disatisfaction With Dividend (spyghana.com)
- Ghana a country of amazing attractions and scenic sites (travelattraction.wordpress.com)
- Ghana Plans Second Eurobond This Year (spyghana.com)