African business agenda: 30 May – 2 June

28.May.2011 · Posted in business

Monday May 30

  • South Africa’s Competition Tribunal expected to rule on U.S. retail giant Wal-Mart’s planned $2.4 billion acquisition of local chain Massmart.
  • Togo hosts meeting of leaders of West Africa’s UEMOA zone. Likely to name new head of West Africa’s BCEAO central bank

Tuesday May 31

  • Kenya inflation data for May. Year-on-year inflation jumped to 12.05 percent in April, the sixth straight rise, due to soaring food and fuel costs.
  • Kenya’s Monetary Policy Committee meets. Analysts expect it to raise its benchmark lending rate by a conservative 50 basis points to tackle inflation that surged into double digits in April. May’s inflation reading is likely to play a large role in the decision. Expected around (1500 GMT)
  • South Africa Q1 GDP data. Growth came in higher than expected in the fourth quarter at 4.4 percent, boosted by stronger growth in mining and agriculture (0930 GMT)
  • Uganda inflation data for May. Year-on-year inflation pushed to 14.1 percent in April, one of the factors behind violent demonstrations in the capital and other major towns.
  • South Africa April credit & money supply data. Growth in credit demand has slowly ticked up but remains subdued (0600 GMT)
  • South Africa April trade balance. The trade account is expected to come under pressure as imports rise due to domestic economic recovery. (1200 GMT)
  • Kenyan retail chain Uchumi Supermarkets resumes trading on the Nairobi bourse after the lifting of a 5-year suspension imposed because of a mountain of debt.
  • Rwandan court to rule on whether debt-ridden Rwandatel should be liquidated. If it survives, it might present a juicy foreign takeover target.

Wednesday June 1

  • South Africa May PMI. The Purchasing Managers Index has been above 50 since November, pointing to a continuing recovery in the key manufacturing sector.
  • Zimbabwe central bank monetary policy statement
  • Kenyan President Mwai Kibaki expected to make national holiday speech that could touch on the hot-button topics of corruption and soaring fuel and food prices.
  • IMF concludes mission to Ivory Coast. Investors are looking for updates on the impact of post-election political crisis on debt relief programme, and when Eurobond holders will receive late coupon payments.

Thursday June 2

  • South Africa May car sales data. New vehicle sales have continued to grow in line with the broader economic recovery (0900 GMT)
  • Expiry of Zimbabwe’s revised deadline for foreign-owned mining firms to submit plans on selling majority stakes to local black investors.
  • Reuters releases long-term economic polls for Ghana and Angola (1015 GMT)

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