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Shakeup in Kenyan election re-run; Ethiopian central bank hikes rate

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Shakeup in Kenyan election re-run; Ethiopian central bank hikes rate

* The IMF revised its expectation for global growth slightly upward to 3.6% in 2017 and 3.7% in 2018, an increase of 0.1 percentage point for both years from its expectation in July. The IMF's economic growth forecast for sub-Saharan Africa stood at 2.6% in 2017 and 3.4% in 2018, while the projected growth for the Middle East and North Africa stood at 2.2% in 2017 and 3.2% the year after.

MIDDLE EAST AND NORTH AFRICA

* Italy's Azimut Holding SpA will acquire 20% of Iranian asset management company Mofid Entekhab from Mofid Securities. Azimut also signed a shareholders agreement with Mofid Securities to develop an onshore financial advisory platform and establish an offshore fund that would give foreign investors access to Iranian capital markets.

* The central banks of Iran and Turkey signed a draft of a currency swap agreement aimed at expanding economic and trade ties between the two countries, according to the Financial Tribune. Meanwhile, Iran and Ghana expressed their interest in expanding banking ties to improve bilateral economic relations, the Tribune reported.

* Qatar's Commercial Bank (PSQC) is planning a capital increase of between $500 million and $1 billion in Turkish unit Alternatifbank AS as part of plans to expand its business in Turkey amid Qatar's ongoing diplomatic spat with a group of its neighboring Arab states, insiders told Bloomberg News.

* Qatar International Islamic Bank (QPSC) is planning to issue its first bond from its $2 billion Islamic bond program as soon as market conditions improve, an insider told Reuters.

* The Saudi Arabian Monetary Authority suspended nine insurance brokers, including Saudi Belgian Reinsurance Broking Co. and Saudi Brokerage Co., from undertaking any insurance activities for failing to comply with regulatory requirements, according to Argaam.

* National Bank of Ras Al Khaimah PSC closed a debut $350 million, three-year syndicated term loan facility, CPI Financial wrote. The syndication was initially launched at $250 million but was increased to $350 million following strong investor demand.

* Warba Bank KSCP is syndicating a $250 million Islamic loan as part of efforts to boost its capital ratios and improve liquidity buffers, insiders told Reuters. The move marks the Kuwait-based lender's first such debt facility in the syndicated loan market.

EAST AND WEST AFRICA

* Ethiopia's central bank raised the interest rate by 2 percentage points to 7% and devalued the Ethiopian birr by 15%, Reuters wrote. The devaluation pegs the birr at about 26.92 to the U.S. dollar, compared to the previous weighted average of 23.42 birr.

* Kenyan opposition leader Raila Odinga withdrew from the country's presidential election re-run set for Oct. 26, saying the vote would be neither free nor fair, Reuters reported. President Uhuru Kenyatta, who is left as the sole candidate, said the election would continue as planned.

* SBM Holdings Ltd. intends to merge Chase Bank (Kenya) Ltd. and Fidelity Commercial Bank, now SBM Bank (Kenya) Ltd., if the Mauritius-based group's nonbinding offer to acquire Chase Bank is approved by regulators, Capital FM reported.

* Company for Habitat and Housing in Africa, or Shelter Afrique, has begun its search for a new managing director to succeed James Mugerwa, Business Daily Africa reported. Femi Adewole will remain acting managing director until a permanent managing director is named.

CENTRAL AND SOUTHERN AFRICA

* South African Reserve Bank Deputy Governor Kuben Naidoo said auditing firm KPMG, which is embroiled in a scandal involving friends of President Jacob Zuma, does not pose a financial stability risk to the country's banking sector, Reuters wrote. Naidoo also said that South Africa's credit ratings face a "quite significant" risk of being further downgraded.

* Old Mutual Global Investors is in discussions to take a stake in British payments app TransferWise, insiders told Sky News. An announcement regarding the Old Mutual Plc unit's investment is reportedly expected by October-end.

* The Banco Nacional de Angola concluded the first stage of a restructuring process aimed at redefining and modernizing functional processes as well as reducing internal bureaucracy, Angola Press wrote.

* Republic of the Congo Prime Minister Clément Mouamba said the government is considering placing a possible moratorium on the payment of its debt with private creditors as it negotiates an assistance program with the IMF, Reuters reported. Mouamba said the country's external debt stood at 4.212 trillion CFA francs.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Reliance Nippon Life wins IPO approval; Australia to amend draft banking bill

Europe: Italy's bad loan concerns; Deutsche's Cryan loses support; Danske blacklisted

Latin America: Moody's revises Brazil's banking outlook; J&F leniency 'breach' probed

North America: Bar Equifax from federal work, Senator says; Ackman seeks ADP owners' votes

North America Insurance: Another suit filed over new contraception rules; Nate loss estimated at $500M

Leo Magno, Pádraig Belton and Mariana Aldano contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 5 a.m. London time. Some external links may require a subscription.