Articles

Key View: MTN's sale of its Cyprus unit will not be its last divestment as the operator pursues a strategy of reducing net debt, better managing its regulatory exposure and boosting its margins.

MTN's sale of its Cyprus unit to Monaco Telecom, for around USD304mn, is not entirely surprising as the Europe-based unit falls outside of its

Key View:

• Political concerns will elevate government expenditure in 2018, notably due to the cost of elections in December and the need to combat numerous insurgencies across the country.
• Disagreements with donors will weigh on a large revenue stream, while disorder and mass displacement in some regions will dampen tax revenues, widening the

We believe that logistics and air travel infrastructure in Bhutan will likely be attractive areas for foreign direct investment over the coming years. Our view is informed by the EU-Bhutan Trade Support Project and an improving tourist arrival outlook. This supports our forecast for real GDP growth to average 7.0% over the coming decade.

It is

• We have revised down our growth forecasts for Nigeria's alcoholic drinks sector following the implementation of higher excise duties on beer, wine and spirits.
• In addition to passing on the duties to consumers, companies will also look to cut costs by refocusing production in other markets in West Africa, and by investing in local, cheaper

Key View:

• We expect that the Congolese franc will remain in a broad, depreciatory trend in both the short and the long term as political strife, negative real interest rates and monetary tightening in developed markets create downside pressure on the currency.
• Depreciation will be much more gradual than in 2016 and 2017, however, as robust

The implementation of the International Maritime Organization (IMO)'s cap on sulphur content in marine fuels will prove majorly disruptive globally. Below we explore key implications for the oil and shipping sectors. 

The implementation of the IMO’s 2020 sulphur cap (IMO 2020) will accelerate efforts to curb maritime air pollution. However, it

Key View:

• In a bid to expand its portfolio, ride-hailing app Grab is partnering with HappyFresh to enter the online grocery delivery service market in South East Asia via Indonesia, Malaysia and Thailand.
• This strategic move would allow Grab to become an "everyday app", used by consumers for different needs and throughout the day, while also

China is set to lead the way on rail projects over coming years, dominating the global project pipeline in terms of both the value and the number of projects. While China is the major hub of rail sector activity, a mix of both developed and emerging markets including the US, India and Australia will offer substantial investment opportunities

Key View:

• There is increasing political will in Egypt to develop the healthcare sector.
• Legislative changes and financial backing from the World Bank will boost the success of Egypt's healthcare reform project.
• Healthcare reforms pose upside risks for drugmaker opportunities.

In July 2018, the World Bank announced plans to invest EGP9.5bn

• Sri Lanka's healthcare market has significant growth potential.
• Financial backing from the World Bank will boost the success of Sri Lanka's healthcare reform project.
• Private healthcare providers will continue to build their presence in the country.

Forecasts:

The healthcare spending in Sri Lanka is forecast to expand to LKR483.0bn (USD2.9bn