Business and economy: Top news headlines from across Africa on November 07, 2016

“… the Paris Agreement calls for ‘equity’ for all Parties. Each country should be allowed to develop in a sustainable manner. Therefore, it is vital to ensure that less-developed countries have equitable access to development opportunities.” — Nigeria’s Sanusi Barkindo, secretary-general, OPEC.

An International Monetary Fund (IMF) team has determined that Kenya’s current account deficit has shrunk to 5.5% of GDP due to lower import costs, higher diaspora remittances and increased agricultural exports. This is the lowest it has been since 2009.

Morocco’s second largest telecom provider, Meditel, will surrender total ownership to French telecom operator Orange before the current year is over.

South Africa’s chances of avoiding a credit rating downgrade will be boosted by recent wage agreement between mine workers and the platinum sector’s largest producers, ratings firm Moody’s said on Monday.

The Central Bank of Egypt’s (CBE) decision to float its exchange rate is credit positive for Egyptian banks because it will likely increase the availability of US dollars in the economy, supporting economic activity and the banks’ business, credit rating agency Moody’s stated on Monday.

The Egyptian Exchange (EGX) closed on Monday on high rises in the third session following the flotation of the Egyptian pound. The main index EGX30 closed with a hike of 5.38% — the highest rise since February 2010 — registering 9,852.7 points.