Business
Cote d’Ivoire’s Bond Falls As Fighting Rages
Cote d’Ivoire’s 2.3 billion dollars 2032 bond, on which it defaulted at the end of January, fell as much as 1.7 points on Monday.
It reversed some of last week’s gains as forces loyal to the two presidential claimants continued a fierce standoff.
The bond rose late last week to 31/2-month highs as hopes grew that incumbent Laurent Gbagbo would soon be ousted by rival Alassane Ouattara.
The latter, internationally recognised as the winner of the November 28 election in the world’s top cocoa producer, is seen as more likely to pay out on the defaulted bond.
Fighters loyal to the presidential rivals held their respective positions across Abidjan on Sunday, a day that saw less fighting than the previous three.
“The situation in Abidjan still looks pretty tense,” said Stuart Culverhouse, chief economist at frontier markets brokerage Exotix.
“(Abidjan) has not fallen as quickly as some people anticipated, so there could be a certain amount of profit-taking.”
The bond fell as much as 1.7 points in price to 47.6 in early trade and the yield rose 0.4 per cent to 13.4 per cent, according to Reuters data.
It had trimmed losses slightly to 47.9.
The yield fell over three per cent last week as Ouattara’s forces gained ground in battles.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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