South Africa Moves to Freeze McKinsey, Gupta-Linked Assets

South Africa Moves to Freeze McKinsey, Gupta-Linked Assets

JOHANNESBUG (capital Markets in Africa) – South African prosecutors moved to freeze 1.6 billion rand ($130 million) of assets held by McKinsey & Co. and a company linked to the Guptas, the first significant response to corruption allegations against the politically connected family. McKinsey earned about 1 billion rand in consultancy fees from Eskom Holdings SOC Ltd. in 2016, but has since pledged to pay it back after being drawn into allegations the Guptas used their friendship with…

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Algeria Signs With Vitol for First Oil-to-Refined Products Deal

Algeria Signs With Vitol for First Oil-to-Refined Products Deal

ALGIERS (capital Markets in Africa) – Algeria’s state-run Sonatrach signed an agreement with oil-trader Vitol Group to ship crude to Italy to be processed and sent back as refined products, in the first deal of its kind to trim the country’s $2 billion annual bill for imported fuel. Sonatrach selected Vitol, the world’s largest independent oil trader, from among five companies that participated in a tender to ship its crude outside the country and have it sent…

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Angola Owes $5 Billion to Suppliers, Plans Eurobond Sale in 2018

Angola Owes $5 Billion to Suppliers, Plans Eurobond Sale in 2018

LUANDA (Capital Markets in Africa) – Angola owes more than 1 trillion kwanzas ($5 billion) to companies in Africa’s second-biggest oil producer and may sell an international bond this year, according to its Macroeconomic Stabilization Plan. President Joao Lourenco’s government is seeking to settle the unpaid invoices by 2019, according to the document seen by Bloomberg. The arrears relate to costs incurred in the country between 2014 and 2016, it showed. “The payment of these arrears,…

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Woolworths Falls as Retailer Revalues Australia’s David Jones

Woolworths Falls as Retailer Revalues Australia’s David Jones

JOHANNESBURG (Capital Markets in Africa) – Woolworths Holdings Ltd. plunged the most in almost two years after South Africa’s largest food and clothing retailer said profit will be hurt by a revaluation of its David Jones business in Australia. Earnings per share are expected to be more than 20 percent lower, in part because of the Australian review, the Cape Town-based company said in a statement on Monday. Revenue increased by 2.5 percent in the 26-week period…

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These Digital Coins Soar (or Fall) With Bitcoin: QuickTake Q&A

These Digital Coins Soar (or Fall) With Bitcoin: QuickTake Q&A

LAGOS (Capital Markets in Africa) – It was astounding enough when bitcoin soared more than 14-fold over the course of 2017 to reach a peak of more than $19,000 on Dec. 16, giving it a total market cap of $329 billion — greater than the gross domestic product of South Africa or Ireland. Equally astounding, perhaps, is that bitcoin’s value has now been eclipsed by the combined market caps of the next biggest four cryptocurrencies,…

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Metals Power Higher as Sickly Dollar Spurs Copper-to-Gold Rally

Metals Power Higher as Sickly Dollar Spurs Copper-to-Gold Rally

LAGOS (Capital Markets in Africa) – Copper jumped by the most in two months and zinc hit a fresh decade-high as base metals rallied on a potent combination of a softer dollar, dwindling inventories and continued robust outlook for demand. Palladium rallied to a new record as all precious metals climbed. Copper surged as much as 2.1 percent, the most since Nov. 13, to $7,262 a metric ton on the London Metal Exchange. All metals climbed as the Bloomberg…

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Why South Africa’s Steinhoff Could Be Next Enron: QuickTake Q&A

Why South Africa’s Steinhoff Could Be Next Enron: QuickTake Q&A

JOHANNESBURG (Capital Markets in Africa) – It could wind up being South Africa’s version of the Enron accounting scandal. Furniture retailer Steinhoff International Holdings NVcaptivated investors by growing into a global force, latterly under its former chairman, billionaire Christo Wiese. Now it’s drawing attention for all the wrong reasons. Shares in Steinhoff crashed 80 percent in two days after the company reported accounting irregularities. Wiese stepped down, Chief Executive Officer Markus Jooste resigned and the company is looking for leniency…

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