The Editorial Team |

A Swiss Bank Is Selling Rich Clients an Exotic U.S. Election Bet

NEW YORK (Capital Markets in Africa) – A Swiss wealth manager is pitching a way to bet on stocks ahead of potential market disruptions spurred by the U.S. presidential election. Julius Baer Group Ltd. is selling as much as $40 million of structured notes tied to large American companies hinging on which party holds the White House next year. Pick the note that corresponds to the winner and profit, at least in theory. The private bank’s…

Pound Swings With Bargain Hunters Curbing Pain of Rate-Cut Bets

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LONDON (Capital Markets in Africa) – A tug-of-war between bargain hunters and pound bears is playing out. On the one hand, increased speculation of an imminent interest-rate cut is putting pressure on sterling, and on the other, five straight days of declines to $1.2955 have tempted investors to buy the dip. Prime Minister Boris Johnson also gave bulls a boost when he said it’s likely his government would secure a trade deal with the European…

BOE’s Dovish Shift Sees More Calls for January Rate Cut

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LONDON (Capital Markets in Africa) – The Bank of England’s dovish shift in the past week has already rippled through markets, and now economists are starting to react too. NatWest Markets, a division of Royal Bank of Scotland Group Plc, changed its interest-rate forecast and now sees a cut to 0.5% from 0.75% at this month’s meeting. Economist Ross Walker sees a second reduction later in the year, having previously predicted no move by the BOE at…

Manchester United Risks Fall From U.K. Soccer Money Lead

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LONDON (Capital Markets in Africa) – Manchester United risks losing its position as England’s top-earning soccer club as a string of management missteps and sub-par performances left it shut out of Europe’s most lucrative competition. After failing to qualify for the UEFA Champions League for the second time in four seasons, the struggling team has forecast annual revenue will slide as much as 11% from the previous year. That may put it behind Manchester City and Liverpool FC this year,…

Old Mutual Wins Case Against CEO Who Demanded Reinstatement

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JOHANNESBURG (Capital Markets in Africa) – A South African court ruled that Old Mutual Ltd. doesn’t have to give fired Chief Executive Officer Peter Moyo his job back, clearing the way for the insurer to find a replacement. The stock rose. The High Court in Johannesburg on Tuesday upheld an appeal by the 175-year-old insurer against a judgment delivered in July last year to temporarily reinstate the CEO. “It confirms that Old Mutual acted properly,” spokeswoman Tabby…

The Nairobi Securities Exchange welcomes its first green bond issue, Acorn Holdings, guaranteed by GuarantCo

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NAIROBI (Capital Markets in Africa) – Acorn Holdings (Acorn), the largest student accommodation property developer in Kenya, has listed by introduction its KES 4.3 billion green bond programme, on the Nairobi Securities Exchange (NSE). To celebrate the Acorn bond programme listing, Sam Kimani, Chairman of the NSE, welcomed the Rt Hon Alok Sharma, UK Secretary of State for International Development, and Patrick P. Njoroge, Central Bank of Kenya Governor, to open trading today. The programme…

Ethiopia Seeks Mediation Over Nile Dam Deadlock With Egypt

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia’s prime minister asked South Africa’s president to intervene in the Nile dam deadlock between Egypt and his country. The three countries and neighboring Sudan are being hosted by the U.S. Treasury for negotiations in Washington on Monday. Last week Ethiopia said broader talks had reached a deadlock following Egypt’s introduction of new proposals to fill the dam in 12 to 21 years. “We are willing to…

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