The Editorial Team |

Carlyle Partner Tapped by Hedge Fund Industry to Run Lobby Group

LAGOS (Capital Markets in Africa) – The hedge fund industry’s main trade association has hired a Carlyle Group Inc. partner to be its new president, as the investment firms look to bolster their lobbying presence ahead of what promises to be a turbulent political year. Bryan Corbett will join the Managed Funds Association on Jan. 21, the Washington-based group said on Wednesday. A Republican who worked at the White House and Treasury Department during the George W. Bush administration, Corbett…

Orange Said to Pick BNP, Morgan Stanley to Advise on Africa IPO

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JOHANNESBURG (Capital Markets in Africa) – Orange SA, France’s biggest phone company, picked BNP Paribas SA and Morgan Stanley to advise on a proposed initial public offering of its Middle East and Africa business, people familiar with the matter said. The banks are helping with preparations for the listing, though an underwriting syndicate hasn’t yet been formalized, the people said. Orange plans to invite more banks to join the deal at a later stage, according to the people, who…

Key Ramaphosa Ally Hinders Effort to Fix Power Supply Crisis

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JOHANNESBURG (Capital Markets in Africa) – South Africa has been hit by rolling power cuts less than a month after President Cyril Ramaphosa gave renewed assurances that energy constraints were being addressed, making his pledges ring hollow and highlighting his administration’s inability to tackle the crisis. While Eskom Holdings Ltd., the state utility that provides about 95% of the nation’s electricity and is overseen by Public Enterprises Pravin Gordhan, has borne the brunt of the blame for the…

Zambia Copper Miners See Power Supply Deal as 2020 Top Risk

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LUSAKA (Capital Markets in Africa) – Zambian copper producers see their biggest risk this year as the looming expiry of an electricity-supply deal between a state utility and the private company that distributes power to the mines. A more than two-decade-old agreement where state-owned Zesco Ltd. sells power to Copperbelt Energy Corp., which then distributes it to companies including the local unit of Glencore Plc, comes to an end on March 31, and the government…

More Zimbabwe Bank Jobs at Risk as Lenders Push Digitization

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HARARE (Capital Markets in Africa) – After shedding 8% of their workforce last year, Zimbabwean banks may cut more jobs in 2020 as the economy shrivels and the sector increasingly shifts away from cash and toward digital services. “The banking industry, just like the rest of the economy, will suffer negative growth this year, which could result in even more job cuts,” said Sijabuliso Biyam, the chief executive officer of the Bankers Association of Zimbabwe. “The sector…

How U.S.-Iran Tensions Heated Up, Then Boiled Over: QuickTake

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LAGOS (Capital Markets in Africa) – The U.S. and Iran have lived in a state of hostility for decades, but relations grew tenser over the last year, finally boiling over at the start of 2020 with a U.S. attack that killed Iran’s most prominent military leader. The U.S. has been trying to deprive Iran of oil revenue, the lifeblood of its economy; Iran has responded by exceeding limits it agreed to on its nuclear program,…

U.S. Futures Turn Higher as Trader Nerves Settle: Markets Wrap

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LAGOS (Capital Markets in Africa) – Futures on the benchmark U.S. stock gauge turned positive on Wednesday, recovering from a plunge after Iranian missiles struck two American military bases in Iraq. Gold, Treasuries, and oil pared earlier out-sized gains as Iran stressed it didn’t seek war. Contracts on the S&P 500 erased all losses through the European morning to trade in the green after Donald Trump declared “so far so good” regarding an early damage…

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