The Editorial Team |

IFC-Backed Uber of Trucks Reshapes Nigeria’s Haulage Market

LAGOS (Capital Marketds in Africa) – An Uber-like App for trucks is making it easier and cheaper for firms to move goods in Africa’s most populous nation. Freight logistics startup, Kobo360 is using technology to connect cargo and truck owners with drivers and customers. Logistic managers can now schedule and monitor trips from the comfort of their offices, Kobo360 CEO Obi Ozor said in Lagos interview. The ports in the Apapa district of Lagos account for 70%…

‘Too Big to Fail’ Makes Eskom Debt a Good Bet in Low-Yield World

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JOHANNESBURG (Capital Marketds in Africa) – South Africa’s pledge not to let Eskom Holdings SOC Ltd. fail is enticing yield-starved investors to the company’s dollar debt. Bondholders from New York to Seoul say they’re happy to hold onto the power company’s securities — and in some cases add to their holdings — because of their extra return relative to the country’s sovereign debt. The government’s assurance that it won’t let the company default, effectively guaranteeing the debt,…

Carney-Style Experiment Comes to ECB as Irish Send in a Briton

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LONDON (Capital Marketds in Africa) – Just weeks before the European Central Bank gets its first-ever female president, another milestone for the institution is being set by Ireland. Gabriel Makhlouf, a Briton who was a top civil servant in New Zealand, becomes the Irish central bank chief this week. He is the ECB Governing Council’s first member who isn’t a citizen of the country appointing him. While Christine Lagarde’s impending ECB presidency is unprecedented, that role has citizenship…

If You’re Wondering How Hard a ‘Hard Brexit’ Could Be: QuickTake

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LONDON (Capital Marketds in Africa) – British Prime Minister Boris Johnson’s “do or die” pledge to exit the European Union by Oct. 31 has increased the likelihood for the hardest form of Brexit, one with no deal in place at all. Without a formal withdrawal accord at the time of the divorce, the U.K. will lose frictionless, duty-free access to the EU, the world’s largest trading bloc. The U.K.-EU trade relationship would immediately revert to commercial rules negotiated…

Intu Has Fallen 64% and No Analyst Is Willing to Call a Bottom

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LONDON (Capital Marketds in Africa) – How toxic is the U.K. retail sector? Consider shopping-center owner Intu Properties Plc. Intu is among the worst-performing stocks in the U.K. in 2019, having lost almost two thirds of its value, and none of the 19 analysts who cover the company recommends buying the shares. Seven analysts have hold ratings on London-based Intu, while 12 recommend selling. That’s unusual, even for a company with as many problems as Intu, given that brokers…

Great Brexit Insurance Migration Shifts $75 Billion From London

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LONDON (Capital Marketds in Africa) – London’s outsized role in the global insurance industry is being whittled down by Brexit. As much as 61 billion pounds ($75 billion) of business is shifting to rival financial centers in the European Union as a consequence of Britain’s vote to leave the bloc. And it’s happening regardless of the divorce terms. The EU’s insurance and pensions regulator has ordered every U.K.-based underwriter to transfer policies held by European clients to…

Fate of Brexit Is Up in the Air as Johnson Delivers Surprises

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LONDON (Capital Marketds in Africa) – Boris Johnson’s summer is over. The week that could determine how long he remains prime minister — and how or whether Britain leaves the European Union — is about to begin. The rules of the U.K.’s unwritten constitution are being stretched to the limit, with new precedents being set and cries of foul play arising nearly every day. Johnson’s goal is to stay in power by uniting hard-line Brexit…

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