The Editorial Team |

U.K., France, Germany ‘Concerned’ About South China Sea Tensions

LONDON (Capital Markets in Africa) – The U.K., France and Germany have called for restraint in the South China Sea amid reports that Chinese and Vietnamese vessels are facing off in the disputed waters over competing territorial claims. The tensions “could lead to insecurity and instability in the region,” they said in a joint statement issued Thursday. The three nations, without mentioning Vietnam or China, said the legal framework set out by the United Nations Convention on…

Rebels See Time to Stop No-Deal Brexit as Major Aids Court Fight

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LONDON (Capital Markets in Africa) – Senior Tories seeking to stop the U.K. leaving the European Union without a deal and thwart Boris Johnson’s move to suspend Parliament from the middle of next month stepped up their preparations for a showdown with the prime minister next week. Oliver Letwin, the former minister leading efforts in Parliament to stop a no-deal Brexit, said he’s confident he has a plan that will work around the suspension, while ex-Prime…

Nigeria’s Surging Food Prices May Rise Even Faster on Dollar Ban

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LAGOS (Capital Markets in Africa) – Nigeria’s plan to spend less on food by restricting access to dollars for importers could have the opposite effect by threatening food supplies and pushing up prices. President Muhammadu Buhari ordered the central bank on Aug. 13 to stop dollar supply for food imports, saying food security has been achieved and agricultural production has increased. That came after Governor Godwin Emefiele said in July the central bank plans to cut off dairy importers’ access…

Cash-Starved Ghana Fund Managers Face 20-Fold Capital Hike

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ACCRA (Capital Markets in Africa) – Caught in a crisis in which they’re unable to meet client withdrawals, Ghana’s fund managers will be forced to set aside 20 times more capital than they do now to avoid running out of cash again. The Securities and Exchange Commission will require money managers to increase their minimum capital reserves to 2 million cedis ($365,260) from the current 100,000 cedis, Director General Daniel Ogbarmey Tetteh, said by phone from…

Imperial Logistics Seeks Partner for African Freight Expansion

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JOHANNESBURG (Capital Markets in Africa) – Imperial Logistics Ltd. is looking to expand into air and sea transportation as the Africa-focused logistics group offers more services to multinationals with sales on the continent. The Johannesburg-based company delivers goods for the likes of U.K. drugmaker GlaxoSmithKline Plc and Dutch brewer Heineken NV mainly via land routes to countries in sub-Saharan Africa. Now, it wants to add the ability to pick up products from manufacturing sites in Asia to complete the…

Ghana Money Manager Splits Mutual Funds From Riskier Investments

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ACCRA (Capital Markets in Africa) – A Ghana money manager is splitting its mutual-fund business from investments tied up in a structured-finance fund that is being shut down amid a cash crunch in the industry. BlackShield Capital Management Ltd., formerly known as Gold Coast Fund Management Ltd., is seeking to protect unit-trust investors by shifting the assets and liabilities in the structured-finance fund to a special purpose vehicle, the Accra-based firm said in a statement…

Mozambique to Finally Restructure Eurobonds by End-September

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MAPUTO (Capital Markets in Africa) – Mozambique plans to finally conclude restructuring its dollar bonds by the end of September, nearly three years after first announcing the proposal. The southeast African nation has asked bondholders of $727 million of debt due 2023 to exchange it for $900 million of notes maturing five years later. That’s mainly because the government expects it will have started earning revenue from Africa’s largest liquefied natural gas project, and won’t have…

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