The Editorial Team |

South African Banking Union Plans Largest Strike Since 1920

JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest financial union is threatening to disrupt the country’s banking industry by leading its 73,000 members on a strike next month, in what would be its largest industrial action in almost a century. The planned two-day walkout will target lenders that have consulted staff over job cuts in recent months and other institutions that employ members of the Sasbo union, according to General Secretary Joe Kokela. Sasbo wants banks…

China’s Central Bank Tells Foreign Firms Yuan Won’t Keep Falling

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Senior People’s Bank of China officials reassured foreign companies that the currency won’t continue to weaken significantly, a day after the yuan fell below 7 per dollar for the first time since 2008. The central bank held a meeting with a number of foreign exporters in Beijing Tuesday, at which officials also said that companies’ ability to buy and sell dollars would remain normal, according to a statement provided to Bloomberg. The yuan…

Oversold Bank Stocks Bashed for ‘South Africa Inc.’ Proxy Status

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The weight of bad news about the economy has proved too much for bank stocks traded in Johannesburg, pushing a sector index to technically oversold levels for the first time in more than two years. While the index was 1.2% higher Tuesday, rising for the first time in six sessions as a stronger rand brought some relief, it has dropped 15% since President Cyril Ramaphosa pledged a relentless focus on growth…

Uganda Will Be Able to Get Oil-Pipeline Funding, Stanbic Says

Posted on by The Editorial Team

KAMPALA (Capital Markets in Africa) – Uganda will be able to get the cash it needs to build a planned $3.5 billion oil-export pipeline, with financiers ready to commit funds as soon as a final investment decision is made, according to Stanbic Bank Uganda Ltd. The project has attracted “a lot of interest” and raising capital “is not a problem,” Stanbic Chief Executive Officer Patrick Mweheire said Tuesday in Kampala. The pipeline, which is crucial to plans…

Tunisia’s First Post-Uprising Leader Joins Packed Electoral Race

Posted on by The Editorial Team

TUNIS (Capital Markets in Africa) – Tunisia’s former president, Moncef Marzouki, joined a fast-growing list of candidates seeking the top job in the Arab world’s only true democracy next month. Marzouki, who announced his candidacy to a local radio station Tuesday, is the latest of more than two dozen would-be challengers for the Sept. 15 vote. Rivals reportedly include Defense Minister Abdelkarim Zbidi and a populist media mogul, Nabil Karoui. Tunisia’s moderate Islamist party, Ennahda, is…

Opponents of No-Deal Brexit Harden Plans to Block Johnson Threat

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Opponents of Boris Johnson’s threat to crash out of the European Union without a deal on Oct. 31 are hardening their plans to stop him as the new U.K. prime minister seeks to build support with a series of targeted spending pledges. Opposition Labour Party leader Jeremy Corbyn signaled he will call a vote of no-confidence when Parliament returns next month while rebel MP Dominic Grieve said a growing number of his fellow Conservatives…

Sirius Ends Bond Sale, Putting $3.8 Billion English Mine at Risk

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Sirius Minerals Plc plunged as its plans to build a $3.8 billion mine in the northeast of England were thrown into doubt after the company suspended a $500 million bond sale. The setback to a critical part of Sirius’s financing plan is the latest blow in almost a decade of efforts to build its giant potash mine. It’s so far had to overcome environmental opposition, concerns about demand prospects…

« 1 … 277 278 279 280 281 … 1,070 »