The Editorial Team |

U.K. Doesn’t See EU Moving on Brexit for at Least a Month

L;ONDON (Capital Markets in Africa) – The U.K. government doesn’t expect the European Union to shift its position on Brexit for at least a month, a person familiar with the matter said. Prime Minister Boris Johnson is insisting the EU must reopen the Withdrawal Agreement it negotiated with his predecessor, Theresa May, and drop the so-called Irish backstop, a fall-back position designed to keep the border with Ireland open. That’s something EU leaders have said they won’t countenance. Johnson has…

Facebook Funds Startup to Bring More Commerce to Social Networks

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LAGOS (Capital Markets in Africa) – Facebook Inc. is participating in a $125 million fundraising for an Indian startup that is aiming to bring more commerce to social networks like, well, Facebook. Meesho, based in Bangalore, is what’s known in the tech industry as a social commerce startup, allowing people to build connections online and then sell through services such as Facebook and its WhatsApp and Instagram services. The funding round was led by South Africa’s Naspers…

Discovery Extends Slump on South African Health-Plan Concerns

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JOHANNESBURG (Capital Markets in Africa) – Discovery Ltd. extended its slump in Johannesburg trading, dropping the most since December 2015, as some investors fretted over the outlook for the medical insurance administrator under South African plans to shake up the country’s health insurance system. Discovery fell as much as 11% Monday before paring the decline to 5% as of 1:47 p.m. At its lows for the session, Discovery was heading for its worst two-day plunge on record….

The Market Has Already Downgraded South Africa to Junk

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JOHANNESBURG (Capital Markets in Africa) – Moody’s Investors Service hasn’t said it, but investors already think it: South Africa’s credit is junk. The company, which rates South Africa’s debt Baa3, the lowest investment level, is due to review its assessment in November. Given Eskom Holdings SOC Ltd.’s financial woes and its implications for government debt, the market is pricing in a downgrade. These three charts show how traders view the country’s fiscal outlook: The premium…

INTO AFRICA August 2019 Edition – Managers of Africa’s Asset and Wealth

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Welcome to the August 2019 edition of INTO AFRICA, a publication written by the professionals, for professionals, investors, policymakers … Advancing and providing fresh insight into Africa’s emerging markets through renowned thought leadership and peer-to-peer knowledge-sharing. The edition is titled: Managers of Africa’s Asset and Wealth. African countries have been increasing their ranks of wealthy citizens through a phase of rapid economic growth. Knight Frank’s 2019 Wealth Report forecasts that there will be over 400…

Soros-Backed Helios Towers Is Said to Revive IPO Preparations

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LAGOS (Capital Markets in Africa) – Helios Towers, one of sub-Saharan Africa’s largest mobile-phone tower operators, is reviving plans for an initial public offering, people familiar with the matter said. The company’s advisers are resuming preparations for an IPO that could value Helios at about $3 billion, according to the people. It is considering filing for the share sale as soon as this year, the people said. The tower owner is weighing London and Johannesburg…

Let Down by China, Mauritius Turns to Saudi Arabia for Growth

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PORT LOUIS (Capital Markets in Africa) – Let down by falling numbers of Chinese visitors and fretting about Brexit, the tourism industry of Mauritius is turning to an unexpected savior: Saudi Arabia. While surging numbers of Chinese visitors to the Indian Ocean island’s resorts helped underpin an 11% annual growth rate in tourists in 2015, that slowed to 4.3% last year, partially as a result of the scrapping of direct flights by China Southern Airlines Co….

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