The Editorial Team |

IMF Rumors May Be the Scare That South Africa Needs for Action

JOHANNESBURG (Capital Markets in Africa) – The threat of an International Monetary Fund bailout, unthinkable a few years ago, may force South Africa’s government to push through the reforms it needs to rescue the economy. An expanded bailout for struggling power utility Eskom Holdings SOC Ltd. and calls from other state companies for support have strained the nation’s budget, prompting business groups and analysts to warn the country could be pressed to ask the IMF to help…

Yields Rush to Rescue of One of World’s Worst Stock Markets

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LAGOS (Capital Markets in Africa) – Nigerian stocks may be among this year’s worst performers, but that’s at least boosting the appeal of their yields. The benchmark index in Africa’s biggest oil producer has fallen 14% this year, making it the fourth-worst among 94 major bourses tracked by Bloomberg. The slump underscores foreign investors’ frustration over a lack of policy progress since President Muhammadu Buhari won re-election in February. Despite the gloomy picture, a global abundance of…

Shoprite Sees Persistent Woes Outside South African Market

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JOHANNESBURG (Capital Markets in Africa) – Shoprite Holdings Ltd. will look to cut costs outside its home market as Africa’s largest food retailer battles currency shortages and stricter regulation in several countries. The owner of supermarket chains such as Checkers and U-Save has been growing in 14 territories outside South Africa to become a continent-wide superpower, but factors such as inflation — particularly in Angola — have hampered progress. That contributed to a 20% decline in…

Trump Says He Can Order Capital Gains Tax Break Without Congress

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NEW YORK (Capital Markets in Africa) – President Donald Trump said he can cut taxes by indexing capital gains to inflation without congressional approval, a move the White House has been considering for months that would largely benefit the wealthy. “We’ve been talking about indexing for a long time,” Trump told reporters at the White House on Tuesday. “And many people like indexing and it could be done very simply. It could be done directly by me.”…

Volatility Bogeyman Seen Lying in Wait With Event Risk Looming

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LAGOS (Capital Markets in Africa) – The decline in equity volatility from its early August highs looks overdone given the number of risk events that lie ahead, according to market participants. Federal Reserve meeting minutes, Fed Chair Jerome Powell’s speech at Jackson Hole and a slew of economic data from purchasing managers indexes to jobless claims are among those seen to have the potential to re-ignite price swings. The Fed is seen as the most…

China Touts Common Ground With U.S. Allies Japan, South Korea

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LAGOS (Capital Markets in Africa) – China touted common ground with U.S. allies Japan and South Korea as their top diplomats met in Beijing for their first such three-way talks since 2016. Chinese Foreign Minister Wang Yi said the North Asian countries pledged Wednesday to work together to support free trade and maintain regional growth. They reaffirmed their commitment to creating a free-trade zone between them and complete negotiations by the end of the year on the…

U.K. Steps Up Brexit Preparedness for Firms as Deadline Looms

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LONDON (Capital Markets in Africa) – British exporters are to be enrolled in a key customs system so they can trade with the European Union after Britain’s scheduled departure on Oct. 31. The U.K. tax authority will automatically issue more than 88,000 companies with an Economic Operator Registration and Identification number over the next two weeks, the Treasury said in a statement on Wednesday. Without it, the firms would no longer be able to trade…

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