The Editorial Team |

Glencore Plans to Shut Giant Cobalt and Copper Mine in Congo

KINSHASA (Capital Markets in Africa) – Glencore Plc is planning to halt production at one of the world’s biggest cobalt mines after prices for the battery metal collapsed and costs at the project increased, according to a person familiar with the situation. The announcement that Glencore will close its Mutanda mine in the Democratic Republic of Congo is expected to come as the company lays out an overhaul of its key African copper and cobalt business…

World Economy Edges Closer to a Recession as Trade Fears Spread

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LONDON (Capital Markets in Africa) – The escalating trade war between the U.S. and China is nudging the world economy toward its first recession in a decade with investors demanding politicians and central bankers act fast to change course. In the U.S. alone, the recession risk is “much higher than it needs to be and much higher than it was two months ago,” Lawrence Summers, a former U.S. Treasury secretary and a White House economic adviser…

Tariff Fears Caused a U.S. Import Surge. Now Warehouses Are Full

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LONDON (Capital Markets in Africa) – A short drive outside Los Angeles lies one of the world’s biggest warehouse complexes. Gene Seroka says its 1.8 billion square feet of capacity — enough room to house 9 million cars — is “bursting at the seams.” The warehouse district is part of the Inland Empire, serving the port of Long Beach and the twin port of Los Angeles, where Seroka is executive director. Together they handle almost half of American’s maritime trade…

Global Bond Market Sounds Shrillest Alarm Yet Over the Economy

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LONDON (Capital Markets in Africa) – The global bond market is sounding the alarm that things won’t be able to carry on much longer before a recession strikes. Germany’s yield curve is now at its flattest since the financial crisis — and yields across the world are slumping to fresh lows — in a cacophony of signs that investors are growing increasingly pessimistic about the outlook for the world economy. Central banks from New Zealand…

Will No-Confidence Vote Write Brexit’s Next Chapter?

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LONDON (Capital Markets in Africa) – The nation that gave the world parliamentary democracy is poised to test the system’s safety valve: A vote to oust the government from office. With Britain due to leave the European Union on Oct. 31, and Prime Minister Boris Johnson vowing to go through with it whether or not a deal is in place to ease the impact, his opponents’ ultimate weapon is a no-confidence vote in the House of Commons. Such votes…

U.K. Railworkers Pension Fund on Track for Private Debt Push

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LONDON (Capital Markets in Africa) – One of the U.K.’s largest pension funds, which oversees the retirement assets of 350,000 British railworkers, is betting on private credit to help preserve returns during the next downturn. RPMI Railpen aims to boost its exposure to private debt to as much as 40% within a private investment strategy totaling 4.5 billion pounds ($5.5 billion) across two funds. While still a fraction of the scheme’s 30 billion pound asset total,…

History Holds Few Lessons If Brexit Means Crashing Out of EU

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LONDON (Capital Markets in Africa) – U.K. officials wondering how to cope if Britain crashes out of the European Union can generally agree that there’s no real precedent for how it might pan out. That’s the theme Bank of England Governor Mark Carney played to when he spoke to lawmakers on Nov. 1 — exactly one year before he’s set to man the front line defending the post-Brexit economy. “This is rare,” he said. “It doesn’t happen.”…

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