The Editorial Team |

Goldman Asset Keeps Faith in Stocks in `Overdone’ Bond Rally

LAGOS (Capital Markets in Africa) – It’s hard enough to find a stock bull these days. But one sanguine enough about the economic outlook to forecast just one more rate cut this year? That’s a contrarian. That’s Goldman Sachs Group Inc.’s investment management unit, which oversees about $1.7 trillion. While it’s still waiting for better entry levels to buy the dip, it continues to favor equities and credit over government bonds in a rejection of…

Major China Buyer Shuns Venezuela Oil on Tighter U.S. Sanctions

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LAGOS (Capital Markets in Africa) – China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation. China National Petroleum Corp. has canceled plans to load about 5 million barrels worth of Venezuelan oil onto ships this month in the aftermath of the latest executive order by President Donald Trump, according to people with knowledge of the situation who asked not to be…

Zambia Won’t ‘Beg’ for Help Fighting Worst Drought Since 1981

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HARARE (Capital Markets in Africa) – Zambia, in the grips of the worst drought since 1981, isn’t facing a food shortage and won’t declare the situation a national emergency, a government official said. “That is begging,” Chanda Kasolo, the permanent secretary in the Ministry of Information and Broadcasting Services, said in comments broadcast on privately owned Hot FM radio. “We are a proud nation,” he added, referring to calls to declare a food emergency and allow donors…

Would Trump Buy Greenland? Denmark Isn’t Selling

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NEW YORK (Capital Markets in Africa) – President Donald Trump reportedly wants to buy Greenland, the world’s biggest island. Denmark, unsure whether the former real estate developer is joking, isn’t selling. A Wall Street Journal report outlining the U.S. president’s apparent interest in a deal left Danes bewildered, with a former prime minister asking if it was a joke. A member of the ruling political bloc in Denmark, which helps run Greenland as an autonomous territory, called it a “terrible idea.”…

Kenya’s Biggest Bank Seeks Deals as KCB Chases 12% Profit Growth

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NAIROBI (Capital Markets in Africa) – KCB Group Plc is targeting an increase in full-year earnings of as much as 12% as Kenya’s biggest bank boosts lending and scouts for acquisitions to bolster an African expansion. That’s more than double the pace in the first half as the Nairobi-based lender chases double-digit loans growth for the full year, mainly in the personal, corporate and manufacturing space, Chief Executive Officer Joshua Oigara said. An expansion of KCB’s mobile-banking services…

Ramaphosa’s Dependence on the Left Stymies South African Reforms

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa is hamstrung by politics and the economy is suffering the consequences. His narrow win to become leader of the ruling African National Congress in December 2017 has left him dependent on the left — the unions and the South African Communist Party that are ANC allies and helped him become party president. Now the same labor movement that he worked to strengthen almost four…

IMF Says S. Africa Hasn’t Asked for Assistance, Doesn’t Need It

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JOHANNESBURG (Capital Markets in AfricA) – South Africa has not asked the International Monetary Fund for assistance and does not need it, the lender’s resident representative in the country said. The IMF doesn’t see a balance-of-payments problem in South Africa, which means there’s no need for IMF support, Montfort Mlachila said Thursday at a conference hosted by the Bureau for Economic Research in Johannesburg. “To tell you the truth we, by we I mean the institution, much prefer the…

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