The Editorial Team |

Donald Trump Gets His Wall at Last. But It’s in Zimbabwe

HARARE (Capital Markets in Africa) – Frustrated by Democrats from fulfilling a campaign pledge to build a wall along the southern U.S. border, Donald Trump is getting his way regardless. The only downside for the president is that this wall is in southern Africa. The U.S. is putting up $475,000 to help restore the stone walls at Great Zimbabwe, a fortress that dates back to the 11th century and which gave the country its name. Much of…

What ‘No-Deal Brexit’ Means and Why It’s a Big Risk: QuickTake

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LONDON (Capital Markets in Africa) – The threat of a no-deal Brexit is back, and companies on both sides of the English Channel are gearing up once again for the scenario they consider the worst case. Boris Johnson, the U.K.’s new prime minister, has vowed to lead the country out of the European Union on Oct. 31, whether or not he secures a deal to smooth the process of untangling more than 40 years of integration. What…

This $468-Billion Fund Is Betting on U.K. Yields Going to Zero

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LONDON (Capital Markets in Africa) – The U.K. may become the next developed economy to embrace zero yields, according to an influential money manager. The yield on two-year gilts could “easily” vanish in the coming months as the Bank of England will need to cut borrowing costs more than once to support an economy on the brink of recession, according to Columbia Threadneedle Investments, which oversees the equivalent of $468 billion. The firm, which has…

Barclays Cut 3,000 Jobs in Recent Months, Joining European Peers

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LONDON (Capital Markets in Africa) – Barclays Plc Chief Executive Officer Jes Staley said the bank cut 3,000 jobs in the second quarter as the firm sought to keep a tight grip on expenses and counter criticism over its ability to reach profitability targets. The London-based bank joined other European lenders who have been eliminating roles in recent months, including HSBC Holdings Plc and Societe Generale SA. Barclays Finance Director Tushar Morzaria told journalists on a call Thursday that the cuts were…

Shell Profit Misses as Slowing Economy Hurts Gas, Chemicals

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LONDON (Capital Markets in Africa) – Royal Dutch Shell Plc got caught into the same earnings trap as many of its peers, reporting second-quarter earnings that fell well short of expectations as the slowing global economy hit everything from natural gas to chemicals. Profit in Shell’s integrated gas division was down by 25%, but earnings were lower across all of its businesses, including upstream oil and gas production, and refining and chemicals. “We’ve seen some very…

LSE’s $27 Billion Refinitiv Deal Creates Trading Powerhouse

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LONDON (Capital Markets in Africa) – London Stock Exchange Group Plc agreed to snap up Refinitiv in a $27 billion blockbuster deal, betting on a future dominated by data that will extend its reach beyond Europe. Shares in LSE rose as much as 8% after the exchange operator unveiled details of the transaction for the data and trading provider, which Chief Executive Officer David Schwimmer said fulfilled his ambitions to expand the group further into global analytics and the buy-side…

Newton-King Takes Swedish Break After Eight Years as JSE CEO

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JOHANNESBUR (Capital Markets in Africa) – Nicky Newton-King, the first woman to lead Johannesburg’s 131-year-old stock exchange, will take some time off to cycle in Sweden after stepping down from Africa’s largest bourse following eight years as its chief executive officer. “I think it’s important for CEOs to know when it’s time to step back,” Newton-King, 52, said Tuesday by phone. Leila Fourie, who will take over from Oct. 1, has held positions at companies including…

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