The Editorial Team |

History Holds Few Lessons If Brexit Means Crashing Out of EU

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.”…

Recovery Sees Egypt an Investor Hit as Poverty Climbs

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CAIRO (Capital Markets in Africa) – It’s the fastest-growing economy in the Middle East and a darling among emerging-market investors, yet poverty has climbed and companies are struggling. As Egypt concludes a three-year International Monetary Fund program designed to help pull the Arab world’s most populous nation out of economic turmoil, the indicators shown in the following charts are a vivid snapshot of the disparities. Inflation is finally slowing, the budget deficit is being whittled…

Steinhoff Is Said to Consider IPO of Pepco, Poundland Owner

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JOHANNESBURG (Capital Markets in Africa) Steinhoff International Holdings NV is considering an initial public offering of Pepkor Europe, its fastest-growing unit, as the scandal-hit South African retailer seeks funds for the next phase of its recovery plan, people familiar with the matter said. The company has been discussing a listing of Pepkor Europe with potential advisers, according to the people, who asked not to be identified because the information is private. The business — which owns…

Africa Wants One Trade Deal With the U.S., the U.S. Wants Many

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LAGOS (Capital Markets in Africa) – The U.S. and Africa have different views on their future trade relationship when a preferential access deal expires in 2025. U.S. Assistant Secretary of State for African Affairs Tibor Nagy said in an interview Sunday his country favors bilateral trade agreements with African nations. A day later, African Union Trade and Industry Commissioner Albert Muchanga said the AU favors a free-trade agreement with the U.S. to replace the African Growth and Opportunity Act….

Business Activity in Zambia and South Africa Lags Peers

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LUSAKA (Capital Markets in Africa) – Currency weakness and tepid economic growth have weighed on business activity in Zambia and South Africa. Purchasing Managers’ Indexes published Monday and Tuesday showed business conditions deteriorated in Zambia and South Africa in July. In Nigeria, Kenya, Ghana, Uganda and Mozambique the indexes remained above the neutral mark of 50, where they’ve been for most of the past two years, indicating improvement. While Zambia’s July PMI reading is lower…

Protesters Loot in Malawi as President Challenge Goes to Court

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MALAWI (Capital Markets in Africa) – Hundreds of thousands of Malawians gathered in the streets of the main cities on Tuesday to demand the resignation of Jane Ansah, the head of the southern African nation’s electoral agency that they accuse of helping rig an election to keep Peter Mutharika as president. The disputed May vote has sparked four previous demonstrations and is being challenged in court by the opposition Malawi Congress Party and the United Transformation Movement. Previous protests have…

Nedbank Urges South Africa to Deal With ‘Sick Elephant’ Eskom

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JOHANNESBURG (Capital Markets in Africa) – South Africa needs to speed up reforms to save beleaguered state-owned power utility Eskom Holdings SOC Ltd. and attract investors back to the country, according to the chief executive officer of Nedbank Group Ltd. “For us, energy policy and Eskom remain the elephant in the room in the South African economy,” Mike Brown said in a phone interview after the lender posted a slight rise in first-half net income. “If the previous…

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