The Editorial Team |

Standard Life and Lloyds Settle $129 Billion Fund Dispute

LONDON (Capital Markets in Africa) – Lloyds Banking Group Plc and Standard Life Aberdeen Plc have reached a settlement in what was one of the most high-profile disputes in the U.K. fund management industry’s history. Lloyds, which wanted to pull a 104 billion-pound ($129 billion) mandate, will pay the asset manager 140 million pounds in cash as compensation, according to a statement from Standard Life on Wednesday. It will also leave about 35 billion pounds of the total until at…

Facebook to Pay $5 Billion to Settle FTC Privacy Claims

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LONDON (Capital Markets in Africa) – Facebook Inc. agreed to pay a record $5 billion to resolve a U.S. investigation into years of privacy violations, a settlement that increases the board of directors’ responsibility for protecting users’ data while changing little about the company’s lucrative advertising business. The agreement, announced Wednesday by the Federal Trade Commission, will for the first time end Chief Executive Officer Mark Zuckerberg’s final authority over privacy decisions, creating an independent privacy committee…

Johnson’s Acerbic Brexit Guru Wants a Political Revolution

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LONDON (Capital Markets in Africa) – Dominic Cummings, the director of the 2016 campaign to get Britain out of the European Union, is one of the most acerbic and divisive figures in British politics. His appointment as one of Boris Johnson’s senior advisers could signal a radical shake-up in Westminster. Cummings was made famous outside political circles earlier this year when he was portrayed by Benedict Cumberbatch in a TV drama about the referendum campaign. It captured his…

Investors Gorge on African Bonds, But They’re Dodging Its Stocks

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LAGOS (Capital Markets in Africa) – African local bonds are on a tear as investors flock to riskier assets. But the continent’s stocks are missing out, despite being much cheaper than their emerging-market peers. The AFMI Bloomberg African Bond Index, which groups the local-currency debt of eight nations including South Africa, Nigeria, Egypt and Ghana, has gained 6.1% in dollar terms since the start of May, around the time a dovish tilt by major central banks…

Kenya Bank Stocks Seen Leading Nairobi Gains as Bond Yields Drop

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NAIROBI (Capital Markets in Africa) – Kenyan banks are expected to lead a rally in local stocks as investors switch out of government bonds because of falling yields, said Muathi Kilonzo, head of equities at EFG Hermes Kenya Ltd. “When you look at yields in fixed income, they have started to come down and that is because there is a lot of liquidity so there will be an inflection point,” Kilonzo said. “As yields continue to…

Togo Readies Debut International Bond as Demand for Euros Soars

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LOME (Capital Markets in Africa) – Togo is preparing to raise 500 million euros ($564 million) in its first sale of international bonds as demand for emerging-market securities issued in the currency soars, according to people familiar with the matter. The government has been weighing options to refinance more expensive debt, said the people, who asked not to be identified because the matter is private. While authorities previously thought syndicated loans would be the cheapest…

Citigroup Disappointed by South Africa Investment as Deals Stall

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JOHANNESBURG (Capital Markets in Africa) – Citigroup Inc. invested to expand in South Africa. Now all the New York-based bank needs is deals. “We have in the two last cycles appropriated additional capital to continue to grow our business, but we haven’t seen as big a deal flow to be able to execute against that,” said Citigroup Chief Country Officer Peter Crawley. “We’re very much sitting on the side and battening down the hatches, planning for…

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