The Editorial Team |

Shell Profit Misses as Slowing Economy Hurts Gas, Chemicals

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…

Nigeria Sets Up Task Force to Recoup $15 Billion of Amcon Debt

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LAGOS (Capital Markets in Africa) – Nigeria has set up a task force to recover about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago. The loans are owed to the Asset Management Corp. of Nigeria, known as Amcon, which bought them over during the 2009 banking crisis, the Abuja-based presidency said on its Twitter account Tuesday. The group includes the Economic and Financial Crimes…

Old Mutual and Its Fired, Not-Fired CEO in New Spat Over Job

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd., fresh from an embarrassing court ruling that reinstated its fired chief executive officer, is facing another battle over whether Peter Moyo can start working again. The insurer said late Tuesday it will appeal the Johannesburg High Court judgment and that Moyo is therefore not “required or permitted to resume his duties.” Moyo arrived at the company’s headquarters on Wednesday, and will meet with Old Mutual and his legal team later…

Atlas Mara’s Nigerian Bank Books $119m Loans to Meet Credit Rule

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LAGOS (Capital Markets in Africa) – Union Bank of Nigeria Plc increased its pace of lending in the first half of this year to meet central bank’s minimum loan to deposit ratio ahead of September deadline. The lender, held by former Barclay‘s Bank Plc Chief Executive Officer Bob Diamond’s Atlas Mara Ltd., increased loan book by 8% to 563 billion naira as at June from 519.7 billion naira in December, raising loan to deposit ratio to 63%,…

Lloyds Banking Hit by Spike in Missold Insurance Claims

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LONDON (Capital Markets in Africa) – Lloyds Banking Group Plc shares sank as the lender took an extra charge for a last-minute rush of calls from British customers over missold insurance. The country’s biggest mortgage lender posted a 550 million-pound provision in the second quarter for customers who were missold payment protection insurance, as a long-running compensation program draws to a close in August. It’s the biggest provision the bank has taken since the fourth quarter…

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