The Editorial Team |

Old Mutual Denies Ex-CEO’s Claims That Chairman Bullied Board

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. said accusations by former Chief Executive Officer Peter Moyo that Chairman Trevor Manuel bullied other board members of the South African life insurer into firing him are false. The 174-year-old insurer dismissed Moyo because of corporate-governance concerns related to his role at NMT Capital, an investment firm he co-founded and in which Old Mutual owns 20%, the company said in papers filed in the Johannesburg High Court on Tuesday. Moyo’s…

African Trade Bank Plans Eurobond Sales to Build on May Sale

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LAGOS (Capital Markets in Africa) – Trade & Development Bank, a trade financier with 22 African countries as members, plans to return to the market sooner than planned to raise $100 million as borrowing costs become more favorable. “There’s a strong possibility that we would be tapping by the end of 2019,” Chief Executive Officer Admassu Tadesse said in an interview in Port-Louis. “It could be $100 million dollar – we would see that as a more…

Egypt’s Rate Cut Even Closer After Inflation Sinks to 3-Year Low

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CAIRO (Capital Markets in Africa) – Egyptian inflation eased unexpectedly to its lowest rate in more than three years, with some analysts predicting a greater chance of the central bank cutting interest rates in the coming months. Consumer prices in urban parts of Egypt rose by an annual 9.4% in June, compared with 14.1% in May, the state-run statistics agency, CAPMAS, said Wednesday. On a monthly basis, food prices declined 2.2%. Although the extent of the deceleration was…

Tunisia Tempts Investors With Highest Euro Yield This Year

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TUNIS (Capital Markets in Africa) – Tunisia is tapping the euro-debt market for the second time in nine months, tempting investors with 2019’s highest yield for a sovereign bond in the single currency. The north African nation is offering a benchmark-sized seven-year note at about 6.875% following investor meetings in Europe and the U.S., according to a person familiar with the matter, who isn’t authorized to speak publicly and asked not to be identified. It raised 500…

Woodford Investors Can’t Leave Hargreaves, Rival Platform Says

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LONDON (Capital Markets in Africa) – Investors in Neil Woodford’s frozen flagship fund have been prevented from moving their accounts from Hargreaves Lansdown Plc to other investment platforms, according to a competing firm. Woodford shocked the financial world last month when he locked the LF Woodford Equity Income Fund after a run of poor performance. About 133,000 clients have invested a total of just over 1 billion pounds ($1.2 billion) in the fund through the Hargreaves Lansdown platform. The Telegraph newspaper reported the news…

Signs of Gloom Push Pound to Its Lowest Level Since April 2017

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LONDON (Capital Markets in Africa) – The pound slumped to a two-year low as signs of economic downturn mounted in a market increasingly betting that policy makers will have to cut borrowing costs. The currency reached its weakest level since April 2017 as disappointing retail sales and suggestions that the U.K. economy could be set for its worst quarter since 2012 sapped sentiment. The bleak economic outlook is adding to risk factors for sterling, with money markets pricing in…

Mozambique Delays Raising $2.3 Billion for Anadarko Gas Project

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MAPUTO (Capital Markets in Africa) – Mozambique has put on hold plans to raise funds for its portion of Anadarko Petroleum Corp.’s $20 billion gas project, as the government tries to limit its debt sales following a default about three years ago. Empresa Nacional de Hidrocarbonetos EP, the national oil company, will revive efforts to raise $2.3 billion for the liquefied natural gas project probably later in the year, after Anadarko starts implementing it, said ENH Chief…

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