The Editorial Team |

Mozambique Gas Riches Near as $25 Billion LNG Plant Approved

LAGOS (Capital Markets in Africa) – Anadarko Petroleum Corp. approved a $25 billion liquefied natural gas project in Mozambique that could help transform the economy of one of the world’s poorest countries. Chief Executive Officer Al Walker signed off on what he called the biggest ever foreign investment in Africa. Anadarko sees potential for Mozambique to become one of the largest LNG suppliers in the world, and the project — expected to export the fuel to countries in Asia and…

Fed Seen Signaling Cut by Losing Patience: Decision-Day Guide

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Last month, the U.S. Treasury increased the number of economies it scrutinizes to 21 from 12 and expanded its watch list from four to nine, adding countries such as Ireland, Italy and Singapore under new tougher criteria. It again refrained from labeling China a manipulator. The Commerce Department on May 23 proposed allowing U.S. companies to seek trade sanctions against goods from countries with “undervalued’’ currencies, though it said it did not intend…

Trump Adds Currency Wars to the Mix as Trade Tensions Simmer

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – President Donald Trump has already given the global economy trade wars. Now there are signs he may be gearing up for a currency war, too. With a series of tweets on Tuesday aimed at the European Central Bank and an announcement by Mario Draghi, its president, that he was prepared to cut interest rates further below zero in response to Europe’s slowing growth, Trump made a rare American presidential intervention into another…

Goldman, Citi Among Banks Delaying Brexit Asset Shifts

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Goldman Sachs Group Inc. and Standard Chartered Plc are among global firms postponing the transfer of several billion euros of capital outside the U.K. despite regulatory pressure to complete the move. Other lenders including Citigroup Inc. have only shifted part of the assets they were planning to relocate due to the delays in Brexit, people familiar with the plan said. During meetings with the European Central Bank and German regulators, executives at the…

Old Mutual to Fire CEO for Breaching Dividend Payment Rules

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. plans to fire Chief Executive Officer Peter Moyo after suspending him due to a conflict of interest. The board gave Moyo a “notice of termination of employment” and will “shortly” start the process to find his replacement, the Johannesburg-based insurer said in a statement. Chief Operations Officer Iain Williamsonwill continue as acting CEO. The 174-year-old insurer suspended Moyo last month to investigate a conflict involving his investment firm NMT Capital. It…

Biggest Naspers Investor Mulls Cutting $16.5 Billion Stake

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd.’s biggest shareholder is considering whether to reduce its 245 billion rand ($16.5 billion) stake in Africa’s biggest company because of concern it’s overexposed to a single stock, according to four people with knowledge of the matter. South Africa’s Government Employees Pension Fund is being encouraged by its manager, the Public Investment Corp., to reduce its Naspers shareholding of about 16%, said three of the people, who asked…

Zimbabwean Stocks Hit Record High as Inflation Soars Near 100%

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s stock market has hit a record high, for all the wrong reasons. The southern African nation’s Industrial Index rose 5.6% on Monday to extend its gain this quarter to 80%, the most among any of the primary equity gauges tracked by Bloomberg globally. Stocks are rising because local investors are desperate to hedge against inflation, which accelerated to 98% in May, the statistics agency said on Monday. Prices are rocketing amid a scarcity of…

« 1 … 299 300 301 302 303 … 1,077 »