The Editorial Team |

Moody’s Sees South Africa’s Credit Rating Outlook as Stable

JOHANNESBURG (Capital Markets in Africa) – Moody’s Investors Service said South Africa’s credit-rating outlook is stable, giving the country’s new government more time to tackle key challenges such as low economic growth and embattled state-owned companies to ward off junk status. With May’s national elections over, the new government “will put forward policies to continue tackling the main credit challenges, including a low growth, steadily rising debt, leveraged state-owned enterprises and weakened institutions,” Moody’s said….

African Behemoth of 200 Million Awakens to Retail Banking

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LAGOS (Capital Markets in Africa) – After years of ignoring consumers, Nigerian lenders are making an unprecedented push into retail banking. Increased technology use and urbanization are opening up a market of almost 200 million people where less than half of adults are banked. Drawn by the vast potential of an untapped market, banks also have little choice as they face competition from wireless carriers with over 160 million users, and the central bank demands they lend…

Mozambique Gas Riches Near as $25 Billion LNG Plant Approved

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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

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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

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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

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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

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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…

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