The Editorial Team |

Oil Extends Losses on Rising U.S. Inventories and Trade Tension

LAGOS (Capital Markets in Africa) – Oil extended losses after a surprise jump in American crude inventories alleviated concerns over a supply crunch, while fears of a full-blown trade war between the U.S. and China weighed on the outlook for demand. Futures fell as much as 1% in New York after tumbling 2.7% on Wednesday, the biggest drop in almost three weeks. American stockpiles rose by 4.7 million barrels last week to the highest level since mid-2017, despite expectations for…

World’s Top Carry Trade Here to Stay as Egypt Seen Holding Rates

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CAIRO (Capital Markets in Africa) – Foreign investors came to Egypt for what Renaissance Capital said could be the “best reform story” in emerging markets and stayed for this year’s biggest carry-trade return. Just one cut in interest rates by Egypt in over a year, coupled with a dovish shift by global central banks, has powered gains in the pound that are second only to Russia’s ruble among all currencies tracked by Bloomberg in 2019. With the…

A Copper Mining Lesson From Zambia: History Repeats Itself

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HARARE (Capital Markets in Africa) – Vedanta Resources Ltd. is learning the hard way that when it comes to Zambia’s copper-mining industry, history tends to repeat itself. Fifty years ago, Zambia’s first post-independence leader Kenneth Kaundanationalized mines owned by Anglo American Plc and Roan Selection Trust to rally his political supporters. Now populist President Edgar Lungu is taking legal steps to take over the operations of Vedanta’s Konkola Copper Mines, alleging the unit lied about expansion plans and cheated on taxes. With…

Ramaphosa Elected South Africa President as Deputy’s Post Unsure

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JOHANNESBURG (Capital Markets in Africa) – Cyril Ramaphosa was elected unopposed as South Africa’s president by the National Assembly on Wednesday, while his deputy’s future was in doubt after claims from the ruling African National Congress of wrongdoing. Ramaphosa, who has vowed to clean up the government after his predecessor Jacob Zuma’s scandal-marred nine-year rule, is due to name a new cabinet after his May 25 inauguration following the ANC’s election victory this month. Under the constitution,…

Full-Blown Trade War Quickly Shifting From Risk to Baseline

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NEW YORK (Capital Markets in Afrioca) – After months of predicting a trade deal between the world’s two largest economies, economists at some of the biggest financial institutions are growing increasingly pessimistic. Goldman Sachs Group Inc., Nomura Holdings Inc. and JPMorgan Chase and Co. are among those that have rewritten their forecasts as U.S. President Donald Trump threatens to impose a 25% tariffs on around $300 billion of additional Chinese imports. Analysts at Nomura have made that…

China Urges U.S. to Fix ‘Wrong Practices’ to Resume Trade Talks

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LAGOS (Capital Markets in Afrioca) – China blamed Washington for wrecking trade talks and insisted the U.S. must alter its “wrong practices” before negotiations can resume, leaving the next move to President Donald Trump as financial markets slump amid prospects for a prolonged dispute. “China’s stance on the talks has been clear — if the U.S. wants to resume talks, they should show sincerity and correct their wrong practices,” ministry spokesman Gao Feng said in Beijing on Thursday. “Only…

Amazon Is Working on a Device That Can Read Human Emotions

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NEW YORK (Capital Markets in Afrioca) – Amazon.com Inc. is developing a voice-activated wearable device that can recognize human emotions. The wrist-worn gadget is described as a health and wellness product in internal documents reviewed by Bloomberg. It’s a collaboration between Lab126, the hardware development group behind Amazon’s Fire phone and Echo smart speaker, and the Alexa voice software team. Designed to work with a smartphone app, the device has microphones paired with software that can…

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