The Editorial Team |

Ecobank Ghana Forecasts Sustained Profit Growth on Lower Costs

ACCRA (Capital Markets in Africa) – Ecobank Ghana Ltd. is counting on an increase in deposits and rising use of its digital services to lower costs and help sustain profit growth after a knockout 2018 for earnings. The West African country’s second-largest lender is reaping the rewards of what the International Monetary Fund predicts will be the world’s fastest expanding economy this year. Lower interest rates are set to spur lending, while a regulatory cleanup that weeded out…

Privinvest Hits Back at Mozambique With $200 Million Claim

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MAPUTO (Capital Markets in Africa) – Privinvest Group began arbitration against three state-owned Mozambican companies to seek at least $200 million in compensation for losses the shipbuilder says it incurred after contractual breaches. The legal action marks a step change in Privinvest’s response to charges against employees including salesman Jean Boustani by the U.S. Department of Justice. It also signals a counter-strike against the southeast African nation that took it to court in London in February….

Glencore’s Congo Unit to Start Shipping Some Cobalt Again

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LAGOS (Capital Markets in Africa) – Glencore Plc’s Democratic Republic of Congo unit will restart some cobalt exports after it halted sales last year due to low levels of radioactivity. About 23 percent — or 930 tons — of the cobalt produced at Katanga Mining Ltd.’s Kamoto mine since January complies with regulations on uranium content, the company said in a statement. Katanga is controlled by Glencore and owns 75 percent of Kamoto. The unit halted sales…

Tiffany Training Africans to Cut Diamonds Sourced From Region

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JOHANNESBURG (Capital Markets in Africa) – Tiffany & Co. has been expanding its workforce in sub-Saharan Africa — a region of almost one billion people where the jewelry giant doesn’t have a single store. More than a quarter of the New York-based company’s 1,500 global diamond cutters and polishers are now based in Africa, Chief Executive Officer Alessandro Bogliolo said in an interview in Cape Town. Tiffany has factories in Botswana and Mauritius with staff subject to “intensive…

Activists Push South Africa Pension Funds Over Climate Costs

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JOHANNESBURG (Capital Markets in Africa) – Pension funds in South Africa have a legal obligation to account for the financial effects of climate change on their investments, according to two groups lobbying money managers to pay closer attention to the issue. Shareholder activists Just Share and environmental law organization ClientEarth have written to more than 50 funds in Africa’s most-industrialized nation about their duty to savers. The local industry oversees about 4.2 trillion rand ($300 billion) in…

Oil Retreats After Longest Run of Weekly Gains in Three Years

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LAGOS (Capital Markets in Africa) – York after its longest run of weekly gains in three years, as traders and investors awaited more clarity on the strength of the global economy and demand. West Texas Intermediate futures slid about 1 percent after adding 1.3 percent last week in a sixth straight weekly increase. Global finance ministers and central bankers issued a statement over the weekend that they’re willing to “act promptly” to shore up global…

Carry Trade Lifts Emerging Markets Still on Lookout for Growth

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LAGOS (Capital Markets in Africa) – If the muted reaction to the flurry of potentially market-moving events last week is anything to go by, emerging-market currencies are unlikely to be headed into a period of major price swings. But that’s just fine for the carry trade. A Bloomberg currency index that measures carry-trade returns from eight emerging markets funded by short positions in the dollar gained for a second week in the five days through April 12,…

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