The Editorial Team |

Glencore’s Congo Unit to Start Shipping Some Cobalt Again

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,…

Egypt Could Have El-Sisi to 2030 Under Proposed Charter Changes

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CAIRO (Capital Markets in Africa) – Egypt’s parliament is expected to vote Tuesday on whether to amend the constitution to let President Abdel-Fattah El-Sisi remain in office until 2030. The amendment, approved Sunday by parliament’s legislative committee, moderates earlier proposals that could have kept El-Sisi in office until 2038. Under the latest version, the presidential term would be extended to six years from four, with a limit of two terms. An exception would be made for El-Sisi, who would…

Bashir’s Old Guard Jockeys for Power as Sudan’s Protests Rage On

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KHARTOUM (Capital Markets in Africa) – Sudanese pro-democracy protesters won further concessions from the army that overthrew President Omar al-Bashir, as upheaval in the ruling military council signals a power struggle among the remnants of his 30-year regime. Since taking control on April 11, the council has canceled its curfew, freed prisoners, changed leadership and vowed to review laws that brought trials for perceived indecency or apostasy, all in response to mass protests. Yet it hasn’t…

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