The Editorial Team |

Death Toll May Top 1,000 After Cyclone Hammers Mozambique

MAPUTO (Capital Markets in Africa) – A tropical cyclone that tore across Mozambique at the weekend may have killed more than 1,000 people, President Filipe Nyusi said as heavy rains continued to pound neighboring Zimbabwe where flooding left dozens more dead. “It’s clear that the next few days could be worse,” Nyusi said in comments broadcast on state radio. “If more than 1,000 lives have been lost, we won’t be surprised.” Mozambique’s worst-recorded flooding occurred in 2000,…

Emerging Market ETFs See First Outflow in 22 Weeks on China

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JOHANNESBURG (Capital Markets in Africa) – Investors pulled money from emerging-market ETFs last week for the first time since October as disappointing data from China, the world’s second-largest economy, crimped the outlook for growth across Asia. After 21 weeks of inflows, money managers withdrew $108.6 million from U.S.-listed exchange-trade funds that invest across developing nations as well as those that target specific countries, according to data compiled by Bloomberg. The withdrawal trimmed this year’s inflows…

Brexit Ambiguity Leaves Southern African Trade Talks in Limbo

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JOHANNESBURG (Capital Markets in Africa) – The uncertainty surrounding the U.K.’s departure from the European Union has left trade negotiators from six Southern African nations pondering how their future ties with one of their largest trading partners will pan out. “Even if there is a deal, it will take months, if not years, to manage the administration around trade and tariffs,” South Africa’s Trade and Industry Minister Rob Davies told reporters in Cape Town on Monday. South…

Emerging Nations Plan Green Banks to Foot Climate Trillions

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LAGOS (Capital Markets in Africa) – The world needs a new model to channel private finance into emerging-nation clean projects and commercial banks are among those planning to help create it. Firms including Macquarie Group Ltd., HSBC Group Plc and Mizuho Financial Group Inc. are scheduled to participate in this week’s Green Bank Design Summit in Paris. They’re joining representatives of 24 developing countries accounting for almost half the world’s greenhouse gases that will be attending the…

Steinhoff Former Chairman Wiese Says Probe Report Supports Claim

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JOHANNESBURG (Capital Markets in Africa) – Former Steinhoff International Holdings NV Chairman Christo Wiese says the retailer’s overview of a forensic probe into the company’s accounting irregularities supports his 59 billion rand ($4.1 billion) claim against the company. A report by PwC that was published last week found that a small group of former managers and non-Steinhoff executives structured deals that substantially inflated profits and asset values, according to a summary the company released late Friday. Wiese, a South African billionaire…

South Africa Faces Sixth Day of Blackouts as Eskom Stumbles

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s state-owned power utility will implement controlled blackouts for a sixth straight day to prevent a total collapse of the electricity grid amid a shortage of capacity. Eskom Holdings SOC Ltd. is racing to bring generating units back online after suffering outages last week that were compounded by a loss of power imports from neighboring Mozambique as a result of a cyclone. The staggered power cuts, aimed at reducing…

Ramaphosa Apologizes for Bad Infrastructure, Then Experiences It

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JOHANNESBURG (Capital Markets in Africa) – In the past 24 hours, South Africa’s President Cyril Ramaphosahad to apologize for the poor state of the country’s infrastructure before having first-hand experience of just how bad it is. On Sunday, he spoke to the national broadcaster on the sidelines of an election campaign appearance in the northern town of Mahikeng to say sorry for some of the most severe power cuts South Africans have yet experienced. The next…

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