The Editorial Team |

Absa Drops on Profit Miss as South African Economy Struggles

JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd., the South African lender once controlled by Barclays Plc, fell for the ninth straight day to head for its longest streak of losses in six years as full-year profit missed analyst estimates. Banks in Africa’s most industrialized economy are battling to overcome the challenges of tepid gross domestic product growth and a loss of consumer and business confidence, pressuring their ability to generate revenue. Tax increases, higher fuel…

Benin Said to Consider First Foray Into Foreign Bond Markets

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BENIN (Capital Markets in Africa) – Bond investors may be about to welcome a new kid on the emerging-market block: Benin. The West African country — gross domestic product about $10 billion — is readying a series of meetings with would-be takers for a first ever sale of Eurobonds, according to a person familiar with the matter. Citigroup Inc., Natixis SA and Societe Generale SA have been hired to organize the meetings, which will take place…

Steinhoff CEO to Update South African Lawmakers on Probe

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV Chief Executive Officer Louis du Preez will give an update to South African lawmakers next week about the ongoing investigation into an accounting scandal that almost destroyed the retailer more than a year ago. Representatives of regulators and a local anti-graft police unit are also expected to appear at the parliamentary hearing in Cape Town starting March 19, Du Preez told reporters in the city on Monday. The…

Old Mutual Misses Profit Goal as South African Economy Wilts

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. said earnings fell as a weak South African economy and sliding asset prices caused the insurer to miss one of its key operational goals. Full-year adjusted profit earnings declined to 11.51 billion rand ($798 million) from 12.95 billion rand a year earlier, the Johannesburg-based company said in a statement. “Persistently high unemployment rates, a value added tax-rate increase and fuel hikes contributed to lower real disposable incomes…

Boeing Drops Most Since 2001 as Second 737 Crash Grounds Flights

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ADISS ABABA (Capital Markets in Africa) – Boeing Co. Chief Executive Officer Dennis Muilenburg faces his biggest crisis yet following the second deadly crash of a 737 Max jetliner, as some airlines grounded the best-selling plane and the shares logged their biggest loss since the 9/11 attacks. China ordered its carriers to ground all 96 of Boeing’s newest 737 model, while Indonesia said it would also halt flights after Ethiopian Airlines Flight 302 went down in a field shortly after…

South Africa’s PIC Skirted Rules by Merging Roles, Probe Hears

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Public Investment Corp. breached the money manager’s own memorandum of incorporation when the positions of chief investment and executive officers were combined under Dan Matjila, a former employee said. “What could have been the function of the CIO are now sitting with the CEO, and what could have been the functions of the COO are now sitting with the CFO,” Paul Magula, the former executive head of risk…

Bouteflika’s Faltering Health Set to Deepen Algerian Turmoil

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ALGIERS (Capital Markets in Africa) – Algerian President Abdelaziz Bouteflika’s health has reportedly deteriorated, deepening the uncertainty over his push for a fifth term in office that’s triggered unprecedented mass protests in the OPEC member state. The 82-year-old Bouteflika’s neurological reflexes have worsened and he requires constant care at the Geneva university hospital, Swiss daily Tribune de Geneve reported Wednesday. The development adds a new twist to the standoff between the regime and the predominantly young protesters who…

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