The Editorial Team |

Zimbabwe’s Coltart Says Mnangagwa Acts `in Concert’ With Army

HARARE(Capital Markets in Africa) – Zimbabwe’s president, Emmerson Mnangagwa, is working with the military to ensure his own survival, an opposition official said, dismissing the leader’s criticism of the army’s heavy handed approach in quelling riots over fuel prices in January. The protests, the worst since 1995, ended after the military was deployed, firing on crowds and killing at least 17 people. Since then the opposition Movement for Democratic Change and human rights groups have said…

Egpyt’s EGPC Is Said to Raise $750 Million Loan With HSBC, FAB

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CAIRO (Capital Markets in Africa): Egypt’s national oil company raised a $750 million loan to fund growth, according to people with knowledge of the deal. Egyptian General Petroleum Corp. secured the five-year loan from HSBC Holdings Plc, First Abu Dhabi Bank PJSC and Mashreqbank PSC, said the people, asking not to be identified because the information is private. The lenders are now also offering the loan to other banks and syndication for the facility is expected to close…

ICBC Standard Bank May Need $200 Million Capital to Back Growth

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JOHANNESBURG(Capital Markets in Africa): Standard Bank Group Ltd. said its London-based venture with Industrial & Commercial Bank of China Ltd. might need a $200 million capital injection over the next 12 to 18 months, of which its share will be $80 million. ICBC Standard Bank’s business plan indicates the need for the cash based on growth in risk-weighted assets, Johannesburg-based Standard Bank said in a statement on Thursday. Beijing-based ICBC owns 60 percent of the venture, which specializes in…

Apollo Is Betting It Can Do GE Capital Better Than GE Could

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LONDON (Capital Markets in Africa): Zelter’s firm, Apollo Global Management, is slowly picking off pieces of the finance arm that nearly brought down General Electric Co. Apollo has already bought billions of investments once managed by GE Capital, and it’s been sizing up GE’s insurance and jet-leasing businesses, people familiar with the matter have said. GE’s new leader, Larry Culp, is working to turn around the embattled conglomerate, which expects negative cash flow this year in its industrial businesses. It’s quite a…

Zimbabwe Hires Trump-Linked Lobbyists in Bid to End Sanctions

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HARARE (Capital Markets in Africa) Zimbabwe hired U.S. lobbyists linked to President Donald Trump’s 2016 election race in a bid to have sanctions it says are hindering its economy scrapped. The southern African nation, where the economy has all but collapsed after a series of disputed elections, took on Ballard Partners Inc. — run by Brian Ballard, a fundraiser for Trump’s campaign — according to Nick Mangwana, Zimbabwe’s secretary for information. Trump renewed sanctions against a number of Zimbabwean individuals and…

Absa Rejigs Corporate and Investment Bank to Hone African Focus

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JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd. has overhauled the executive management of its corporate and investment banking unit as part of an ongoing group-wide revamp to draw more revenue from operations in Africa. The team of eight, which includes former joint-chief executive officers of the division, Mike Harvey and Temi Ofong, now have a mandate to drive business across the entire African continent, Absa CIB CEO Charles Russon said in an interview in Johannesburg. The…

MTN Gains Most Since 2016 at Start of $1.1 Billion Sale Plan

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. shares jumped the most in almost three years after Africa’s biggest wireless carrier started a 15 billion-rand ($1.1 billion) disposal plan to shore up the balance sheet. The company agreed to sell its 53 percent stake in Botswana’s Mascom to Econet Global Ltd. for $300 million, the Johannesburg-based company said in a statement on Thursday. Other businesses now on the market include e-commerce services, which includes Nigerian online retailer…

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