The Editorial Team |

May Offers Parliament Vote to Delay Brexit If No Deal Agreed

LONDON (Capital Markets in Africa) – Theresa May promised members of Parliament a vote to delay Brexit and block the potential economic disaster of a no-deal split with the European Union if they reject her divorce agreement next month. May said she will carry on trying to reach a deal in Brussels so the U.K. can leave as planned on March 29. But if that isn’t possible, Britain will not lurch out of the club of…

BOE Steps Up Brexit Buffers as Carney Presses No-Deal Warning

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LONDON (Capital Markets in Africa) – The Bank of England stepped up its defenses against a disruptive Brexit and Governor Mark Carney offered more warnings about the damage that a no-deal withdrawal from the European Union could do to the economy. The central bank will offer lenders extra liquidity provisions around the March 29 exit date, a measure designed to smooth the plumbing of the market operating in times of potential stress. It mirrors its actions around…

How Would an Extension to the Brexit Deadline Work: Q&A

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LONDON (Capital Markets in Africa) = U.K. Prime Minister Theresa May has promised Parliament that it will have a chance to vote to extend the Brexit deadline next month as a way of avoiding a chaotic no-deal exit. How will it work? Is May calling for a delay? No. May says she doesn’t want to delay exit day on March 29. She’s offering the vote in order to head off a growing rebellion of lawmakers and ministers…

EU Wants a Brexit Delay But Governments at Odds Over Length

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LAGOS (Capital Markets in Africa) – The European Union has made no secret that it thinks Prime Minister Theresa May should delay Brexit day. The question is, for how long. May on Tuesday promised the British Parliament a vote on a “short” postponement if it doesn’t approve her deal by March 12. EU officials are relieved it lessens the chances of a crash-out Brexit at the end of next month but say there must be a clear plan for…

Shoprite Seeks to Curb Influence of Chairman Christo Wiese

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JOHANNESBURG (Capital Markets in Africa) – Shoprite Holdings Ltd. is in talks with billionaire Chairman Christo Wiese about giving up his extra voting rights in Africa’s biggest grocer, a move that would simplify the share structure and help to empower smaller investors. Wiese’s Thibault Square Financial Services controls almost a third of the votes at the Cape Town-based company through deferred shares, which carry greater influence than ordinary stock. Shoprite is negotiating to buy or redeem and cancel…

Brexit Delay Gives U.K. Plc Another Expensive Scenario to Game

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LONDON (Capital Markets in Africa) – A potential delay to Britain’s exit from the European Union is being labeled a mixed blessing by U.K. Plc. While extending the departure is better for companies than crashing out next month without a deal, it threatens further uncertainty and added costs for businesses that have been preparing for a March 29 split. “If you’re a business, you wonder, ‘So what the hell do I do now?’,” said Mats…

Guinea’s Untapped Iron Ore Riches Are Back in the Spotlight

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LAGOS (Capital Markets in Africa) – Guinea sits on some of the richest iron ore deposits in the world, but they’ve been more of a curse than a blessing to the mining industry. That might be about to change as the government ends a seven-year-old dispute with billionaire Beny Steinmetz over the Simandou iron ore project. At the same time, mining veteran Mick Davis is starting a new development that could be the precursor to projects exploiting Guinea’s great…

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