The Editorial Team |

South Africa’s FNB raises alarm over new debit order fraud

JOHANNESBURG (Capital Markets in Africa) – South Africa’s First National Bank. FNB has said that it has detected abnormally high volumes and disputes of suspicious debit orders with descriptors Procall and Mzansi in December 2018 and January 2019. In line with its standard practice, the Bank has informed customers of new debit orders loaded on their bank accounts. In addition, and based upon the monitoring of debit order disputes, FNB has detected that a large…

JAC Motors expands into 28 African countries

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LAGOS(Capital Markets in Africa) – Anhui Jianghuai Automobile Group Corp., Ltd., JAC Motors, China’s automobile and commercial vehicle manufacturer, has announced the results of its expansion program in Africa in 2018, declaring that it has established a presence in 28 countries across the continent. Spurred on by China’s Belt and Road initiative (BRI), the country’s program to fund and build infrastructure projects around the world along the ancient Silk Road trade routes, JAC Motors has…

Nominations for the 2019 EY World Entrepreneur Award Are Now Open

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JOHANNESBURG (Capital Markets in Africa) – The search is on again for the world’s greatest entrepreneurs. These are individuals who have the courage to build something truly remarkable; inspire innovation without limitations; cut through the noise of this transformative age; and fuel growth by being unstoppable. Driven by their desire to better the world around them, they stop at nothing to achieve their greatest ambitions. Marking its 22nd year, the EY World Entrepreneur Award™ (www.EY.com/za/wea)…

Zenith Bank Plc FY’18 results – EPS expands by 11.2% YoY to N6.15

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LAGOS (Capital Markets in Africa) – Gross earnings declined by 15.9% YoY to N620.0 billion, in line with our estimate of N632.8 billion (-2.0% deviation). In contrast, after tax profit improved by 11.3% YoY to N193.4 billion, in line with our N192.2 billion projection (+0.6% deviation). On a quarterly basis, gross and after tax earnings weakened by 4.6% QoQ and 21.1% QoQ to N145.4 billion and N49.2 billion respectively. ZENITHBANK declared a final dividend per…

Juicy Nigerian Yields May Just Spare Banks From Profit Pains

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LAGOS (Capital Markets in Africa) – Nigeria’s biggest banks have found a way of shielding earnings from another year of tepid credit demand — buying up local government bonds that offer among the highest yields in emerging markets. Lenders are reducing credit to companies and consumers hampered by challenges in an economy too dependent on oil — the prices of which have tumbled nearly 30 percent since October. Steep inflation, a lack of foreign exchange and high levels of…

Eskom’s Blackouts Could Be a Knockout for South African Rand

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JOHANNESBURG (Capital Markets in Africa) The rand has become the whipping boy for investors concerned about South Africa’s struggling electricity utility and its impact on the country’s economy. After posting the best start to a year on record on January, the currency is heading for its biggest February loss since Bloomberg started compiling the data in 1989. Eskom’s bonds, meanwhile, are behaving as if there’s no problem, even as traders fret about the government’s ability to rescue the state-owned company…

Egypt Confronts Addiction to Short Debt by Rethinking Bond Plans

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CAIRO (Capital Markets in Africa) – Egypt wants to tear down a strategy that’s left one of the Middle East’s most indebted countries hooked on short-term borrowing. The government is looking to raise the share of longer-dated debt to about 70 percent of annual domestic issuance by 2022 from 5 percent in the last fiscal year, Deputy Finance Minister Ahmed Kouchouk said in an interview. In making a “gradual shift” away from short-term T-bills and toward instruments such as Treasury…

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