The Editorial Team |

EOH, Buffeted by an Anonymous Tip, Launches Whistle Blower App

JOHANNESBURG (Capital Markets in Africa) – EOH Holdings Ltd., the South African IT company reeling after an anonymous complaint prompted Microsoft Corp. to abruptly cancel a contract, has created an app that will make that process easier for future whistleblowers. Expose-It, which was made available for download on Monday, enables those with sensitive information about their company or organization to pass it on to relevant authorities without fear of being identified. The app is designed to…

ERG Will Suspend Copper, Cobalt Output at Congo Mine This Month

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HARARE (Capital Markets in Africa) – Eurasian Resources Group Sarl will halt production at a copper and cobalt mine in the Democratic Republic of Congo, as it considers future investment in new production methods. The shutdown at Boss Mining Sprl will curb cobalt supplies from a nation that accounts for three-quarters of global production of the metal used in rechargeable batteries. The suspension comes at a time of strained relations between Congo and investors after the nation last…

No Easy Solution to Power-Producer Drain on S.Africa Economy

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JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Tito Mboweni is looking for a way to keep the country’s main power producer from sucking the life out of the economy. Debt at Eskom Holdings SOC Ltd. has ballooned to 419 billion ($31 billion) and it’s struggling to supply Africa’s most-industrialized nation with enough power even as it weighs on finances, with most of its borrowings guaranteed by the state. The Department of Public Enterprises says the utility…

Zimbabwe Is Said to Consider Devaluing Quasi-Dollars

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HARARE (Capital Markets in Africa) -Zimbabwe’s central bank is considering devaluing its quasi-currency as part of a raft of reforms to the nation’s foreign-exchange system, according to a central bank official. Depreciating the so-called bond notes would be an acknowledgment that the official one-for-one exchange rate is no longer sustainable. It would also mark the second major overhaul to Zimbabwe’s currency regime since October, when the central bank ordered lenders to separate deposits of U.S. dollars and…

HSBC’s U.K. Unit Could Be Helping Fuel Mortgage War Market Price

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LONDON (Capital Markets in Africa) – Rules put in place to save U.K. taxpayers from bailing out major lenders again are having an unintended side effect. They’re encouraging HSBC Holdings Plc to wade into a market it long neglected: British mortgages. Trading updates in recent weeks from Nationwide Building Society, Royal Bank of Scotland Group Plc and Metro Bank Plc said competition to lend to British home buyers was intensifying, even with Brexit looming. HSBC has been wooing first-time home buyers in…

Egypt Is Returning to Dollar Bond Market With Three-Tranche Deal

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CAIRO (Capital Markets in Africa) – Egypt is returning to the dollar debt market to benefit from renewed investor confidence in the economy after sweeping reforms and support from the International Monetary Fund. The government is offering benchmark-sized tranches maturing in five, 10 and 30 years, according to a person familiar with the matter. The initial pricing target is more than one percentage point over last year’s three-part deal that raised $4 billion across similar maturities. Egypt plans to sell as…

Honda Is Preparing to Shut U.K. Car Plant by 2022, Sky Says

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LONDON (Capital Markets in Africa) – Honda Motor Co. is planning to close its factory in the U.K., dealing a new blow to a British auto industry already struggling with a Brexit-related slowdown and potential tariffs, Sky News reported, citing an unnamed source close to the company. The Japanese manufacturer could announce the decision to close the plant in Swindon by 2022 as early as Tuesday. The factory, Honda’s only one in the EU, employs around…

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