The Editorial Team |

May Seeks EU Help on Brexit as Ministers Revolt Over No-Deal

LONDON (Capital Markets in Africa) Theresa May will lead a last-ditch diplomatic drive to persuade European Union leaders to save her Brexit agreement, as she faces a rebellion from Cabinet ministers who want to stop the U.K. leaving without a deal. May’s allies believe she has just nine days left to save her strategy before members of Parliament run out of patience and step in to take over the process in a vote scheduled for Feb….

Seven U.K. Labour MPs Quit Party in Brexit Split With Corbyn

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LONDON (Capital Markets in Africa) – Seven Labour politicians quit the U.K.’s main opposition party as Brexit cracked open the structures that have defined British politics for decades, just six weeks before the U.K. is due to leave the European Union. At a snap press conference in London, the members of Parliament stood up to explain why they had resigned in protest at Jeremy Corbyn’s leadership of the party. Just five minutes earlier, they’d pressed the button…

What to Watch in Commodities: Glasenberg, BHP, M&A, Brexit, Oil

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LAGOS (Capital Markets in Africa) – For commodity investors, this week will be dominated by metals and menus. The schedule is crowded with earnings from the mining industry’s titans, including Ivan Glasenberg’s Glencore Plc, BHP Group, Anglo American Plc and Newmont Mining Corp. The companies will offer insight into the global outlook, the industry’s response to Vale SA’s dam burst tragedy, and in the case of Newmont, how it might fare after it swallows Goldcorp Inc. On the…

Graft Toll Mounts as South African Services Firm Faces Collapse

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JOHANNESBURG (Capital Markets in Africa) – A South African company embroiled in allegations that it paid millions of rand a month in bribes to secure government contracts is facing collapse, becoming the biggest casualty since President Cyril Ramaphosa started a probe into state corruption. African Global Operations, the services company formerly known as Bosasa, will apply for either a voluntary liquidation or business rescue after a local bank informed the firm it will close its accounts by the…

Nigeria Counts Cost of Last-Minute Vote Delay as Stocks Tank

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LAGOS (Capital Markets in Africa) – Nigerian stocks fell the most in more than five months and bond yields rose after Africa’s biggest oil producer delayed last weekend’s presidential and parliamentary election at the last minute. The one-week postponement, just a few hours before voting was scheduled to start on Saturday morning, rattled investors and led to accusations from both President Muhammadu Buhari’s party and the opposition, led by Atiku Abubakar, of skulduggery against one another. Nigeria’s…

Brexiteer Odey Renews Hedge Fund’s Reviled Bet on Pound Plunging

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LONDON (Capital Markets in Africa) – Hedge fund manager Crispin Odey, an advocate of Brexit, renewed his hotly debated wager against the British pound as U.K. lawmakers’ failure to agree on the divorce terms heightened concerns the country may crash out of the European Union without a deal. He soured again on the sterling’s prospects last month, betting that the currency will fall further in the event of a no-deal Brexit, Odey said in an interview Monday. The 180-degree…

World’s Best Carry Trade Intact as Egypt Pivots to Rate Cuts

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CAIRO (Capital Markets in Africa) – It will take more than a surprise rate cut to threaten this month’s best carry trade. Egypt’s real interest rates remain elevated relative to emerging-market peers even after the central bank used its opening meeting of 2019 to loosen policy for the first time in almost a year. Following last week’s 100 basis-point reduction in lending and deposit rates, investment bank CI Capital predicts Egypt will extend the easing with a further two…

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