The Editorial Team |

Brexit Yields Rare Accord as Officials Aim to Avert Market Chaos

LONDON (Capital Markets in Africa) – With the U.K. deadlocked over Brexit, financial regulators scored a rare accord aimed at preventing chaos in markets should Britain leave the European Union without a deal. Authorities in the U.K. and the EU redoubled efforts in recent days to ensure trillions of euros in transactions can continue unimpeded. The Bank of England reached an agreement with the European Securities and Markets Authority that will enable derivatives to be…

UBS Bets This Time Is Different; Shorts Rand Versus Lira

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JOHANNESBURG (Capital Markets in Africa) – Shorting the rand against the lira is a popular trade that doesn’t always pay off. But this time is different, a technical signal suggests. UBS Group AG on Wednesday recommended the trade, which Wall Street heavyweights including Bank of America Corp. and JPMorgan Chase & Co. have tried in the past without success. The rand has been the best performing currency in the world this year with a 7 percent gain against…

IMF’s $2 Billion for Egypt Comes With Warnings on Challenges

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CAIRO (Capital Markets in Africa) – The International Monetary Fund told Egypt to push ahead with efforts to curb inflation, cut debt and allow for a more flexible exchange rate after signing off on a loan tranche of about $2 billion. In a statement following the IMF’s approval on Tuesday to release the fifth installment of Egypt’s $12 billion loan after a two-month delay, the fund said its macroeconomic outlook remains favorable and praised the government’s enactment of policies. Even so,…

Don’t Be Fooled by Emerging-Market Comeback Says This Japan Fund

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LAGOS (Capital Markets in Africa) – Don’t be fooled into believing that the emerging-market rally fueled by a “patient” Federal Reserve will last throughout 2019. Satoru Matsumoto, a fund manager at Japan’s Asset Management One Co., which oversees the equivalent of about $490 billion, said the economic slowdown in China followed by the U.S. amid trade tensions will weigh on assets. While developing-nation stocks just completed their best month since March 2016, and currencies scored the biggest…

South Africa’s Eskom Sees Loss Widening to $1.5 Billion

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s state-owned power utility Eskom Holdings SOCLtd. expects a loss of around 20 billion rand ($1.49 billion) for the financial year through March. The estimated loss “is our view based on December 2018 forecasts to year end,” Eskom said in an emailed reply to questions, and due to higher costs to meet demand and to address generation performance. Eskom has said its situation is unsustainable and the government is…

Africa’s Biggest Fund Manager Board Quits as Scandals Mount

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JOHANNESBURG (Capital Markets in Africa) – The Public Investment Corp.’s board of directors offered to resign amid an inquiry into allegations of wrongdoing, throwing the South African manager of more than 2 trillion rand ($150 billion) deeper into crisis. The institution responsible for most South African government worker pension funds has been “destabilized” by a series of claims, including against at least four board members, Chairman Mondli Gungubele said in a letter to Finance Minister Tito Mboweni co-signed by…

Amethis announces an intermediary closing of Amethis Fund II at EUR 305mn

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LAGOS (Capital Markets in Africa) – Amethis, the investment fund manager dedicated to long-term responsible investments in Africa, is pleased to announce an intermediary closing of its second Pan-African fund, Amethis Fund II, which collected EUR 305mn from a broad range of investors in Europe and Africa, exceeding its initial target of EUR 300mn. Amethis, founded by Luc Rigouzzo and Laurent Demey in partnership with the Edmond de Rothschild Group, manages two other funds, Amethis…

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