The Editorial Team |

EU Economic Weakness Should Push Bloc to Brexit Deal, Fox Says

LONDON (Capital Markets in Africa) – Trade Secretary Liam Fox said he’s confident the U.K. can agree a divorce deal with the European Union by the end of next month because the continent’s faltering economies will force the bloc to come to an “accommodation.” Citing Italy entering recession and weakness in the German and French economies, he said the EU 27 should be pushing for a deal. “This is not a good time to introduce further unnecessary instability into…

May Sets Out to Win Labour Rebels’ Support Over Brexit Deal

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LONDON (Capital Markets in Africa) – Ministers in Theresa May’s government are setting out to woo members of the opposition Labour Party, in the hope that they’ll provide enough votes to get her Brexit deal through. In meetings with Labour members of Parliament considering whether to support the Withdrawal Agreement that May negotiated, ministers including Business Secretary Greg Clark have discussed enhancing British employment rights and environmental protections after Brexit, as well as money for deprived parts of…

Vodacom Closes South Africa Stores Amid `Please Call Me’ Protest

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JOHANNESBURG (Capital Markets in Africa) – Vodacom Group Ltd. closed some South African stores on Thursday as protests intensify over the level of compensation the mobile-phone company is prepared to pay an ex-employee who had an idea for a popular call-back service. While Vodacom says it accepts a 2016 court ruling that the company should pay Kenneth Makate for his creation, the two parties are at odds over the correct amount. Makate’s cause has been taken…

Coca-Cola Eyes Local Pockets, Exports After Nigerian Deal

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LAGOS (Capital Markets in Africa) – Coca-Cola Co. sees plenty of expansion opportunity in Africa after taking full control of Nigerian juice maker CHI in a deal that underlines its growing emphasis on lower-sugar drinks and emerging markets. The U.S. soft drinks giant on Wednesday acquired the remaining 60 percent of CHI for an undisclosed amount, three years after making an initial investment in the Lagos-based company. The acquisition “gives us the platform that allows us to target…

Steinhoff Paid Ex-CEO $380,000 for 2018 Fiscal Year, Pepkor Says

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV paid former Chief Executive Officer Markus Jooste about 5 million rand ($380,000) for the two months he worked for the South African company in fiscal 2018, before he quit suddenly amid an accounting scandal. The payment was disclosed in a report published Thursday by Pepkor Holdings Ltd., a clothing retailer with more than 5,200 stores that was spun off by Steinhoff in 2017. Danie van der Merwe, who took over from…

How South Africa Could Fix Distressed Power Utility Eskom

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s government will announce within a month how it plans to fix Eskom Holdings SOC Ltd., the embattled state utility that supplies more than 90 percent of the nation’s power. There are no easy remedies. The company is 419 billion rand ($30.9 billion) rand in debt, is losing money hand over fist, has way more staff than it needs and its aging and poorly maintained plants can’t always…

South Africa’s World-Beating Bonds Have Room to Extend Gains

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NAIROBI (Capital Markets in Africa) – Benchmark South African bond yields dropped to eight-month lows in the wake of the Federal Reserve’s more dovish stance — and there may be more to come, with inflation expectations plummeting and investors pricing out any chance of a rate hike in the next two years. Yields on government securities due 2026 fell 16 basis points on Thursday to the lowest since June 1 on a closing basis. South African local-currency bonds have…

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