The Editorial Team |

Hudbay Investor Seeks to Replace CEO and Most of its Board

JOHANNESBURG (Capital Markets in Africa) – Hudbay Minerals Inc.’s second-largest investor is seeking to oust the Toronto miner’s chief executive officer and replace most of its board. Waterton Global Resource Management will nominate eight new directors at Hudbay’s upcoming annual meeting with a slate that includes former mining executive Peter Kukielski and financial services industry veteran Richard Nesbitt, according to a letter to shareholders Wednesday. Waterton, which owns about 12 percent of Hudbay, will propose that Kukielski be named…

Traders Blind to South Africa Rate Pressure May Be in for a Jolt

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JOHANNESBURG (Capital Markets in Africa) – Fixed-income traders who have become complacent about interest rate increases in South Africa are setting themselves up for a “negative monetary surprise,” according to Nedbank Group Ltd. — and that could cost them. The South African Reserve Bank will meet for this first time this year on Thursday, with all 18 economists in a Bloomberg survey predicting policy makers will hold the benchmark rate at 6.75 percent. But a hike could…

No Currency, Just a Currency Crisis: Zimbabwe’s Woes Deepen

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HARARE (Capital Markets in Africa) – Not having a currency of its own hasn’t stopped Zimbabwe from sliding into a currency crisis. A scarcity of foreign exchange has led to long queues for fuel, bread and medicine and sent prices surging. Protests erupted across the southern African country on Monday, leaving possibly five people dead, after the government more than doubled gasoline prices to $3.31 a liter ($12.58 a gallon) over the weekend, the highest in…

Abubakar Will Change Nigeria’s Central Bank Governor If Elected

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LAGOS (Capital Markets in Africa) – Nigeria’s main opposition candidate, Atiku Abubakar, said he would appoint a new central bank governor and float the naira if he wins next month’s elections. Godwin Emefiele is not doing a good job, Abubakar said, adding that he’d make the change when the governor’s first term ends in June. “I don’t think he’s pursued the right policies,” Abubakar, 72, said Wednesday in an interview in Nigeria’s commercial capital, Lagos. “We have…

Tanking Economy Snaps Zimbabwe Dream of Post-Mugabe Revival

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HARARE (Capital Markets in Africa) – Hopes of an economic revival in Zimbabwe lie in tatters 14 months after President Emmerson Mnangagwa took office, as the nation reels from foreign-exchange and fuel shortages, strikes and a dearth of political leadership. Disgruntlement with falling living standards spilled onto the streets of Harare, the capital, and other towns on Monday with thousands of people heeding a call by the country’s largest labor group to strike against massive fuel-price increases….

Al-Qaeda Hotel Attack Kills 14, Shaking Pillar of Kenyan Economy

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NAIROBI (Capital Markets in Africa) – Kenyan forces ended an Islamist militant siege at a hotel and office complex in the capital that left at least 14 people dead and highlighted the threat still posed by al-Qaeda-linked fighters to East Africa’s largest economy. Using hand grenades, automatic rifles and a suicide-bomber, the militants stormed 14 Riverside in Nairobi on Tuesday afternoon, a venue popular with business travelers and Kenya’s elites and home to offices of…

Uganda National Oil Co. Seeks $779.4 Million for Key Projects

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KAMPALA (Capital Markets in Africa) – Uganda National Oil Co. said it needs $779.4 million over the next four years for revenue-generating projects such as a refinery, export crude pipeline and a storage terminal, as the country plans for crude production early in the next decade. Government-owned UNOC is seeking funding in tranches, including $106.6 million in fiscal year 2019-2020, with the remainder to be allocated by 2023, according to a budget proposal for the Kampala-based company,…

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