The Editorial Team |

Zambia Deports Third Manager in Dispute Over Emerald Mine

LUSAKA (Capital Markets in Africa) – Zambia deported another of Israeli diamond billionaire Lev Leviev’s managers at an emerald mine where he is embroiled in a $51 million dispute, Leviev’s local lawyer said. Immigration officials took Sergey Kuznetsov, a Russian who was Leviev’s only remaining manager at the operation and was in charge of the vault where the gems were stored, to the airport and put him on a plane, lawyer Dickson Jere said by phone….

Bharti Airtel Agrees to Cede Some Shareholding in Tanzanian Unit

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DAR ES SALAAM (Capital Markets in Africa) – Bharti Airtel Ltd. has agreed to reduce its stake in its Tanzanian unit to 51 percent from 60 percent after months of negotiations with the government, which accused the operator of acquiring the initial shareholding illegally. The Tanzanian government’s stake will increase to 49 percent from 40 percent, Chairman Sunil Bharti Mittal said in comments emailed by President John Magufuli’s office. Airtel has said its acquisition in 2010 of the…

Steinhoff’s Salvage Process Stalls as Former Partner Digs In

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV’s effort to rescue its European business has been delayed after a challenge from a company linked to Andreas Seifert, the beleaguered retailer’s latest opposition from its former Austrian partner. LSW GmbH, “which says it’s a creditor of Steinhoff Europe,” is opposing a company voluntary arrangement proposed on Dec. 14, and the agreement won’t be implemented until the challenge is resolved, Stellenbosch, South Africa-based Steinhoff said…

Ghana Said to Target Swift Sale of $3 Billion in Eurobonds

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ACCRA (Capital Markets in Africa) – Ghana is favoring a sale of as much as $3 billion in Eurobonds this quarter as the country seeks to finance its budget and reduce borrowing costs, according to two people familiar with the matter. While the West African nation’s budget requires net foreign financing of 9.8 billion cedis ($2 billion), it will seek an additional $1 billion if it’s able to issue debt at lower rates than what it’s…

Apple, Powell and the Risks to Global Growth: Economy Week Ahead

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LAGOS (Capital Markets in Africa) – “The principal worry I would have is really global growth,” said Fed Chair Jerome Powell. He’s not the only one. Our view, though, is that the trade truce, Fed patience, and strong U.S. labor markets, mean concerns are overdone. Global growth is set for a slowdown, not a meltdown. There’s no shortage of troubling signals on the world economy. Looking at the economic data, factory gauges for China point to contraction, industrial…

The U.S. and Europe Should Stand With Congo’s Voters

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KINSHASA (Capital Markets in Africa) – The surprising outcome of a flawed election demands scrutiny and a willingness to hold any malefactors to account. After a long-overdue election marred by irregularities and a delay in reporting results, opposition leader Felix Tshisekedi has been provisionally declared the next president of the Democratic Republic of Congo. Under happier circumstances, cheers might be in order for Congo’s first peaceful transition of power since independence in 1960. A particle of good news is certainly overdue:…

Kenya Plans to Narrow Fiscal Deficit to 5% of GDP in 2019-20

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NAIROBI (Capital Markets in Africa) – Kenya, East Africa’s biggest economy intends to narrow its budget deficit to 5 percent of gross domestic product in the fiscal year beginning in July, from 6.3 percent in the current period. The budget gap is seen at 572.2 billion shillings ($5.62 billion), compared with an estimated 635.5 billion shillings in the 12 months through June, the Treasury said in a draft document on its website. It plans to…

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