The Editorial Team |

Nigerian Leader Proposes $24 Billion Spending for 2019

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari presented an 8.8 trillion-naira ($24.2 billion) budget for next year to lawmakers after the cabinet agreed to reduce spending plans as the nation struggles to meet revenue targets. Nigeria, Africa’s biggest oil producer and most populous nation, has “recovered from recession” after a slump in 2016, Buhari told a joint session of the Senate and House of Representatives in the capital, Abuja, broadcast live on TV. Key…

Bain Calls Its South African Tax-Body Work `Serious Failure’

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JOHANNESBURG (Capital Markets in Africa) – Bain & Co., the Boston-based consultancy company that was hired to assist in restructuring South Africa’s tax agency in 2015, said it has become “painfully evident” that the firm’s involvement with the authority was a “serious failure.” Not only was Bain’s hiring potentially irregular, but it overstated the need for change at the South African Revenue Service, allowed the former SARS head Tom Moyane to influence its work and didn’t walk away…

South Sudan Sees $2 Billion in Oil Investments as Just the Start

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SOUTH SUDAN (Capital Markets in Africa) – Recent pledges of $2 billion in investment for South Sudan’s oil may be just the start, with the war-torn nation expecting further agreements in early 2019, its petroleum minister said. Ezekiel Lul Gatkuoth’s prediction comes as the African nation’s warring sides prepare to form a power-sharing government in the latest bid to end five years of conflict. The country, home to sub-Saharan Africa’s third-largest crude reserves, is banking…

AngloGold Is Said to Weigh London Listing, South Africa Exit

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JOHANNESBURG (Capital Markets in Africa) – AngloGold Ashanti Ltd. is considering listing its shares in either London or Toronto in a move that could see the company hive off its remaining South African operations, according to people familiar with the situation. While no final decision has been made, the world’s third-largest gold producer has been discussing the plan internally and with advisers, said the people, who asked not to be identified as the talks are private….

U.K. Unveils Post-Brexit Immigration Plan, Angering Business

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LAGOS (Capital Markets in Africa) – The U.K. published its long-awaited immigration plan for life outside the European Union, to end freedom of movement from the bloc and prioritize skilled workers regardless of nationality. Home Secretary Sajid Javidsaid the aim was to bring net migration down to “sustainable levels.” Reducing immigration has been a major issue for British voters and was a key motivation for many who chose to leave the EU in the 2016 referendum….

UBS Wealth Has Hedge Fund-Like Playbook to Combat Market Mayhem

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LAGOS (Capital Markets in Africa) – The world’s largest private bank is doubling down on exotic strategies to profit from the intensifying meltdown in the synchronized bull market. As Wall Street frets another annus horribilis, UBS Global Wealth is embracing a playbook beloved by hedge funds — a slew of options trades that bet, for example, on the continued outperformance of U.S. healthcare stocks versus industrials when tensions in commerce sink equities. The $2.4 trillion money manager’s…

Goldman’s $1 Trillion Asset Manager Is Betting on Stocks in 2019

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LAGOS (Capital Markets in Africa) – Equities is the place to be in 2019, according to a senior money manager at Goldman Sachs Asset Management. The company, which says it oversees more than $1 trillion, is betting that global growth will extend into next year, giving support to stock fundamentals. GSAM favors emerging-market assets over the developed market, although U.S. stocks look appealing after the sell-off even as the economy moderates. “We’re broadly positive on equities,” said…

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