The Editorial Team |

AngloGold Is Said to Weigh London Listing, South Africa Exit

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…

Tullow CEO Rises From Founder’s Shadow as Risk-Taking Ebbs

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ACCRA (Capital Markets in Africa) – The fortunes of Paul McDade and Tullow Oil Plc have mirrored each other for almost three decades. Drawn to the industry in the 1980s as a way to see life outside his native Scotland, McDade moved through the Middle East, South America and Southeast Asia. At the turn of the century, just as a promising career was shaping up at Canadian oil company Talisman, a different opportunity emerged. “I’ve met this Irish guy…

Ghana Keeps Key Rate at 4 1/2-Year Low With Inflation in Target

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ACCRA (Capital Markets in Africa) – Ghana’s central bank kept its benchmark interest rate at a 4 1/2-year low for a third consecutive meeting as the currency stabilized and inflation remain within its target band. The Bank of Ghana maintained the rate at 17 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. All eight economists surveyed by Bloomberg forecast the hold. Key Insights: Underlying inflation pressures are easing, Addison said. The recent oil…

FirstRand’s FNB Targets South Africa Townships With Fintech Deal

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JOHANNESBURG (Capital Markets in Africa) – FirstRand Ltd.’s First National Bank and a startup financial-technology company in South Africa are partnering to connect informal traders in townships with fast-moving consumer-goods companies. FNB is seeking to tap into a market that it estimates could consist of as many as 1 million enterprises that have largely been ignored and falls into the “unseen economy,” the Johannesburg-based lender said in an emailed statement. Townships were created during apartheid on the…

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