The Editorial Team |

South Africa’s Steepest Yield Curve on Record Flags Fiscal Risks

JOHANNESBURG (Capital Markets in Africa) – South Africa’s yield curve has steepened to a record as investors protect themselves against a riskier fiscal outlook. The government said its finances were deteriorating last week, driving the premium on 20-year yields over two-year securities to more than 365 basis points on Wednesday, the most since Bloomberg started compiling the data in 2003. Longer-dated bonds will remain undervalued, according to Standard Bank Group Ltd. “While we still expect the yield…

How Cryptocurrency Can Help Communities Where Cash Is Scarce

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LAGOS (Capital Markets in Africa) – In emerging markets, the shallow reach of traditional money systems means there’s less resistance to new financial technology. At the Sifa Children’s Center, shacks made of corrugated metal serve as classrooms for some 300 pupils, circling an expanse of dusty, hard-packed earth that’s both playground and meeting space. Beyond the school stretches Gatina, one of the poorest neighborhoods in Kenya’s capital of Nairobi. Headmaster Francis Wanjala is standing in…

Turkey Goes Looking for Energy in Contested Mediterranean

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LAGOS (Capital Markets in Africa) – Turkey’s first deep-sea drilling ship, flanked by Turkish war vessels, set sail Tuesday looking for natural gas and oil in contested waters of the Mediterranean, a launch liable to exacerbate longstanding tensions with Greece. The Fatih, named after the conqueror of Constantinople, or modern-day Istanbul, will operate some 60 nautical miles off the Turkish coast in or around the disputed area. The Eastern Mediterranean has become a gas hot…

Existential Crisis’ for Gold Miners to Spur Deals, CEO Says

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JOHANNEBURG (Capital Markets in Africa) – The global gold industry is ripe for consolidation as it’s facing a crisis because of dwindling reserves, according to David Garofalo, head of Goldcorp Inc., who flagged the potential for more deals little more than a month after Barrick Gold Corp.’s merger with Randgold Resources Ltd. “Right now, as an industry, we’re facing an existential crisis because reserves are declining and have declined rapidly,” Garofalo said in a Bloomberg TV interview…

Steinhoff Is Said to Consider Sale of $907 Million Properties

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JOHANNEBURG (Capital Markets in Africa) – Steinhoff International Holdings NV is considering the sale of properties within French furniture chain Conforama, the latest move by the embattled retailer to shore up its balance sheet, according to people familiar with the matter. The value of the portfolio is about 800 million euros ($907 million), said the people, who asked not to be named as the information isn’t public. The properties are held outside European real-estate subsidiary Hemisphere,…

INTO AFRICA October 2018 Edition – Digitalization: Africa’s Future

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Welcome to the October 2018 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. This month’s edition, titled: Digitalization: Africa’s Future. Across Africa, eCommerce platforms flanked by payments, logistics, tourism and big data partners are starting to lift national economies. Technological disruption is transforming markets and societies across Africa in ways that wouldn’t have been possible even five years ago. And this opens huge and still largely untapped commercial potential for domestic and international…

Shell Tries to Come Clean on Its Dirty Past in Nigeria

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LAGOS (Capital Markets in Africa) – As the company moves away from oil, it can’t shake its years’ operating in the pollution- and graft-ridden nation. Perched in a helicopter sweeping over the mangrove forests of the Niger Delta, a photographer named Casey is looking for trouble. And she finds it, down among a cluster of tree trunks stained with crude. A faint disturbance in a jungle clearing turns out to be a group of men…

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