The Editorial Team |

EU, U.K. Are Said to Broker Talks to Try End Zimbabwe Impasse

HARARE (Capital Markets in Africa) – European and British diplomats proposed the creation of a U.K.-style parliamentary opposition structure in Zimbabwe to reduce political tensions after last month’s disputed presidential election. EU and U.K. emissaries met senior members of the ruling party and the opposition in the past 10 days to discuss the proposals, according to three people familiar with the talks who asked not to be identified because they aren’t authorized to speak to…

IMF Put’ Lures Investors to Angola as Eurobond Yields Drop

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LUANDA (Capital Markets in Africa) – Angola’s Eurobonds surged after the OPEC member said it asked the International Monetary Fund for financial support. Yields on the southern African nation’s $1.5 billion of bonds maturing in November 2025 fell 27 basis points, the most in almost two years, to 7.51 percent by 1:25 p.m. in London. The Ministry of Finance announced late Monday that it had called for the IMF to add a “financing component” to its support…

Unshackled From Barclays, Absa Investment Bank Chases Growth

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JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd.’s corporate and investment banking unit is targeting new African markets in a bid to boost earnings and deliver on Chief Executive Officer Maria Ramos’ mission to reboot the lender. Following a split from its former parent Barclays Plc, Absa has rebranded its operations in South Africa, reshuffled management and refreshed its strategy with the ambition of doubling its market share in Africa and regaining lost ground at home….

South Africa Labor Unions Push for New State Pension-Manager Law

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s main labor group is pushing parliament to adopt proposed changes to laws regulating the continent’s biggest money manager, which oversees state workers’ pensions, to make it more accountable and give unions representation on its board. Parliament’s finance committee is processing the Public Investment Corp. Amendment Bill, but the Congress of South African Trade Unions fears the state’s decision to appoint a commission to investigate the fund manager’s governance and…

Eskom Secures $3.4 Billion for Two-Thirds of 2019 Funding

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JOHANNESBURG (Capital Markets in Africa) – Eskom Holdings SOC Ltd. said it’s secured about 48.8 billion rand ($3.4 billion) of the funding the state-owned South African power utility requires for the financial year ending March 31. Of the remaining 23.2 billion rand, or 32 percent of the total, 15 billion rand will come from structured products, Eskom said in a statement on Tuesday. A further 4.5 billion rand will come from domestic bonds, including 2.3 billion rand with…

Cell C Plans Johannesburg Share Sale by 2020 to Fund Deals

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JOHANNESBURG (Capital Markets in Africa) – Cell C Pty Ltd. is planning a share sale in its home city of Johannesburg by the first quarter of 2020 as South Africa’s third-largest wireless company seeks funds for acquisitions. The exact timing of an initial public offering will depend on market conditions, Chief Executive Officer Jose Dos Santos said in an interview Tuesday. In the meantime, the carrier is looking at potential fibre-to-home deals to boost its internet and…

What to Watch in Commodities: Venezuela, BHP, Trade, Crops, Gold

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LAGOS (Capital Markets in Africa) – As investors assess last week’s losses in metals and crude, attention now swings toward pandemonium, profits, policy and plants. Crisis-hit oil producer Venezuela faces yet more chaos after its immense devaluation. A settlement of a dispute with ConocoPhillips announced Monday may help boost the South American nation’s crude oil exports, aiding its faltering economy. For profits, BHP Billiton Ltd. reports on Tuesday and the top miner will likely showcase very decent numbers; for policy, it’ll…

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