The Editorial Team |

Zuma Fights to Halt Prosecution in Arms-Deal Corruption Case

JOHANNESBURG (Capital Markets in Africa) – Former South African President Jacob Zuma is seeking to ensure that his corruption case is never heard by applying for a permanent stay of prosecution over charges related to an arms deal two decades ago. Zuma appeared in the High Court in the eastern city of Pietermaritzburg on Friday where the case was provisionally postponed until Nov. 30. Lawyers for Thint, the company that was the South African unit of French…

Mass Defections Upend Nigeria as Buhari Seeks Re-Election

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – After a series of missteps on economic and security issues, one of the things Nigerian President Muhammadu Buhari could pin his re-election hopes on was a feeble opposition. Not anymore. More than fifty lawmakers and a state governor quit Buhari’s ruling All Progressives Congress this week, with the vast majority switching allegiances to the People’s Democratic Party. While both parties have struggled with internal divisions, the mass defections are breathing new…

Foreign Money Is Trickling Back Into South Africa’s Bonds

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – After almost three months of unabated selling, foreign investors are making a cautious return to South Africa’s bond market. Non-residents were net buyers of the country’s government debt for the second week running last week as emerging-market sentiment improved and inflation in South Africa fell short of analysts’ estimates. The inflows have been small: about 1.6 billion rand ($119 million) since July 9, compared with almost 60 billion rand of outflows in the…

Anglophone Revolt Seen Raising Risk of Civil War in Cameroon

Posted on by The Editorial Team

YAOUNDE (Capital Markets in Africa) – Sama Jude knew it was time to flee his home town in western Cameroon when he heard the sound of gunfire ringing above the roof of the University of Buea where he’s taught for four years. As clashes between the nation’s army and separatist rebels intensified, the 41-year-old lecturer packed his bags and fled to the commercial capital, Douala, about 60 kilometers (37 miles) to the east. “You never…

Emerging-Market Stocks Rally on China as Turkish Assets Tumble

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Emerging-market equities climbed to a one-month high as China’s efforts to support its economy spurred a rally in risk assets. MSCI’s gauge of stocks headed toward its best month since January, while seventeen of 24 developing-nation currencies advanced. South Africa’s rand gained after President Cyril Ramaphosa said he secured about $15 billion in Chinese investments, and Chile’s peso rose with copper. The Turkish lira sank to a record low as the central…

ING Is Said to Suspend Trade Finance for Wheat Cargoes to Egypt

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – ING Groep NV, one of the world’s largest banks financing the global commodities trade, has suspended lending for wheat shipments to top importer Egypt, according to people familiar with the matter. The Dutch lender has stopped backing deals for cargoes sold to Egypt’s state buyer General Authority for Supply Commodities, said the people, who asked not to be identified because the information is private. The move comes as Egypt…

Lafarge Africa Plans $249 Million Share Sale to Trim Debt

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Lafarge Africa Plc plans to raise as much as 90 billion naira ($249 million) through a share sale in Nigeria, with the continent’s second-biggest cement producer using the funds to lower its debt levels. The sale will take place by the fourth quarter, Chief Financial Officer Bruno Bayet said by phone Tuesday after the company reported a loss. The move by the Lagos-listed unit of Switzerland-based Lafarge Holcim Ltd. would be on top of…

« 1 … 470 471 472 473 474 … 1,078 »