The Editorial Team |

McKinsey’s Sneader Says South Africa’s Eskom Was Overcharged

JOHANNESBURG (Capital Markets in Africa) – McKinsey & Co. has apologized to South Africa again over how business was handled with state-owned Eskom Holdings SOC Ltd., saying it overcharged the utility and was slow to admit wrongdoing. The consulting firm admitted in October to failing to follow its own procedures while doing business with the power company when it worked alongside Trillian Capital Partners Pty Ltd., a business linked to the Gupta family. McKinsey reached a settlement last week…

Libya Oil Chief Warns Output to Drop Every Day as Ports Halted

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TRIPOLI (Capital Markets in Africa) – Libya’s oil output will keep dropping day by day if major ports remain closed after clashes last month led to a political deadlock, the head of the country’s state energy producer said. “Today, production is 527,000 barrels a day, tomorrow it will be lower, and after tomorrow it will be even lower and everyday it will keep falling,” Mustafa Sanalla, chairman of the Tripoli-based National Oil Corp., said in a…

Impala Platinum Miner Weighs Plan to Curb Losses Amid Slump

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JOHANNESBURG (Capital Markets in Africa) – Impala Platinum Holdings Ltd. is facing some tough choices as the South African miner works to stem losses at aging shafts amid slumping prices for the metal. The world’s second-largest producer has already cut 2,500 jobs in the year through June and says there may be more to come. Only three of the 10 shafts at its sprawling Rustenburg mining complex were making money as of March. Things have only…

Moody’s: Sovereign green bond issuance to accelerate as governments seek to promote sustainable policies

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LAGOS (Capital Markets in Africa) – The pace of sovereign green bond issuance is set to accelerate as governments seek to promote sustainable policy agendas, encourage private capital into low-carbon and climate-resilient infrastructure, as well as signal their commitment to the Paris Agreement, says Moody’s Investors Service in a report published today. The report, “Green Bonds — Sovereign – Sovereign green bond market on course for critical mass, but challenges remain,” is now available on…

Risk for EM Assets Simmers as Trade Tiff Turns Into All-Out War

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LAGOS (Capital Markets in Africa) – The threat that a battle over trade between the world’s biggest economies will escalate is hanging over emerging-markets’ battered assets. President Donald Trump hinted the final total of goods that would be slapped with duties could eventually reach $550 billion. That exceeds all of U.S. goods imports from China in 2017. But it’s not just the tit-for-tat duties that’s worrying investors. Some say that import tariffs on Chinese goods…

INTO AFRICA July 2018 Edition – Back on Track: African Mining

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LAGOS (Capital Markets in Africa) – Welcome to the July 2018 edition of INTO AFRICA, a publication with fresh insight into Africa’s emerging capital markets. This month’s edition, titled: Back on Track: African Mining explores emerging mining laws and regulations as well as opportunities across African countries and financing options for mining projects in Africa. Africa is rich in natural resources. It boasts of over 10% of world reserves of oil, about 40% ofgold, 90%…

Kenya’s Big Four Agenda No Silver Bullet for Economy, BMI Says

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NAIROBI (Capital Markets in Africa) – Kenya’s Big Four agenda, a set of development goals geared at fuelling output, will not necessarily drive economic growth to the targeted 7 percent from 2020 to 2022, according to BMI Research. A key hurdle is the government’s weak fiscal position, with debt projected to cross the 60 percent to gross domestic product threshold in 2018, the Fitch Group unit said in a note. East Africa’s biggest economy’s chief development…

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