The Editorial Team |

U.S. Probe Darkens Glencore Horizons From Africa to Americas

JOHANNESBURG (Capital Markets in Africa) – The possibility that the Justice Department would add to the dizzying array of regulatory and legal headaches the Swiss company is facing around the globe — from Russia to Africa and South America — has been a major worry for both executives and shareholders for months, people familiar with the matter said. Those concerns crystallized Tuesday with the announcement that U.S. investigators have subpoenaed documents related to Glencore’s activities in the Democratic Republic…

Japan’s Retail Army Is Piling Into Rand While Shunning Lira

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JOHANNESBURG (Capital Markets in Africa) – The lira’s loss is the rand’s gain. Japan’s retail investors are boosting holdings of South Africa’s currency at the fastest pace since 2009 while cutting foreign-exchange exposure in Turkey. Individual investors from the Asian nation have raised their net rand long position against the yen for five straight months through June, according to data from Tokyo Financial Exchange Inc. They have been reducing their net lira positioning for four months. “Japanese…

Swala Oil Extends Date for Close of Investment in Orca Group

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DAR ES SALAAM (Capital Markets in Africa) – Swala Oil & Gas Tanzania Plc extended by two weeks the second and third closing off as much as $130 million investment in Orca Exploration Group Inc.’s Mauritian unit to July 13 from June 29, the company said. Extension to the second and third closing dates “have been necessary because of the preferred change of listing venue” for $50 million of bonds, the Dar es Salaam-based company said in…

Uganda Defends Introduction of Social-Media Tax After Outcry

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KAMPALA (Capital Markets in Africa) – Ugandan authorities defended the introduction of a tax on users of social media such as Facebook and Twitter, saying the revenue is necessary to fund public services. The daily levy equivalent to about 5 U.S. cents is “a small contribution of citizens towards the development of their country,” Minister of State for Finance David Bahati was quoted by the state-run Uganda Media Centre as saying on Tuesday. East Africa’s…

Burning Villages, Ethnic Tensions Menace Mozambique Gas Boom

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MAPUTO (Capital Markets in Africa) – Women’s cries just after 1 a.m. confirmed Barnabe Samuel Mussa’s worst fears — an attack was underway. He and other men from his village of Mitumbate in Mozambique were camped in a dense forest armed with bows, arrows, and machetes, awaiting the arrival of a little-known group of Islamist fighters that’s terrorized residents in the gas-rich area 1,800 kilometers (1,118 miles) northeast of the capital, Maputo. An explosive cocktail…

Squabbling Within Zimbabwe’s Opposition May Weaken Election Bid

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HARARE (Capital Markets in Africa) – Bickering within Zimbabwe’s opposition alliance is weakening its chances of ousting the ruling party in this month’s elections, the southern African nation’s first since Robert Mugabe ended his 37-year rule in November. The High Court is hearing a case brought by Thokozani Khupe, former vice president of the main opposition group, the Movement for Democratic Change, that she and not its president Nelson Chamisa should campaign under its name. In four parliamentary races, members…

IMF Urges Egypt to Watch Inflation After New Subsidy Cuts

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CAIRO (Capital Markets in Africa) – The International Monetary Fund urged Egypt to maintain a tight monetary policy as a new round of subsidy cuts rekindled inflation worries. The Washington-based lender praised Egypt’s implementation of economic reforms as “instrumental in achieving macroeconomic stabilization, with external and fiscal deficits narrowing, inflation and unemployment declining, and growth accelerating.” At the same time, the central bank “should retain its restrictive stance to counter second-round effects of fuel and electricity price increases,”…

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