The Editorial Team |

Glencore Bets Big on South Africa as Ramaphosa Promises Revival

JOHANNESBURG (Capital Markets in Africa) – Glencore Plc has set its ambitions on expanding in South Africa, the homeland of its chief Ivan Glasenberg. As the company’s former business partner and new President Cyril Ramaphosa promises an economic recovery, Glencore is reaping profits from coal and chrome assets as prices rise. The company announced in October a $1 billion deal to buy Chevron Corp.’s oil refining and fuel service stations in South Africa and considered a bid for the Optimum coal…

Old Mutual Returns to Africa as Breakup Ends London Listing

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s prodigal insurer returned home to a lukewarm welcome on Tuesday. Old Mutual Ltd. started trading its stock in Johannesburg at 28.50 rand before swinging between 28.20 rand and 29.39 rand. The listing — done in conjunction with others in Namibia, Malawi and Zimbabwe — brings an end to a global acquisition spree that took its former parent Old Mutual Plc from its Cape Town roots to London, New…

Quantum Must Explain Angolan Wealth Fund Payments to U.K. Judge

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LAGOS (Capital Markets in Africa) – A U.K. judge told a Swiss asset management firm that it has until next week to explain hundreds of payments as U.K., Swiss and Angolan authorities probe what happened to billions of dollars of assets intended for an Angolan economic development fund. Quantum Global, which had a mandate to manage assets for the Fundo Soberano de Angola and the National Bank of Angola, must turn over details of every…

Moody’s Says South Africa Land-Plan Uncertainty to Limit Investment

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s move to change the constitution to allow expropriation without compensation could deter investment, according to Moody’s Investors Service. Uncertainty over how this will be achieved “continues to limit near-term investment, and could ultimately lead to a more pronounced fall in investment should the final terms of land reform be particularly onerous to businesses,” Moody’s Vice President Lucie Villa said in an emailed report on Tuesday. Lawmakers have started the…

Idled Ghana Oil Refinery Is Said to Seek Finance Guarantees

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ACCRA (Capital Markets in Africa) – Ghana’s state-owned oil refinery is seeking credit guarantees from the government after lenders declined to issue it loans for crude purchases, according to two people familiar with the matter. The Tema Oil Refinery, 29 kilometers (18 miles) east of the capital, Accra, halted production on June 21 after running out of crude stock, said the people, who asked not to be identified because they’re not authorized to speak publicly about…

Bears Out of Hibernation as Trade Woes Hit Currencies: Inside EM

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LAGOS (Capital Markets in Africa) – Stocks in emerging markets sank to a 10-month low and most currencies retreated as heightened anxiety over a global trade war spurred demand for haven assets. A measure of equity volatility in developing nations surged 13 percent, while technology and consumer stocks led losses in the MSCI Emerging Markets Index. Seventeen out of 24 currencies tracked by Bloomberg fell, led by South Africa’s rand. The gains in Turkey’s lira that followed Recep Tayyip Erdogan’s…

Nigerian Low-Cost Mortgage Lender Set for $1.4 Billion Boost

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LAGOS (Capital Markets in Africa) – Nigeria’s government plans to inject 500 billion naira ($1.4 billion) into its low-cost mortgage lender over the next five years in an effort to spur home ownership that has failed to take off in Africa’s most-populous nation. Faced with a housing deficit of 17 million units, Nigeria is seeking to improve access to home loans in an economy that vies with South Africa as the continent’s biggest. A lack of…

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