The Editorial Team |

Top Iron Ore Shipper Cuts Outlook as Price Seen Back in $50s

LAGOS (Capital Markets in Africa) – The world’s largest iron ore shipper has cut its outlook for prices this year, predicting the commodity will sink back into the $50s a metric ton as supplies rise while top buyer China starts to reduce purchases. The raw material will average $59.40 a ton this year, down from an earlier forecast of $61.80, and then drop to $51.10 in 2019 and $51 in 2020, Australia’s Department of Industry, Innovation & Science said…

Ghana Sets January Deadline for Banks to Comply With Basel II

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ACCRA (Capital Markets in Africa) – The Bank of Ghana is changing the way lenders calculate their capital-adequacy levels as the regulator seeks to strengthen the industry. Banks would on Sunday begin adopting Basel II framework, which will require they include their risk-weighted assets when determining capital adequacy ratios, the Accra-based regulator said in a statement on its website on Monday. The companies have until Jan. 1 to comply with the directive, it said. Ghana is looking for ways to bolster…

Congo Court Suspends Hearing on Glencore-Owned Cobalt Mine

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KINSHASA (Capital Markets in Africa) – A court in the Democratic Republic of Congo suspended a hearing about a lawsuit brought by a former shareholder of a Glencore Plc-owned cobalt and copper mine. The case was put on hold pending a decision by the country’s Court of Appeal on whether the High Court should have jurisdiction over the case, Judge Roger Songambele said at the court Monday in the capital, Kinshasa. Congolese-American businessman Charles Brown, a…

Zimbabwe Has An Election Coming Up. Is Political Violence Brewing?

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HARARE (Capital Markets in Africa) – Zimbabweans head to the polls on July 30, in the first presidential election since the ouster of President Robert Mugabe last year. Until a week ago, Zimbabwe’s presidential campaigning had been relatively peaceful, with the exception of some violence reported during the party primary elections. That changed abruptly on June 23, when Emmerson Mnangagwa, Zimbabwe’s new president, survived a grenade blast at a political rally in Bulawayo, the country’s second-largest…

ANC to Balance White Fear, Black Anger in South Africa Land Push

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party has decided to push for the right to seize land without compensation for redistribution to black citizens because it feels that the time has come for the 24-year old democracy to tackle an issue that divides the nation once infamous for a legislated system of racial segregation, a leading politician said. An earlier attempt to take land without paying for it could have jeopardized investor confidence…

Gorilla Refuge, Rainforest May Be Opened in Congo Oil Search

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo is considering whether to open up swathes of two world-famous national parks to oil exploration. A decision to allow a search for crude may threaten Virunga National Park, home to many of the about 1,000 mountain gorillas still alive, and Salonga National Park, the world’s second-biggest tropical rainforest reserve. A committee is being established to debate the proposal as Congo plans to increase crude…

As Boycott Curdles Sales, Danone Goes to Moroccans for Solution

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CASABLANCA (Capital Markets in Africa) – French food giant Danone is asking Moroccan cattle farmers and consumers to decide for themselves how much to charge for the fresh milk its Moroccan unit produces, in an effort to defuse a boycott that’s sent dairy prices and sales plunging. Chief Executive Officer Emmanuel Faber made the announcement during a quick visit to Morocco, where he said he talked with cattle farmers, bloggers and homemakers, and “listened to the legitimate…

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