The Editorial Team |

Italy Wants EU to Set Up Migrant Centres South of Libyan Border

LAGOS (Capital Markets in Africa) – Italy will urge European Union leaders to push for setting up centres to process would-be migrants south of Libya’s border, Interior Minister Matteo Salvini said during a visit to the north African country. “Italy and Libya cannot be the only countries bearing the costs of migration,” Salvini told reporters, adding that Italy would propose the creation of “identification centers” at the EU summit in Brussels due on Thursday and Friday….

Mauritian Exchange Sees $6.5 Billion Gold Trading in Five Years

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MAURITANIA (Capital Markets in Africa) – A Mauritian commodity exchange that plans to start operating in the fourth quarter expects to trade $6.5 billion of gold annually within five years, part of the Indian Ocean island nation’s plan to become a financial gateway to Africa, its chairman said. The introduction of the Mauritius International Derivatives and Commodities Exchange brings to fruition Prime Minister Pravind Jugnauth’s pledge last year to introduce gold trading to the country. Mauritius’s…

Moody’s Sees East African Economies Expanding Fastest Globally

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NAIROBI (Capital Markets in Africa) – East African economies will be among the fastest growing globally over the next two years with rates of 5.5 percent to 7 percent, driven by public spending on infrastructure, according to Moody’s Investors Service. Rwanda and Tanzania are expected to grow at 6.5 percent to 7.5 percent annually, while Uganda and Kenya could see rates of 5 percent – 6 percent. The services sector, which makes up the largest share of…

OPEC’s Newest Member May Boost Output as Much as 65% This Year

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LAGOS (Capital Markets in Africa) – The Republic of Congo expects to raise oil production by as much 65 percent this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said. Congo joined OPEC last week and plans to open up its oil industry, which the government says is dominated by Total SA and Eni SpA, to new investors. Sub-Saharan Africa’s third-biggest oil producer pumped 291,000 barrels per day last year, according to the BP…

Quilter Gains on Debut After Being Spun Out of Old Mutual

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JOHANNESBURG (Capital Markets in Africa) – Quilter Plc’s rose in its first day of trading in London and Johannesburg as the U.K. wealth manager set its own path after being spun out of Old Mutual Plc. The breakup of 173-year-old Old Mutual will be largely complete this week as the London-based insurer hives off its businesses after determining that they would be worth more on their own. The initial public offering of Quilter on Monday will be followed…

Barrick’s Acacia Faces Further Setback as Tanzania Deal Delayed

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JOHANNESBURG (Capital Markets in Africa) – Gold producer Acacia Mining Plc slumped in London trading after majority shareholder Barrick Gold Corp. withdrew a timetable for resolving a dispute with Tanzania’s government. Barrick had previously said it would provide Acacia with a detailed proposal by the end of June, after taking control of negotiations aimed at settling a number of issues, including lifting Tanzania’s ban on the export of mineral concentrates. Nine months since announcing a preliminary deal, the Toronto-based…

Steinhoff Africa, Brait Charge Investors for Manager Loans

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JOHANNESBURG (Capital Markets in Africa) – In 2011, two companies linked to South African billionaire Christo Wieseoffered top managers an option to buy shares in the businesses they were running. Plenty of companies do that, but not necessarily with this additional sweetener: The executives in question received bank loans to buy the stock — loans that were guaranteed by the company in the event they couldn’t be repaid. Clothing retailer Pepkor Holdings Pty Ltd., now part…

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