The Editorial Team |

South African Miners Say Free Carry Will Kill New Projects

JOHANNESBURG (Capital Markets in Africa) – The biggest threat posed by South Africa’s new Mining Charter may be to mines that haven’t been dug yet. The draft rules, published Friday by Mineral Resources Minister Gwede Mantashe, lay out several requirements for new mining rights, including that nearby communities and employees each get a 5 percent free-carried interest in either the asset or the company that owns it. The charter is aimed at distributing the industry’s wealth…

Capitec Bids for Business Bank to Veer From Consumer Lending

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JOHANNESBURG (Capital Markets in Africa) – Capitec Bank Holdings Ltd. is switching gears from the focus on consumer lending that made it South Africa’s fastest-growing financial institution by bidding for the domestic business-banking unit of Caixa Geral de Depositos SA. The lender is among four acquirers short-listed for CGD’s Mercantile Bank. Nedbank Group Ltd., a group of investors consisting of Bayport Financial Services Pty Ltd. and Public Investment Corp., as well as a rival consortium comprising…

No Rest for Emerging Markets as Trade Jolts Herald a Wild Week

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LAGOS (Capital Markets in Africa) – Emerging markets got little relief as the escalating trade war between the U.S. and China hurt most major currencies and sent stocks to their lowest level since December. With OPEC clashing over output, looming Turkish elections and the potential for further fallout from Argentina’s foreign-exchange crisis, there was no respite in sight. Developing-nation currencies have retreated for three consecutive weeks and are now on pace for their biggest quarterly decline since…

How to Spend a $210 Billion Oil Price Windfall: Jihad Azour

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CAIRO (Capital Markets in Africa) – The significant rise in oil prices over the past year has big implications for the Middle East and North Africa (MENA), where hydrocarbons still play a pivotal role in the economy. Despite this change, it’s imperative that countries in the region stay resolved to cut their dependence on oil and make their economies more diverse and resilient. Just a year ago, crude was trading below $50 a barrel, amid stories…

Kenyan Treasury Bats for Banks as Rate-Cap Battle Looms

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NAIROBI (Capital Markets in Africa) – Kenyan lenders have strong allies in a bid to overturn interest-rate caps that have eaten into earnings. But support from the central bank and Treasury might not be enough to restore the stellar profits they once enjoyed. Treasury Secretary Henry Rotich surprised lawmakers last week by saying he plans to repeal legislation limiting borrowing costs, backing calls by central bank Governor Patrick Njoroge who has complained the rule complicates monetary policy by making credit demand hard…

Ivory Coast Coalition Partner Rejects Merger Before Elections

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ABIDJAN (Capital Markets in Africa) – The main partner in President Alassane Ouattara’s ruling coalition won’t go ahead with a proposal to unify their parties before presidential elections in two years and plans to field its own candidate. The announcement is a setback for Ouattara and plans to merge the six parties that make up the ruling coalition, which would have consolidated its grip on power in the world’s biggest cocoa producer and forced the two…

Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost

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LAGOS (Capital Markets in Africa) – Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week. “Three OPEC founders are going to stop it,” Iran’s representative to the bloc Hossein Kazempour Ardebili said in comments to Bloomberg on Sunday. “If the Kingdom of Saudi Arabia and Russia want to increase production, this requires unanimity….

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