The Editorial Team |

IMF Denies Asking Zambia for Independent Audit of Its Debt

LUSAKA (Capital Markets in Africa) – The International Monetary Fund denied asking the Zambian government to undertake an independent audit of its foreign debt. The Washington-based lender also didn’t release any estimate of Zambia’s debt to donors, resident representative Alfredo Baldini said Monday in an emailed response to questions. Nomura International Plc economist Peter Attard Montalto said in a March 27 note the IMF had requested that Zambia’s government undertakes an independent audit of its foreign debt….

Mauritius’s SBM Holdings Treads Cautiously in India After Losses

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PORT LIOUS (Capital Markets in Africa) – SBM Holdings Ltd., owner of Mauritius’s second-biggest lender, plans cautious expansion in India after a streak of loss-making years, said Andrew Bainbridge, the group’s new chief executive officer. SBM, which has been in India for about 22 years, was granted a wholly owned-subsidiary license last year. Banking activities will be conducted under the new legal entity from the second half, subject to approvals, Bainbridge said, insulating it from…

Zimbabwe’s Top Platinum Miner Warns Listing Rule to Backfire

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HARARE (Capital Markets in Africa) – Zimbabwe’s proposals to compel miners to list the majority of their shares on the local exchange will strangle companies’ ability to invest and grow, according to the country’s biggest producer of platinum. Impala Platinum Holdings Ltd. sees little interest in a listing among local investors, said Johan Theron, a spokesman for the Johannesburg-based company whose Zimplats unit is Zimbabwe’s biggest platinum producer. Investors in the country can already trade Zimplats…

Zuma’s Graft Case Adjourned Until June by S. African Court

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JOHANNESBURG (Capital Markets in Africa) – Former South African President Jacob Zuma’s corruption case was adjourned until June 8, signalling that a criminal trial may be delayed until at least the end of the year. Zuma, 75, is facing 16 charges brought by the National Prosecuting Authority that range from corruption to racketeering related to bribes he allegedly took in the 1990s from weapons dealers including French arms maker Thales SA, which is also a defendant….

Nissan Eyes Bigger East African Market With Kenya Auto Plant

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NAIROBI (Capital Markets in Africa) – Nissan Motor Co. Ltd. plans to start assembling vehicles in Kenya, bolstering government plans to develop a regional auto-manufacturing hub in East Africa’s biggest economy. The Japanese automaker is the latest to target Kenya after Volkswagen AG, PSA Peugeot and CNH Industrial NV announced plans for assembly lines in the past 18 months. The facilities could cut new-vehicle costs to customers in some of the continent’s fastest-growing economies, where vehicle ownership…

Uganda Taps Oil Fund for Budget Before Output Even Begins

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KAMPALA (Capital Markets in Africa) – Uganda dipped into its Petroleum Fund for the first time by drawing 125.3 billion shillings ($33.9 million) to bridge its 2017-18 budget deficit, Finance Minister Matia Kasaija said. East Africa’s third-biggest economy will spend the money in the 12 months through June, Kasaija said in a report on the ministry website, leaving the fund at 422.9 billion shillings. Uganda, which is yet to start oil production, raised the money…

Steinhoff Bows to Pressure Over Bonus Payments After Outrage

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV shelved a plan to pay director bonuses after lawmakers questioned whether it was appropriate to release extra funds given the retailer has lost more than 90 percent of its market value amid an accounting scandal. The owner of Conforama in France and Mattress Firm in the U.S. was planning to ask shareholders to approve payouts to board members including Chairman Heather Sonn as a reward for their work…

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