The Editorial Team |

Rand Bears Keep Rushing for the Exits Even as Rate Cut Looms

JOHANNESBURG (Capital Markets in Africa) – Economists are predicting a South African rate cut on Wednesday. The market’s pricing in another later this year. Rand traders, it seems, couldn’t care less. Bearish bets on South Africa’s currency versus the dollar fell to the lowest level this week since before the 2008 financial crisis, even with the South African Reserve Bank poised to loosen policy while the Federal Reserve tightens, narrowing the rand’s yield advantage over the greenback. A glance…

HSBC Said to Freeze Account Tied to $500 Million Angolan Fraud

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LUANDA (Capital Markets in Africa) – HSBC Holdings Plc froze an account linked to an alleged fraud that siphoned about $500 million from Angolan state coffers, according to a person briefed on the matter. A large transfer raised suspicions at the bank, prompting it to alert U.K. authorities at least weeks ago, the person said, asking not to be identified discussing confidential information. Britain’s National Crime Agency told Reuters last week it’s preparing to return funds…

Ghanaians Protest in Accra Against Military Agreement With U.S.

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ACCRA (Hundreds of Ghana opposition members took to the streets of the capital, Accra, to demonstrate against a government decision to allow a U.S. military base in the West African nation. Former Vice President Kwesi Amissah-Arthur and general secretary of the main opposition National Democratic Congress Asiedu Nketia joined protesters calling themselves Ghana First Patriotic Front. Members of the Convention Peoples Party and Peoples National Convention were among demonstrators clad in black and red clothes…

One Corner of South Africa’s Market Hasn’t Caught Ramaphosa Bug

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JOHANNESBURG (Capital Markets in Africa) – It seems it will take more than “Ramaphoria,” as they call it in South Africa, to spur the country’s corporate debt issuers into action. South African assets have rallied since Cyril Ramaphosa was elected leader of the ruling African National Congress in December, setting him on a path to replace Jacob Zuma as the country’s president last month. With economic growth accelerating, inflation slowing and the new administration acting against corrupt officials, business…

MTN Is Said to Raise Target for Ghana IPO to $787 Million

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ACCRA (Capital Markets in Africa) – MTN Group Ltd.’s Ghanaian unit lifted its target for an upcoming initial public offering by more than a half to 3.48 billion cedis ($787 million), according to two people familiar with the matter. Africa’s biggest mobile-phone company by subscribers is preparing to list a 35 percent stake in its Ghanaian business on the local stock exchange, valuing the unit at about $2.2 billion. While the bourse estimated the value…

Steinhoff Says Directors Due Extra Pay for Working Harder

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV, the retailer that’s wiped out more than $12 billion of value since an accounting scandal exploded in December, plans to reward directors for having to do more work than usual. Steve Booysen, head of Steinhoff’s audit and risk committee and part of the supervisory board’s independent committee, is due a once-off payment of 200,000 euros ($247,000) “to cover the additional work undertaken during the period…

Naspers to Sell $10.6 Billion of Tencent to Fund Investments

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JOHANNESBURG (Capital Markets in Africa) – South African media company Naspers Ltd. is cashing in a tiny sliver of one of the greatest venture-capital investments ever. The company is selling $10.6 billion of shares in Tencent Holdings Ltd., equal to 2 percent of the stock in the Chinese operator of the WeChat messaging service, the Cape Town-based company said in a statement Thursday. The sale comes hours after Tencent, Asia’s most valuable company, warnedit will sacrifice short-term margins, spending…

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