The Editorial Team |

South Africa Awaits First Ratings Verdict of Ramaphosa Era

JOHANNESBURG (Capital Markets in Africa) – South Africa will probably escape a junk assessment from Moody’s Investors Service this week in the first such verdict on the country’s creditworthiness since Cyril Ramaphosa came to power. The change in leadership last month from the troubled era of Jacob Zuma will allow Africa’s most-industrialized economy to cling on to the only major investment-grade rating it has left, according to all 15 respondents in a Bloomberg survey of economists and analysts. The rand has rallied and business…

This Is What Africa’s Central Banks Are Debating This Month

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Central banks in five major sub-Saharan African economies are scheduled to announce their interest-rate decisions in the next three weeks, including Nigeria if lawmakers get around to approving Monetary Policy Committee nominees. Slower inflation and more stable exchange rates have built a case for looser monetary policy in Kenya, Ghana, South Africa and Nigeria. Economic growth near 1 percent in South Africa and Nigeria, which make up half of…

Mozambique to Face Off With Bondholders as Debt Talks Start

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Mozambique is set to meet foreign creditors to discuss almost $2 billion of debt in London Tuesday in what will mark the start of formal restructuring negotiations, more than a year after the southern African nation defaulted. Investors including Credit Suisse Group AG and UBS Group AG have little idea what will be discussed. Mozambique first missed coupon payments on its $727 million Eurobond due 2023 in January last…

South African Tax Agency Head Suspended, Will Face Hearing

Posted on by The Editorial Team

JOHANNESBUGH (Capital Markets in Africa) – South African tax collection agency boss Tom Moyane was suspended and will face disciplinary proceedings as newly elected President Cyril Ramaphosa’s administration moved to restore trust in the institution. The ouster was Ramaphosa’s latest step to replace Jacob Zuma appointees in the government since taking over the presidency last month after his predecessor was forced to step down by the ruling party. He’s also removed the board of the state power utility, which…

South Africa Bonds Jump as Treasury Surprises With Auction Cut

Posted on by The Editorial Team

JOHANNESBUGH (Capital Markets in Africa) – South African bond yields fell by the most in a month and the rand strengthened after the National Treasury said it will reduce the amount of debt sold at weekly auctions as the government’s borrowing requirement declines. While the government signalled last month it would curb bond issuance, the timing and size of the move caught traders by surprise. It was the latest tailwind for the country’s debt, which…

Profit Estimates Jump to Record for EM Banks as Scandals Ignored

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A $2 billion corruption scandal is rocking India’s banks. Russia has taken over some of its biggest private lenders, while Latvia’s No. 3 bank has been shut down amid U.S. money-laundering accusations. Added to that, Turkish financiers are under attack from Erdoganomics and warning signs are flashing for a Chinese bank crisis. Then, why have earnings estimates for developing-nation banks jumped to a record? Analysts have increased their weighted…

Old Mutual Listings on Track as Insurer Splits Businesses

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc said it’s on track to complete a plan to split into four financial services businesses by the end of this year. The U.K.-based insurance company is separating its wealth management, emerging markets, lender Nedbank Group Ltd. and U.S.-based OM Asset Management Plc units after concluding that the company traded at a discount to the value of its assets. Old Mutual, which was founded in South Africa more…

« 1 … 531 532 533 534 535 … 1,078 »