The Editorial Team |

South African Airways to Scale Back in 3-Year Break-Even Bid

JOHANNESBURG (Capital Markets in Africa) – South African Airways is striving to return to profit in three years by reducing the size of the network and transferring planes to its low-cost carrier as Chief Executive Officer Vuyani Jarana embarks on a recovery plan. A turnaround of the state-owned airline is among the more urgent priorities of newly appointed Finance Minister Nhlanhla Nene, who is seeking to avoid a repeat of the government bailout approved by his predecessor Malusi Gigabalast…

Crypto Traders Should Be Covered by MiFID II, EU Lawmaker Says

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LAGOS (Capital Markets in Africa) – Bitcoin, Ethereum and other virtual currencies should face tougher European Union regulation and be covered under MiFID II rules, according to one of the bloc’s top lawmakers. Such a move would help set common standards across the 28-member bloc and help the EU lead global oversight efforts of the rapidly expanding industry, Markus Ferber, the lead lawmaker on MiFID II in the European Parliament, said by email on Tuesday….

South Africa Delays Renewable Projects Pending Court Hearing

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JOHANNESBURG (Capital Markets in Africa) – South Africa delayed signing agreements for renewable-energy projects worth 56 billion rand ($4.7 billion), after a court postponed a ruling on a labour union application to block the deals. The National Union of Metalworkers of South Africa and Transform RSA applied for an interdict on Monday evening to prevent state-owned utility Eskom Holdings SOC Ltd. from signing 27 power purchase agreements that have been held up since 2016. While…

Steinhoff Boosts Fund-Raising to $1.4 Billion in KAP Sale

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV boosted the amount raised from asset sales to about $1.4 billion as the embattled global retailer strives to shore up its balance sheet. The owner of Conforama in France and Mattress Firm in the U.S. sold almost 3.7 billion-rand ($313 million) of shares in South Africa’s KAP Industrial Holdings Ltd., adding to disposals including stock in investment holdings company PSG Group Ltd. and a private jet….

Egypt Stocks Surpass Pre-Currency Float Levels as Rally Advances

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CAIRO (Capital Markets in Africa) – Egyptian shares extended their rally this year to push the benchmark index beyond its pre-currency float level, boosted by speculation that economic reforms will continue to benefit local companies. The EGX 30 Index rose 1.5 percent in Cairo, extending its gain in the past two sessions to 3.7 percent. In dollar terms, the gauge has now recovered all of its losses since November 2016, when the country allowed the…

Ethiopians Flee to Kenya After Army `Mistakenly’ Kills Nine

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ADDIS ABABA (Capital Markets in Africa) – Thousands of members of Ethiopia’s largest ethnic group fled to neighbouring Kenya after the military said it “mistakenly” killed nine civilians and injured 12 others in a market town that straddles their border. The ethnic Oromo refugees, mostly women and children, began arriving in northern Kenya on March 10, Halkano Halake, spokesman for the governor of Marsabit county, said by phone. Nine corpses were received at Moyale Hospital,…

Nigeria Beer Makers Set for Profit Hit on Tax, Top Broker Says

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LAGOS (Capital Markets in Africa) – Nigerian drinks producers including the local units of Heineken NV and Diageo Plc will see profit margins come under pressure after the government raises taxes on alcohol in June, according to the country’s biggest broker. Beverage makers may also suffer a sales decline of about 3 percent if they raise prices to cover the extra cost, Christian Orajekwe, an analyst for the Lagos-based Cordros Capital, said in emailed response to questions. President Muhammadu Buhari approved…

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