The Editorial Team |

Faceless Men Upend South African Stocks on Steinhoff 2.0 Fears

JOHANNESBURG (Capital Markets in Africa) – The name is enough to spread mayhem among South African traders. And all Viceroy Research is willing to disclose is that they’re three people working out of New York to protect investors. Stocks including Africa’s largest generics drug maker and biggest real estate investment trusts were sent reeling this week on speculation that they were in Viceroy’s sights. More than $3 billion was wiped off the value of property stocks alone in just four…

Goldman Says Cryptocurrencies May Succeed as Form of Real Money

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LAGOS (Capital Markets in Africa) – Bitcoin may seem like a solution in search of a problem in the U.S., where transaction costs are already low and the dollar stable. But in developing countries, digital currencies could succeed as a real form of money, Goldman Sachs Group Inc. says. Many currencies in sub-Saharan Africa have lost value due to high inflation and supply mismanagement. As a result, foreign money makes up more than 90 percent…

Congo May More Than Double Tax on Critical Cobalt Supply

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo is preparing to more than double a tax on two-thirds of global cobalt supply, potentially increasing the cost of the critical battery metal just as the world begins to embrace electric vehicles. Congo, the world’s biggest cobalt producer, will increase the royalty miners pay on exports of the metal to 5 percent from 2 percent if it opts to categorize cobalt as a “strategic substance,” Mines Minister Martin…

Dogs of High-Yield Sovereign Debt Keep Winning Streak Alive

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LAGOS (Capital Markets in Africa) – Investing in the world’s highest-yielding debt has proven a winning strategy over the past decade. Last year was no exception. An equally weighted portfolio of bonds from the six highest-yielding emerging markets would have returned 19 percent in 2017 versus a 9.3 percent return for JPMorgan Chase & Co.’s benchmark index, according to Seaport Global Holdings LLC. It marked the eighth time in nine years the “mutts,” as fixed-income…

Tullow Sees 2017 Cash Flow Beating Forecast After Oil Rally

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc raised its expectation for free cash flow in 2017 as the crude-price rally offered a helping hand. The oil and gas producer expects to report $500 million of cash in its full-year results on Feb. 7, up from a previous forecast of $400 million, it said Wednesday. The company cited “rigorous cost discipline and a rising oil price” and said its West African output also beat forecasts….

Trump Denies Calling Haiti, African Nations `Shithole’ Places

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LAGOS (Capital Markets in Africa) – President Donald Trump on Friday denied labeling Haiti, El Salvador and African nations “shithole countries” during an Oval Office meeting with senators on immigration, despite accounts of three people briefed on the conversation. “The language used by me at the DACA meeting was tough, but this was not the language used,,’ Trump said in a Twitter posting on Friday morning, using an acronym for the Deferred Action for Childhood Arrivals, a program protecting…

Egypt Inflation Rate Drops as Currency Float Shock Eases

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CAIRO (Capital Markets in Africa) – Egypt’s monthly urban inflation rate fell for the first time in more than two years as the impact of lifting currency controls eased. The month-on-month inflation rate came in at minus 0.2 percent in December, its lowest rate since November 2015, while the annual inflation rate eased to 21.9 percent from 26 percent the previous month, according to the state-run statistics agency CAPMAS. Annual prices were affected by a slowing of…

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