The Editorial Team |

Congo May More Than Double Tax on Critical Cobalt Supply

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…

Buffett Says Stock Ownership Became More Attractive With Tax Cut

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LAGOS (Capital Markets in Africa) – Warren Buffett said the U.S. tax cut will make companies more valuable by giving owners a bigger share of profits. “People who own the businesses, they now own 20 percent more of the domestic earnings,” Buffett, chief executive of Berkshire Hathaway Inc., said in an interview on CNBC Wednesday. Describing the change as a “big deal,” he gave as an example Berkshire Hathaway’s BNSF Railway. “The government doesn’t own the assets of…

Naspers Is Said to Plan $200 Million Investment in Swiggy

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JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. is in talks to lead an investment of as much as 2.5 billion rand ($200 million) in India’s Swiggy to increase its stake in the online food-delivery company, according to two people familiar with the matter. Africa’s biggest company by market value plans to team up with China’sTencent Holdings Ltd. to put together the new financing round, said the people, who asked not to be named as the information isn’t…

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