The Editorial Team |

Bosch May Not Derail VW Dealers’ $4 Billion Defeat Device Suit

BERLIN (Capital Markets in Africa) – A federal judge was sceptical of Robert Bosch GmbH’s arguments that it shouldn’t have to face racketeering and corruption claims by more than 600 Volkswagen AG dealerships over its role in the emissions-cheating scandal. U.S. District Judge Charles Breyer in San Francisco rejected Bosch’s argument that dealers only suffered “contingent and speculative” injuries. The racketeering claims could result in triple damages — as much as $4 billion — if the dealers can prove Bosch…

Online Fashion Retailer Zalando Warns It May Have Had Loss

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BERLIN (Capital Markets in Africa) – Zalando SE, Europe’s largest online retailer, warned it may have become unprofitable in the third quarter after spending more to gain market share as Amazon.com Inc. encroaches into its territory. Zalando may have had a loss before interest and taxes of as much as 5 million euros ($6 million) on an adjusted basis, according to a preliminary calculation, the Berlin-based company said Wednesday. The company gave a range for results where the top end…

Merkel Faces `Divided’ Germany as Talks on Coalition Begin

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BERLIN (Capital Markets in Africa) – Angela Merkel is facing pressure to put her stamp on Germany’s next government as the chancellor begins talks on uniting four disparate parties into a coalition to govern Europe’s biggest economy. Almost a month after her Christian Democratic-led bloc emerged weakened from a national election, Merkel meets separately with the pro-market Free Democratic Party and the Greens on Wednesday to sound out the potential for a pact on cabinet posts and policy….

U.S. Treasury Keeps Currency Spotlight on Swiss, Germans

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BERLIN (Capital Markets in Africa) – The U.S. Treasury once again singled out Switzerland and Germany for the value of their currencies and exports, suggesting the former could cut interest rates further to alleviate deflationary pressures. While the department said no major trading partner was manipulating its currency to gain an advantage, it kept the two on the list of countries it considers to have a big trade surplus with the U.S., a high current-account surplus or to…

South Africa’s Mminele Downplays Chance of Imminent Rate Cuts

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JOHANNESBURG (Capital Markets in Africa) – Uncertainty limits the opportunity for rate cuts in South Africa even as inflation remains within the central bank’s target band, according to Deputy Governor Daniel Mminele. The bank unexpectedly kept its key rate unchanged at 6.75 percent at its last policy meeting in September, concerned about higher inflation expectations. Price growth quickened to 4.8 percent in August, its fifth month within the central bank’s target range of 3 percent to 6 percent. “Amid…

Richemont Signals Worst Is Over for High-End Watch Market

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LAGOS (Capital Markets in Africa) – The worst is over in the high-end Swiss watch market, if a 45 percent gain in profit at luxury-goods maker Richemont is any indication. The surge in first-half earnings came as retail inventories return to normal following Richmond’s repurchase of excess stock last year, the Geneva-based owner of Cartier and Montblanc said Tuesday in an unscheduled announcement. The shares approached a two-year high in Zurich, and their 33 percent year-to-date gain has…

Iron Ore Seen Back in $40s as China Challenges Loom in 2018

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LAGOS (Capital Markets in Africa) Iron ore may get a reprieve for the remainder of this year before tougher times return in 2018, according to Schroders Plc, which says the raw material may sink back below $50 a metric ton as the effect of credit-led stimulus in China wears off and demand concerns resurface in the top user. “The underlying supply and demand is pretty negative, so over a decent time period we wouldn’t be surprised to…

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