The Editorial Team |

Kenyan Central Bank Moves to Ease Investors’ Vote Concerns

NAIROBI (Capital Markets in Africa) – Kenya’s central bank is communicating a sense of normalcy and continuity to investors amid uncertainty about the country’s protracted elections, Governor Patrick Njoroge said. Institutions including the nation’s courts show Kenya is a “mature” democracy, Njoroge said in an interview with Bloomberg TV in London on Tuesday. While liquidity in the country’s money markets is tight at the moment, it has “nothing to do with the political circumstances,” he said. Central…

Kenyan Electoral Authority in Disarray a Week Before Vote Rerun

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KENYA (Capital Markets in Africa) – Preparations for Kenya’s presidential election rerun next week are in disarray after a top official of the commission organizing the vote resigned and fled the East African nation and its chairman said his efforts to ensure a credible ballot are being thwarted. Roselyn Akombe quit the Independent Electoral & Boundaries Commission, citing issues including the intimidation of staff by “political actors” and protesters, and she accused unidentified senior personnel…

South African Bond Traders Have Bigger Fish to Fry Than Inflation

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JOHANNESBURG (Capital Markets in Africa) – South African bonds were little moved by faster-than-forecast inflation data on Wednesday, suggesting traders are holding steady before Finance Minister Malusi Gigaba’s fiscal update next week. The yield on the rand-denominated 10-year government bond was up less than two basis points at 8.76 percent after a report showed annual consumer-price growth accelerated for a second month in September. The move was pale in comparison with Tuesday’s 10 basis-point jump following a surprise…

Rio, Ex-CEO Face Fraud Charges on $3.7 Billion Coal Calamity

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LAGOS (Capital Markets in Africa) – Rio Tinto Group’s calamitous $3.7 billion coal deal in Mozambique, involving a plan to barge the fuel hundreds of kilometres down the Zambezi River, keeps coming back to haunt the world’s second-biggest miner — already grappling with another African misadventure. U.S. authorities filed fraud charges against London-based Rio, former Chief Executive Officer Tom Albanese and ex-Chief Financial Officer Guy Elliott, claiming they inflated the value of the coal assets acquired in 2011. The unit…

Nigeria’s SEC to Investigate Oando for Possible Insider Dealing

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LAGOS (Capital Markets in Africa) – The Nigerian Securities and Exchange Commission ordered an insider-trading investigation into Oando Plc and suspended dealing in the energy company’s shares. A comprehensive review of Lagos-based Oando also found discrepancies in its shareholding structure and related-party transactions that were not done “at arm’s length,” the regulator said in an emailed statement on Wednesday. Alero Balogun, a spokeswoman for Oando, said she couldn’t immediately comment on the allegations when contacted by…

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

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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…

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