Finance | - Part 114

The Cobalt Crunch for Electric Cars Could Be Solved in Suburbia

KINSHASA (Capital Markets in Africa) – Almost 9,000 miles from the dusty Congo savanna, miners have hit on an entirely new source of cobalt — the rare mineral at the heart of the electric-car boom. And not only can they take coffee breaks, when they take a break, they can grab a donut at Tim Hortons. Scientists working for American Manganese Inc., located in the suburbs of Vancouver, have developed a way to produce enough…

Naspers’s MultiChoice to Probe Contract With Gupta TV Channel

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. pay-TV unit MultiChoice started an investigation into whether there was any evidence of wrongdoing regarding its contract with ANN7, a 24-hour South African news channel formerly owned by the politically connected Gupta family. Africa’s biggest company by market value was responding to allegations in local media that MultiChoice had a corrupt relationship with ANN7, which Gupta-controlled Oakbay Investments sold along with other South African media interests earlier this…

Naspers Targets Growth in Food to Cut Value Gap With Tencent

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. is planning to invest more in businesses including food delivery to help narrow the valuation gap between Africa’s biggest company and its stake in Chinese internet giant Tencent Holdings Ltd. The 33 percent shareholding in the Shenzhen-based company is worth about $166 billion, while Naspers itself is valued at $124 billion. There’s no reason for a discount at this “unusually high level,” Chief Financial Officer Basil Sgourdos said in…

Israeli Investor Said to Withdraw Zambia Mining Stake Bid

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LUSAKA (Capital Markets in Africa) – Sapir Capital, an Israeli private-equity firm, has withdrawn an offer to buy a stake in Zambia’s state-owned mining holding company for more than $100 million, according to two people familiar with the situation. Sapir canceled the offer after delays in the transaction but is still in informal talks with the government over a potential deal, said one of the people, who asked not to be identified as the information isn’t…

U.K. Retailer’s Struggle Sparks Warning on `Flawed’ Derivatives

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The $11 trillion market for credit derivatives is coming under renewed criticism in Europe because of concerns that one of the region’s riskiest companies is heading for a debt restructuring that could expose shortcomings in default insurance. Hedge fund Sona Asset Management and JPMorgan Chase & Co. have flagged risks from a possible restructuring by U.K. retailer New Look because of flaws in the way credit-default swaps are designed to compensate for losses. The…

It’s Hot Money, Not FDI, That’s Bringing Dollars Into Nigeria

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LAGOS (Capital Markets in Africa) – Investors haven’t pumped this much hot money into Nigeria in three years. Portfolio investment more than tripled in the third quarter from a year earlier to $2.8 billion, according to the country’s National Bureau of Statistics. Foreign direct investment fell 65 percent year-on-year to $118 million, the lowest level since the fourth quarter of 2013. Debt traders have mostly piled into short-term securities, attracted by yields of almost 20…

South32 May List South Africa Coal as $305 Million Boost Planned

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South32 Ltd. will manage its South African energy-coal assets separately from April and spend 4.3 billion rand ($305 million) extending the life of its Klipspruit operation, as it seeks to include more black shareholders into the business before possibly listing it in Johannesburg. “South African Energy Coal requires ongoing investment to sustain production and meet its take-or-pay rail and domestic-supply obligations,” the Perth, Australia-based company said in a statement on Monday….

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