Finance | - Part 122

Online Fashion Retailer Zalando Warns It May Have Had Loss

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…

Airbus Snaps Up Bombardier C Series in New Boeing Challenge

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LAGOS (Capital Markets in Africa) – Airbus SE agreed to acquire a majority stake in Bombardier Inc.’s C Series program and will start assembling the jetliner in the U.S., vaulting a technologically advanced but slow-selling plane onto the front lines of the battle with Boeing Co. over global aircraft sales. Without putting up a dime at closing, Airbus will take just over half of a partnership controlling the C Series. The European plane maker’s marketing muscle and production expertise…

Tunisia to Raise Taxes, Curb Wage Growth in 2018 to Fix Finances

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TUNIS (Capital Markets in Africa) – Tunisia plans to cut its budget deficit by raising taxes and curbing wage increases next year, as it implements an IMF-backed plan designed to fix state finances, spur growth and create jobs. The government is aiming for a budget gap of 4.9 percent of gross domestic product in 2018, the state-run news agency TAP reported, compared with about 6 percent projected by the IMF for this year. Revenue measures…

Money Manager Targets Return From Housing South Africa Students

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JOHANNESBURG (Capital Markets in Africa) – South African stock exchange investors are about to get their first opportunity to bet on income from housing students enrolled at the country’s campuses. Inkunzi Wealth Group, a Johannesburg-based money manager, intends to offer shares in a student accommodation fund on the city’s main exchange before the year is out, Chief Executive Officer Owen Nkomo said in an interview. There’s demand from listed property investors for an alternative to exposure to…

Billionaire Agarwal Increases Stake in Anglo American to 19%

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JOHANNESBURG (Capital Markets in Africa) – Billionaire Anil Agarwal has increased his stake in Anglo American Plc to 19 percent, making him the biggest shareholder in the London blue-chip mining company. Agarwal’s Volcan Holdings Plc bought 102.2 million shares in Anglo, according to a regulatory filing Friday. The Indian billionaire, who said last month that he planned to buy as much as 1.5 billion pounds ($2 billion) of the stock, paid an average of 14.68 pounds, based on that…

Ghana Preparing $1.4 Billion Bond Sale to Clear Energy Debt

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ACCRA (Capital Markets in Africa) – Ghana will hold roadshows in the U.S. and London next week to sell 6 billion cedis ($1.4 billion) in local-currency debt to clear arrears owed to banks by state-owned electricity and petroleum utilities, according to Finance Minister Ken Ofori-Atta. The sale is the first tranche of a plan to sell as much as 10 billion cedis in bonds through a special-purpose vehicle and backed by a tax on the sale of…

CRH Is Said Among Firms Mulling Bid for South Africa’s PPC

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LAGOS (Capital Markets in Africa) – CRH Plc is among companies considering a counter bid for PPC Limited that could trump an offer by Canada’s Fairfax Financial Holdings Ltd., according to people familiar with the matter, adding a potential new twist to the battle for South Africa’s largest cement maker. The Irish building-materials supplier has held early deliberations about pursuing an acquisition of the Johannesburg-based company, said the people, who asked not to be identified as the plans aren’t public….

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