Finance

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV soared more than 50 percent after winning support from a majority of its key creditors for a standstill agreement through the end of June, giving the scandal-hit retailer breathing space to avoid insolvency proceedings. The so-called support letter for Steinhoff’s restructuring plan is the first step taken by creditors toward a debt agreement with the South African company, which in December reported accounting wrongdoing that wiped more than…

JOHANNESBURG (Capital Markets in Africa) – A burgeoning risk of a supply crunch in cobalt — a key battery metal that’s more than tripled in price in two years — poses one of the biggest threats to forecasts for rising electric vehicle adoption. Major investment in mines is required to avoid price spikes that could see cost reductions for lithium-ion batteries stall, Bloomberg New Energy Finance analysts said Monday in a report. Shortages of cobalt are likely earlier than…

TRIPOLI (Capital Markets in Africa) – Libya’s crude production tumbled by at least 120,000 barrels a day after some oil-field equipment stopped operating due to hot weather, according to a person with direct knowledge of the matter. Output at the Libyan Arabian Gulf Oil Co., known as Agoco, dropped to about 145,000 barrels a day on Tuesday from about 260,000, the person said, asking not to be identified for lack of authority to speak to…

LAGOS (Capital Markets in Africa) – South Africa is proposing automakers including Toyota Motor Corp., Ford Motor Co. and BMW AG more than double production in return for tax breaks so generous that the companies can ship the cars all the way to Europe. The auto industry accounts for about 7 percent of South Africa’s gross domestic product and has been one of the few highlights of a period of sluggish economic growth, according to the National…