The Markets | - Part 108

Bharti Airtel Agrees to Cede Some Shareholding in Tanzanian Unit

DAR ES SALAAM (Capital Markets in Africa) – Bharti Airtel Ltd. has agreed to reduce its stake in its Tanzanian unit to 51 percent from 60 percent after months of negotiations with the government, which accused the operator of acquiring the initial shareholding illegally. The Tanzanian government’s stake will increase to 49 percent from 40 percent, Chairman Sunil Bharti Mittal said in comments emailed by President John Magufuli’s office. Airtel has said its acquisition in 2010 of the…

Steinhoff’s Salvage Process Stalls as Former Partner Digs In

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV’s effort to rescue its European business has been delayed after a challenge from a company linked to Andreas Seifert, the beleaguered retailer’s latest opposition from its former Austrian partner. LSW GmbH, “which says it’s a creditor of Steinhoff Europe,” is opposing a company voluntary arrangement proposed on Dec. 14, and the agreement won’t be implemented until the challenge is resolved, Stellenbosch, South Africa-based Steinhoff said…

Ghana Said to Target Swift Sale of $3 Billion in Eurobonds

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ACCRA (Capital Markets in Africa) – Ghana is favoring a sale of as much as $3 billion in Eurobonds this quarter as the country seeks to finance its budget and reduce borrowing costs, according to two people familiar with the matter. While the West African nation’s budget requires net foreign financing of 9.8 billion cedis ($2 billion), it will seek an additional $1 billion if it’s able to issue debt at lower rates than what it’s…

Apple, Powell and the Risks to Global Growth: Economy Week Ahead

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LAGOS (Capital Markets in Africa) – “The principal worry I would have is really global growth,” said Fed Chair Jerome Powell. He’s not the only one. Our view, though, is that the trade truce, Fed patience, and strong U.S. labor markets, mean concerns are overdone. Global growth is set for a slowdown, not a meltdown. There’s no shortage of troubling signals on the world economy. Looking at the economic data, factory gauges for China point to contraction, industrial…

Alexander Forbes Executives Resign Amid Strategic Review

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LAGOS (capital Markets in Africa) – Three Alexander Forbes Group Holdings Ltd. executives have resigned as the South African retirement, investment and insurance-services provider pushes ahead with a strategic review of its market position and business model. Chief Executive Officer at Alexander Forbes Investments Leon Greyling, Group Chief Risk Officer Vishnu Naicker and Chief Human Resources Officer Christian Schaub plan to pursue other business interests, the company said in an emailed response to questions. The departures all took effect around the start of…

Nedbank Sees Short-Term Rally, Longer-Term Pain for Rand in 2019

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JOHANNESBURG (Capital Markets in Africa) – The rand’s wild ride isn’t over, according to Nedbank analysts Reezwana Sumad and Walter de Wet. A slowdown in global growth, an escalation in the trade war, an uncertain Brexit and higher global interest rates are just some of the risks the currency will face this year. Nedbank base case sees rand in range of 14-15 per dollar in 2019 From a technical perspective, the USDZAR could rally toward 13 in the…

Deep in a Panama Rainforest, First Quantum Bondholders Spy Prize

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LAGOS (Capital Markets in Africa) – First Quantum Minerals Ltd. is poised to fire up a giant copper project in Panama, thousands of miles from its beleaguered minesin Zambia. For bondholders, that’s a welcome distance. The Canadian copper company is ramping up production at the Cobre Panama plant this year, even as a mining tax hike forces it to shed jobs and cut production at its Zambian facilities. With Panama slated to become a more prominent place of operations, bondholders should benefit…

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