The Markets | - Part 113

Mozambique Loan Bribe Claims May Void Debts, Law Professor Says

MAPUTO (Capital Markets in Africa) – The arrest of Mozambique’s ex-finance minister and three former Credit Suisse AG managers over alleged bribes could render void about $2 billion of project loans to the country, according to Mitu Gulati, a law professor at Duke University in the U.S. The projects, a tuna fishing and coastal protection system, were created to enrich those involved, and at least $200 million of the proceeds went to bribes and kickbacks, according to an…

Gabon Coup Attempt Poses Little Risk to Oil Market

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LAGOS (Capital Markets in Africa) – Any potential disruption to Gabon’s oil output, following a military coup attempt, would only have an impact on a small share of OPEC’s total output because the country produces so little. Military officers seized Gabon’s state broadcaster Monday in what appeared to be a coup against ailing President Ali Bongo. The soldiers who attempted the coup have been arrested and there has been no reported disruption to the country’s oil output, which accounts for…

No Looking Back for S. African Rand as Bears Lose Conviction

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JOHANNESBURG (Capital Markets in Africa) – Rand bears are on the retreat as South Africa’s currency heads into 2019. The currency got off to a blistering start to the year, adding 3 percent amid receding worries over the U.S.-China trade war and the Federal Reserve’s second thoughts about policy tightening. And in a sign investor are leaving last year’s 14 percent slump behind them, some bearish indicators back at levels last seen before Turkey’s meltdown in August….

Bitcoin Pushes Past $4,000 as Technical Gauge Turns Positive

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LAGOS (Capital Markets in Africa) – Bitcoin climbed above $4,000 for the first time this year, helping to push the volatile cryptocurrency into positive territory after a brutal 2017 that saw investor post losses of more than 70 percent. The biggest digital currency gained as much 6.4 percent to $4,077 in New York. Other tokens were One technical measure that traders follow indicates more gains may be in store. The Directional Movement Index crossed into positive territory for…

Total Poised to Start Exports From Big New Oil Field in Nigeria

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LAGOS (Capital Markets in Africa) – Total SA is poised to start exports of crude from a major new offshore field in Nigeria, adding to global supplies at a time when oil prices are plunging. Shipments of Egina crude from a floating offshore production vessel have been scheduled for February, according to a copy of a loading program for the new grade seen by Bloomberg. Initial exports should be just over 100,000 barrels a day but could double in the…

Africa’s Biggest Money Manager Shakes Out Its Purse for Denel

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JOHANNESBURG (Capital Markets in Africa) – For South Africa’s cash-strapped weapons company Denel SOC Ltd., there’s one fish that keeps on biting whenever it casts its net into debt markets, and that’s the Public Investment Corp. Earlier this month, the state-owned arms maker issued 290 million rand ($20 million) of government-guaranteed, senior unsecured notes maturing a year from now. The PIC, which manages most of the South African government’s pension-fund money, bought all of that new…

As Global Equities Take a Hit, Gold Miners Are Doing Fine

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LAGOS (Capital Markets in Africa) – Global equity markets are getting beaten up, but gold miners have been spared as haven demand swells and bullion’s outlook brightens. Newcrest Mining Ltd., Australia’s top producer, rallied as much as 2.3 percent on Tuesday, while South Africa’s Harmony Gold Mining Co. Ltd. was the biggest mover, rising 3.8 percent. Canada’s Barrick Gold Corp. — which is taking over rival Randgold Resources Ltd. — has surged 28 percent this quarter. The gold miners…

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