The Markets | - Part 129

Stress Tests for Miners Show BHP, Rio Can Endure China Shock

LAGOS (Capital Markets in Africa) – It’s the question commodity investors dread: what happens if China slows and prices crash? S&P Global Ratings crunched the numbers for just that scenario and found the world’s five top miners including Glencore Plcand BHP Billiton Ltd. would be able to get by without a ratings cut. As prices will “run out of steam” sooner or later, S&P modelled a one-year collapse caused by a sudden shock to Chinese demand “as that’s…

Nigerian Regulator Says MTN Hasn’t Yet Filed IPO Application

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – MTN Group Ltd.’s Nigerian wireless unit hasn’t yet submitted an application for an initial share sale, the Securities and Exchange Commission said Sunday in a statement. MTN also has yet to announce how much it aims to raise from the listing, which MTN Group CEO Rob Shuter initially planned for the middle of this year, before pushing the deadline to the end of the year. Earlier this week, Lagos-based BusinessDay reported that the company plans…

Libya Oil Chief Warns Output to Drop Every Day as Ports Halted

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TRIPOLI (Capital Markets in Africa) – Libya’s oil output will keep dropping day by day if major ports remain closed after clashes last month led to a political deadlock, the head of the country’s state energy producer said. “Today, production is 527,000 barrels a day, tomorrow it will be lower, and after tomorrow it will be even lower and everyday it will keep falling,” Mustafa Sanalla, chairman of the Tripoli-based National Oil Corp., said in a…

Impala Platinum Miner Weighs Plan to Curb Losses Amid Slump

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JOHANNESBURG (Capital Markets in Africa) – Impala Platinum Holdings Ltd. is facing some tough choices as the South African miner works to stem losses at aging shafts amid slumping prices for the metal. The world’s second-largest producer has already cut 2,500 jobs in the year through June and says there may be more to come. Only three of the 10 shafts at its sprawling Rustenburg mining complex were making money as of March. Things have only…

Moody’s: Sovereign green bond issuance to accelerate as governments seek to promote sustainable policies

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LAGOS (Capital Markets in Africa) – The pace of sovereign green bond issuance is set to accelerate as governments seek to promote sustainable policy agendas, encourage private capital into low-carbon and climate-resilient infrastructure, as well as signal their commitment to the Paris Agreement, says Moody’s Investors Service in a report published today. The report, “Green Bonds — Sovereign – Sovereign green bond market on course for critical mass, but challenges remain,” is now available on…

Risk for EM Assets Simmers as Trade Tiff Turns Into All-Out War

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LAGOS (Capital Markets in Africa) – The threat that a battle over trade between the world’s biggest economies will escalate is hanging over emerging-markets’ battered assets. President Donald Trump hinted the final total of goods that would be slapped with duties could eventually reach $550 billion. That exceeds all of U.S. goods imports from China in 2017. But it’s not just the tit-for-tat duties that’s worrying investors. Some say that import tariffs on Chinese goods…

Heroin Is One of Biggest Mozambique Exports, Researchers Say

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MAPUTO (Capital Markets in Africa) – Mozambique boasts vast coal, ruby and gas deposits, but one of the southeast African nation’s biggest exports may be something more sinister: heroin. As much as $800 million worth of the narcotic is shipped annually from its beaches to neighboring countries and to Europe. That’s according to a research paper by Enact, a European Union-funded initiative to mitigate the impact of transnational organized crime, and a related working paper…

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