The Markets | - Part 160

Linde Eases Share Tender Requirements to Get Praxair Deal

LAGOS (Capital Markets in Africa) – Linde AG, seeking to save a planned $41 billion tie up with Praxair Inc. to create the world’s biggest gases supplier, lowered the number of shares its investors need to tender for the deal to go through, after struggling to reach a previous requirement before a looming deadline. The new minimum threshold of 60 percent has to be reached by Nov. 7, the Munich-based company said in a statement on Monday. The previously-agreed condition was…

Fintech Firm FIS Is Ready If Bitcoin Trading Takes Off, CEO Says

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LAGOS (Capital Markets in Africa) – The head of one of the largest U.S. financial technology firms said his company is ready to trade and settle cryptocurrencies as soon as banks demand it. Fidelity National Information Services Inc., which provides technology to thousands of U.S. lenders, has also been experimenting with blockchain, the distributed-ledger technology that processes cryptocurrency transactions, Chief Executive Officer Gary Norcross said Thursday in an interview at Bloomberg’s New York office. FIS, as the…

Trading Firms Fear Mutiny on MiFID Rule Demanding Passport Data

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LONDON (Capital Markets in Africa) – A potentially explosive battle is brewing over a seldom-discussed aspect of the looming MiFID II laws, which will force traders of any European asset class to hand over personal identification such as passport numbers to every venue they trade on. The massive data-collection exercise will drag in tens of thousands of investors and traders, who some trading venues say may simply refuse. A client mutiny would leave platform operators stuck between cutting off…

South Africa’s Rand Slumps as Ramaphosa Speculation Raises Risks

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JOHANNESBUR (Capital Markets in Africa)- South Africa’s rand led emerging-market currency declines against the dollar amid speculation that President Jacob Zuma is preparing to fire his deputy Cyril Ramaphosa days after removing another critic from his cabinet. The rand dropped as much as 1.3 percent and traded 1.1 percent weaker at 13.6309 per dollar by 9:37 a.m. in Johannesburg, bringing its slump this week to 2.7 percent, the most since the five days ending Aug….

Daimler Profit Falls as Mercedes Stumbles on Diesel Costs

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LAGOS (Capital Markets in Africa) – Daimler AG’s profit slumped 14 percent in the third quarter as earnings at the Mercedes-Benz cars division dropped on costs to fix the emissions systems of older diesel cars. Earnings before interest and taxes declined to 3.46 billion euros ($4.1 billion) from 4.04 billion euros a year earlier, the Stuttgart, Germany-based manufacturer said Friday in a statement. As the company flagged in advance of the report, Mercedes booked 453 million euros in…

Dangote Cement Profit Jumps on Lower Fuel Costs in Nigeria

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc said nine-month profit surged 45 percent as Africa’s largest producer of the building material lowered fuel costs in its home market of Nigeria. Net income rose to 193 billion naira ($537 million) from 134 billion naira a year earlier, the Lagos-based company said in a statement on Thursday. Revenue increased 37 percent to 604 billion naira. Dangote Cement, controlled by Africa’s richest man Aliko Dangote, is cutting costs and…

Weak Links in Emerging Markets Show Where Selloff May Start

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LAGOS (Capital Markets in Africa) – There’s probably just one headline that could end the party in emerging markets, and it’s likely to come from the Federal Reserve. If a rebound in U.S. inflation prompts the central bank to chip away at its wall of money sooner and faster than expected, then the rally that boosted returns in developing-nation stocks, bonds and currencies since January 2016 will be under threat. While money managers don’t see…

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