The Markets

LONDON (Capital Markets in Africa) – The U.K. may become the next developed economy to embrace zero yields, according to an influential money manager. The yield on two-year gilts could “easily” vanish in the coming months as the Bank of England will need to cut borrowing costs more than once to support an economy on the brink of recession, according to Columbia Threadneedle Investments, which oversees the equivalent of $468 billion. The firm, which has…

LONDON (Capital Markets in Africa) – London Stock Exchange Group Plc agreed to snap up Refinitiv in a $27 billion blockbuster deal, betting on a future dominated by data that will extend its reach beyond Europe. Shares in LSE rose as much as 8% after the exchange operator unveiled details of the transaction for the data and trading provider, which Chief Executive Officer David Schwimmer said fulfilled his ambitions to expand the group further into global analytics and the buy-side…

JOHANNESBUR (Capital Markets in Africa) – Nicky Newton-King, the first woman to lead Johannesburg’s 131-year-old stock exchange, will take some time off to cycle in Sweden after stepping down from Africa’s largest bourse following eight years as its chief executive officer. “I think it’s important for CEOs to know when it’s time to step back,” Newton-King, 52, said Tuesday by phone. Leila Fourie, who will take over from Oct. 1, has held positions at companies including…

LONDON (Capital Markets in Africa) – Prime Minister Boris Johnson refused to back down over his threat to take the U.K. out of the European Union without a deal, despite a growing backlash over the impact his strategy is having on the pound. Johnson’s office hinted on Tuesday that another round of Brexit talks might not happen at all, and has warned he won’t meet EU leaders for negotiations unless they agree to tear open the current…

LONDON (Capital Markets in Africa) – Man Group Plc’s computer-driven funds are boosting earnings prospects for the world’s biggest publicly traded hedge fund even as the firm reported its first outflows for a six-month period since 2015. About 90% of Man AHL strategies, which use complex algorithms to trade, were at the “high water mark,” a level that allows funds to charge performance fee, according to a company statement on Wednesday. Man Group shares rose as much as…

LAGOS (Capital Markets in Africa) – MTN Nigeria Communications Plc, the largest unit within MTN Group Ltd., grew interim profit by 35% as its newly acquired spectrum enabled it to increase broadband and 4G offerings in the West African country. Chief Financial Officer Adekunle Awobodu will be leaving the business later this year “for family reasons,” and the process to find his replacement is well underway, the company said. Earnings before interest, tax, depreciation and amortization for…

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd., Africa’s biggest company by market value and soon to be one of Europe’s largest listed technology companies, is investing more of its $10-billion cash-pile in educational platforms. The Cape Town-based company has led the latest $30 million investment round in Brainly, a U.S. startup that allows learners to help each other with homework problems in different parts of the world. The students earn points for the quality…