The Markets

MAPUTO (Capital Markers in Africa) – – Mozambique is taking into account U.S. Department of Justice claims that $2 billion of debt the government contracted was a fraudulent scheme, as it talks to creditors about restructuring the loans, Prime Minister Carlos Agostinho do Rosario said. The DOJ in December alleged that the debt and the state-owned maritime projects it funded from 2013 to 2014 was a front for investment bankers, corporate executives and corrupt officials…

JOHANNESBURG (Capital Markers in Africa) – There are dark clouds aplenty casting shadows over South Africa’s economy and its equity market. But Morgan Stanley argues that the potential rewards for investors mean the country’s stocks are worth the risks. South Africa benefits from its relatively high trade with Asia and is the country in eastern Europe, the Middle East and Africa that’s most closely linked to China, which is seen as leading a rebound in emerging…

JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. wants to spend about $1 billion in India this year as it scours the globe for investments that can replicate its blockbuster bet on China’s Tencent Holdings Ltd., a person familiar with the matter said. Africa’s largest company by market value is in talks to inject around $200 million into business loan provider Capital Float and payments security firm Wimbo as a first step, according to two people with knowledge of the discussions,…

LAGOS (Capital Markets in Africa) – African online retailer Jumia Technologies AG started a plan to sell shares in New York as the fast-growing Nigerian firm seeks to take advantage of rising internet access and increasing smartphone use on the continent. The company is seeking a public listing to raise funds and boost awareness, according to a filing on Tuesday. Bloomberg News reported last month that an IPO would value Jumia at about $1.5 billion, while largest shareholder MTN Group Ltd. is looking…

HARARE (Capital Markets in Africa) – For investors who doubted Zimbabwe would let market forces determine the price of its new currency, there’s some evidence it’s doing just that. The southern African nation’s central bank has allowed the currency, known as RTGS, to slide to 2.6481 per dollar this week, taking its depreciation since trading started on Feb. 22 to 5.6 percent. That marks a change from the previous fortnight, when it was stuck at almost exactly…

LONDON (Capital Markets in Africa) – The U.K. will avoid imposing tariffs on most imported goods in the event of a no-deal Brexit, though officials said prices of key European Union products including beef, cheese and cars will rise. The government said Wednesday its “balanced approach” aims to offset a spike in prices that consumers would experience in a no-deal departure as a result of the falling pound and higher costs of imports. But a…

LAGOS (Capital Markets in Africa) – We may have to add Algeria to the growing list of OPEC countries whose oil production is suffering involuntary declines, expanding the so-called “Fragile Five” to a “Shaky Six” if protests in the North African country start to disrupt the flow of oil. Five OPEC countries — Angola, Iran, Libya, Nigeria and Venezuela — are already experiencing unplanned production declines as a result of under-investment to offset natural declines,…