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May Seeks Transition Deal as Part of All-in-One Brexit Package

LONDON (Capital Markets in Africa) – United Kingdom Prime Minister Theresa May wants to bundle talks about the transition period she’s seeking after Brexit into trade negotiations, her spokesman said on Monday. That’s not what businesses want to hear. “Everybody has always been clear that we are looking to wrap all this up in one single go, everything will be agreed at the same time” May’s spokesman James Slack told reporters. “The point of an implementation period is it’s…

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…

Bosch May Not Derail VW Dealers’ $4 Billion Defeat Device Suit

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BERLIN (Capital Markets in Africa) – A federal judge was sceptical of Robert Bosch GmbH’s arguments that it shouldn’t have to face racketeering and corruption claims by more than 600 Volkswagen AG dealerships over its role in the emissions-cheating scandal. U.S. District Judge Charles Breyer in San Francisco rejected Bosch’s argument that dealers only suffered “contingent and speculative” injuries. The racketeering claims could result in triple damages — as much as $4 billion — if the dealers can prove Bosch…

Irish Said to Weigh Border Demand as Price for Brexit Progress

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LONDON (Capital Markets in Africa) – Ireland’s government is considering pushing for guarantees that no border will be imposed on the island of Ireland as the price for allowing Brexit talks to move ahead, according to three people familiar with the matter. Irish authorities are keen to use their leverage in the first part of the negotiations to extract maximum concessions on the border issue, according to the people, who asked not to be named because the deliberations are ongoing….

My Reluctant Education in Bitcoin: Fully Charged

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LAGOS (Capital Markets in Africa) – While markets as a whole have been pretty boring this year, cryptocurrencies have been anything but. I, along with a vast majority of the population, have avoided thinking about this super-complex world for as long as possible. But I’ve finally forced myself to make the dive. And it looks like a lot of people have as well. Even my boxing coach recently asked me if he should buy bitcoin or ethereum….

Selected Capital Markets, Economic and Political News Around Africa

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Ethiopia Devalues Birr by 15%, Increases Interest Rate: Ethiopia devalues birr by 15% from Oct. 11, Fana Broadcasting Corp. reports, citing National Bank of Ethiopia Deputy Governor Yohannes Ayalew. Dollar will exchange for 26.9303 birr. Drop in global commodity prices has hurt nation’s export earnings from coffee, oil seeds, leather, gold. Interest rate will increase to 7% from 5% Mozambique’s Zandamela Says FX Reserves, Exchange Rate Stable: The exchange rate of the Mozambican currency, the…

PPC Investor Says Fairfax Offer Should Be More Than 43% Higher

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JOHANNESBURG (Capital Markets in Africa) – PPC Limited is worth at least 43 percent more than what Canada’s Fairfax Financial Holdings Ltd. has offered for the share component of its bid, according to the holder of about 5 percent of stock in South Africa’s biggest cement maker. Value Capital Partners is among PPC investors who oppose the Fairfax bid for 2 billion rand ($145 million) worth of shares at 5.75 rand each, the Johannesburg-based money manager said in…

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