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Macron Tells African Crowd He Aims to Leave Colonial Past Behind

OUAGADOUGOU (Capital Markets in Africa) – French President Emmanuel Macron used a speech to African students to put economic development, culture and education on the same level of importance as the terrorism and migration challenges that dominated his predecessors’ relations with the continent. In a speech of almost two hours to a boisterous crowd of students at Ouagadougou University in Burkina Faso, the 39-year-old president laid out his African policy, insisting that France’s colonial past should no…

Glencore’s Trouble in Congo Claim Its Highest Profile Victim

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JOHANNESBURG (Capital Markets in Africa) – Two weeks after the Paradise Papers leak brought a wave of scrutiny over Glencore’s dealings in the Democratic Republic of Congo, the company is facing another scandal. The issues stem from Katanga Mining Ltd., a Congolese copper producer owned by Glencore. The African company restated financial statements and is under investigation by Canadian regulators for its corporate governance and accounting practices. In a major sign of how toxic the problem…

Nigeria’s Forte Oil Falls Most in Nine Months as MSCI Exit Looms

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LAGOS (Capital Markets in Africa) – Nigerian fuel retailer and electricity provider fell 9.7 percent to 43.89 naira by Monday close in Lagos. Volume traded more than 3 times the daily average for past 3 months. Decline “may be related to investors’ reactions to the announcement of the complete removal of the stock from the MSCI Frontier Market Indexes,” Kikelomo Alatise, equity analyst at Lagos-based Meristem Securities, says by email Funds tracking stocks that were deleted…

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

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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….

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