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Congo President-Elect Strikes a Conciliatory Tone After Win

KINSHASA (capital Markets in Africa) – The Democratic Republic of Congo’s incoming president, Felix Tshisekedi, will work with his predecessor to foster reconciliation and accelerate development in the poverty-stricken nation, his party said. Tshisekedi, 55, became the first opposition leader to win an election in the cobalt- and copper-rich country when electoral authorities on Thursday declared him the victor of a Dec. 30 vote. Rival candidate Martin Fayulu, who was backed by two of outgoing President Joseph Kabila’s…

Sonia Gets Clean Sweep in 2019 Sterling Bonds as Libor Fades

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LAGOS (Capital Markets in Africa) – U.K. regulators are seeing some success as they try to shift the sterling bond market away from scandal-hit Libor. Five all-new floating-rate pound notes have come to market this year, and all of them have been tied to the Sterling Overnight Interbank Average rather than Libor. FMS Wertmanagement, Lloyds Banking Group Plc and International Finance Corp were the latest names to join the offering list. The five deals, totaling at least 3.5 billion pounds…

IMF Boss Lagarde Urges South Africa to Shield Institutions

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JOHANNESBURG (Capital Markets in Africa) – South Africa should “never be complacent” about protecting key institutions such as the central bank or National Treasury as it tries to boost economic growth, International Monetary Fund Managing Director Christine Lagarde said. The rise of populism in developed economies has brought with it a wave of attacks on central banks in the U.S., U.K., Europe and South Africa, where Governor Lesetja Kganyago successfully fought off a proposal by the nation’s…

Next Week Becomes Less Daunting for Rand Traders as Swings Ebb

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JOHANNESBURG (Capital Markets in Africa) – For the first time since August, traders are less concerned about the rand’s immediate future than the longer-term outlook for the currency. One-week implied volatility for the rand against the dollar fell below one-month volatility this week, with the three-month, six-month and one-year measures dropping even lower. That’s a turnaround from a month ago, when short-term volatility surged amid a sell-off sparked by crises in Argentina and Turkey. The…

Base of Australia Sees Madagascar Ilmenite Output Starting 2021

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MADAGASCAR (Capital Markets in Africa) – Base Resources Ltd. said it expects to start output at a mineral-sands project in Madagascar on schedule in three years, and sees no threat of delay from protests by residents. The West Perth, Australia-based company expects to start production of ilmenite, which is used to manufacture pigments used in paint, at Toliara Sands on the Indian Ocean island in late 2021, it said in an emailed response to questions on…

ANC to Balance White Fear, Black Anger in South Africa Land Push

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party has decided to push for the right to seize land without compensation for redistribution to black citizens because it feels that the time has come for the 24-year old democracy to tackle an issue that divides the nation once infamous for a legislated system of racial segregation, a leading politician said. An earlier attempt to take land without paying for it could have jeopardized investor confidence…

Trump Travel Ban Upheld by High Court in Win on Signature Issue

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LAGOS (Capital Markets in Africa) – A divided U.S. Supreme Court upheld President Donald Trump’s travel ban, rejecting contentions that he targeted Muslims and giving him a legal and political victory on a controversy that helped define his presidency. The 5-4 ruling Tuesday ends a legal saga that dates to the beginning of the Trump presidency and helped establish his assertive, divisive leadership style. The decision bolsters the president’s already broad control over the nation’s borders. Trump hailed…

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