The Editorial Team |

AfDB Says World Bank Critique on Lending Habits ‘Misleading’

LAGOS (Capital Markets in Africa) – The African Development Bank said the criticism that World Bank President David Malpass levied against the multilateral lender and similar institutions for lending too easily to heavily indebted countries were misleading. Malpass voiced his concern over the practices of lenders that also include the Asian Development Bank and the European Bank for Reconstruction and Development at a World Bank-International Monetary Fund forum in Washington on Monday, saying some were worsening already-challenging debt situations,…

Why and Why Now? Two of Ramaphosa’s South Africa Plans Shot Down

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JOHANNESBURG (Capital Markets in Africa) – New ideas are hard to come by, so it was a case of deja vu for many investors when President Cyril Ramaphosa again touted the idea of a state-owned South African bank and sovereign wealth fund. The desire for the country’s wealth, minerals, land and its banks to be owned and shared by all South Africans harks back to 1955 when the now ruling African National Congress and allies against racial…

Eurobond Demand Prompts Gabon to Weigh Another Sale in 2020

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JOHANNESBURG (Capital Markets in Africa) – Gabon may issue another Eurobond before the end of the year as it looks for ways to lower the cost of its debt. OPEC’s second-smallest oil producer issued Africa’s first Eurobond of 2020 last month. The government will monitor how the market performs in six months and then assess its needs, Finance Minister Jean-Marie Ogandaga said by phone from the capital, Libreville. Gabon went to the market asking for…

Ramaphosa’s Energy Plan No Quick Fix For South Africa Power Woes

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa’s plans to overhaul the energy industry have some way to go before they provide answers to the nation’s crippling power shortages. Africa’s most industrialized nation has been roiled by rolling blackouts since late 2005, a legacy of state power company Eskom Holdings SOC Ltd.’s failure to adequately maintain its plants and invest insufficient new ones. In his state-of-the-nation address on Thursday, Ramaphosa announced a raft…

Facebook and Twitter Face Threat of Fines in U.K. Crackdown

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LONDON (Capital Markets in Africa) – Social media giants including Facebook and Twitter face the threat of fines if they fail to take down harmful content such as images of child abuse and material inciting violence, under a crackdown launched in the U.K. The government is “minded” to give broadcast regulator Ofcom a role as internet watchdog, Culture Secretary Nicky Morgan and Home Secretary Priti Patel said on Wednesday. The proposals are yet to be fleshed out in detail, but the…

Investec Ups Climate Investment, Clarity as Pressure Grows

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LONDON (Capital Markets in Africa) – Investec is increasing its focus on environmental, social and governance issues to bolster its profit and address concerns raised by investors over climate change. The South African and U.K. lender — which offers wealth management as well as private, corporate and investment banking — is getting ready to list a renewable-energy fund later this year. This month, Investec launched a structured product that for the first time gives South Africans…

BP Will Erase Its Own CO2 Emissions by 2050, New CEO Says

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LONDON (Capital Markets in Africa) – BP Plc pledged to achieve net-zero emissions from its own oil and gas operations and production by 2050 while halving the carbon intensity of all the products it sells, as its new boss sets out his vision for the future. London-based BP became the latest fossil fuel giant to set out an ambitious, yet rather distant, the target for curbing emissions of planet-warming gases. The announcement from incoming Chief…

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