The Editorial Team |

Old Mutual Is Under Fire Again. This Time Over a Corpse

JOHANNESBURG(Capital Markers in Africa) – Old Mutual Ltd. is in the spotlight again for all the wrong reasons. The 174-year-old insurer was forced to apologize after a grieving family brought a corpse to one of its branches so the company would process a claim for funeral payments. The episode comes as a public spat with the company’s fired chief executive officer drags on. “We are deeply sorry for the delay,” Old Mutual said in a statement…

South Africa Holds Rate, May Ease in Second Half of 2020

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JOHANNESBURG(Capital Markers in Africa) – The South African Reserve Bank held its benchmark interest rate and signaled that it may only start easing again in the second half of next year. The Monetary Policy Committee voted to keep the repurchase rate at 6.5%, Governor Lesetja Kganyago told reporters Thursday in the capital, Pretoria. Three members of the five-person panel opted to maintain the rate while the rest preferred a 25 basis-point cut. The decision was in line…

China Cautiously Optimistic on Deal as Hong Kong Rift Looms

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NEW WORK(Capital Markers in Africa) – China’s chief trade negotiator indicated he was “cautiously optimistic” about reaching a phase one deal with the U.S., as two titans of American diplomacy in Asia warned of the dangers of escalating the tariff war. Vice Premier Liu He made the comments in a speech in Beijing on Wednesday ahead of the Bloomberg New Economy Forum, according to people who attended the dinner and asked not to be identified. He has…

Holmes Recalls Loud Trump Call With Sondland: Impeachment Update

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NEW WORK(Capital Markers in Africa) – The House Intelligence Committee impeachment inquiry into President Donald Trump plans Thursday to hear from Fiona Hill, the former National Security Council director for Europe and Russia, and David Holmes, a Foreign Service officer at the U.S. Embassy in Kyiv. Here are the latest developments: Holmes Recalls Loud Trump Call With Sondland (10:43 a.m.) Holmes said he could hear the call between diplomat Gordon Sondland and Trump at an outdoor restaurant terrace…

LTCM Co-Founder Finds Infinite Value in Bonds on Negative Rates

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NEW WORK(Capital Markers in Africa) – Pricing a bond that never matures is one of the more straightforward tasks in all of finance. Divide the annual interest rate by its prevailing yield and — voilà — price. But if negative interest rates are really here to stay, well then, things could get crazy real quick. That, at least, is the conclusion of former Long-Term Capital Management co-founder Victor Haghani. In a report published by his current firm, ElmPartners, Haghani and his…

Trafigura Accused of Having Contact With Alleged Arms Dealer

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LAGOS (Capital Markers in Africa) – Commodities trader Trafigura Group Ltd. had contacts with an ex-Israeli Defence Forces officer who was later sanctioned by the U.S. over alleged arms sales in South Sudan, according to a report by a Swiss NGO. Trafigura’s head of oil trading, Jose Larocca, were sent an invitation letter in 2017, from the office of the President of the Republic of South Sudan, which referenced discussions between the trading house and the…

Zimbabwe Central Bank Changes Tack, Halves Key Rate to 35%

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HARARE (Capital Markers in Africa) – Zimbabwe’s central bank halved its key interest rate to 35%, joining the finance ministry in efforts to revive an economy hobbled by years of mismanagement. The decision reverses a move by the southern African nation’s newly formed Monetary Policy Committee in September, which raised the rate from 50%. It follows the unveiling last week of the 2020 budget which shows a planned surge in spending for next year. The…

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