The Editorial Team |

Mozambique Plans to Reorganize or Sell 20 State Companies

MAPUTO, Mozambique, Capital Markets in Africa: Mozambique’s debt crisis has destabilized government operations and the country will have to reorganize 20 state-owned companies, privatize them or shut them down, President Filipe Nyusi said. The nation admitted in April to having $1.4 billion in loans it hadn’t disclosed to investors and last month failed to make a $178 million interest payment on one of the debts. “You are aware about the increase in our debt,” Nyusi told businessmen over…

Market Watch | Emerging Markets Rally as Traders Scale Back Bets on Fed Rate

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market currencies headed toward the steepest advance in more than two months while stocks and bonds climbed as the weakest U.S. jobs data since 2010 boosted optimism the Federal Reserve will delay raising interest rates. The MSCI Emerging Markets Currency Index added 0.9 percent at 12:55 p.m. in London, led by Indonesia’s rupiah and Malaysia’s ringgit. A measure of developing-market stocks rose for a third day, topping its 50-day moving average. Philippine…

Old Mutual Confident Most Investors Will Support CEO Pay Plans

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Johannesburg, South Africa, Capital Markets in Africa: Old Mutual Plc, the London-based insurer splitting its business into four units, said it’s confident most shareholders will support a plan to offer Chief Executive Officer Bruce Hemphill a bonus equal to 10 times his base pay for the break up. Company representatives spent three days in Cape Town and Johannesburg to canvass investors on the payout, meeting with more than 20 shareholders across South Africa and the U.K., Danuta Gray,…

Zimbabwe Stock Exchange Cuts Jobs After Trading Slumps

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Harare, Zimbabwe, Capital Markets in Africa: The Zimbabwe Stock Exchange is cutting jobs and will soon announce a strategy to generate additional income after revenue fell by half in 2015 and has shown little sign of recovery this year, its chief executive officer said. Zimbabwe has suffered deflation for the past 18 months because of a fall in consumer demand and the economy is half the size it was in 2000. Cash shortages in a country that…

INTO AFRICA June Edition: Africa’s Bonds :- Coming of Age

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LAGOS, Nigeria, Capital Markets in Africa: Welcome to the June edition of INTO AFRICA with focus on Fixed Income in Africa and titled Africa’s Bonds: Coming of Age Africa’s fixed income markets have benefitted from tremendous growth dynamics during the past decade, as most of Africa’s sovereign borrowers have managed to strengthen their public finances to levels above the global average. In addition, the asset class is now opening to international investors and is well…

Investment | Gas May Transform Mozambique Even as Debt Darkens Confidence

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MAPUTO, Mozambique, Capital Markets in Africa: About 30 minutes down a pot-holed road from Vilanculos, where dhows ferry tourists to luxury resorts on Bazaruto island, Sasol Limited is ramping up output of a fuel that could transform the world’s 13th poorest nation. Vast gas discoveries hold the potential to boost Mozambique’s economy, more than three decades after the apartheid regime of neighboring South Africa backed rebels in a civil war that laid waste to the former Portuguese…

S&P Keeps South African Credit Rating One Level Above Junk

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s credit rating was kept unchanged by S&P Global Ratings, giving the nation a reprieve from a junk assessment, even as it warned it could lower the rating if the economy doesn’t recover. The foreign-currency rating was kept at BBB-, one level above junk, and the local-currency rating was affirmed at BBB+, S&P said in a statement on Friday. The outlook on the rating was kept negative….

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