Finance

JOHANNESBURG (Capital Markets in Africa) — Investec Group is exiting Australia as the South African and U.K. specialist bank and wealth manager focuses on expanding existing operations. “We are winding down the business in Australia to focus on building scale and relevance in our core markets,” the London- and Johannesburg-based lender said by email. “This is in line with our stated strategy to bring clarity, simplicity, and focus to every aspect of Investec.” The company…

LAGOS (Capital Markets in Africa) — Abu Dhabi’s top sovereign wealth fund is looking to Africa and renewable energy to generate greater returns while relying more on artificial intelligence to mine data and spot new investment opportunities. “With an abundance of natural resources and young, growing, and increasingly educated populations, African countries are among those offering the greatest potential for long-term investors,” said Abu Dhabi Investment AuthorityManaging Director Hamed bin Zayed Al Nahyan. “We already…

JOHANNESBURG (Capital Markets in Africa) — Eskom Holdings SOC Ltd., South Africa’s debt-ridden utility, may eliminate carbon emissions at its power plants only by 2050, according to a government task force. The utility’s Just Energy Transition program, which envisages shifting away from coal, will be implemented gradually over the next three decades, the political group led by Deputy President David Mabuza said. The government maintains that the transition must ensure the economic sustenance of communities surrounding the…

LAGOS (Capital Markets in Africa) — Societe Generale SA will act as financial adviser to Total SE and Gigajoule Group on their planned liquefied natural gas import terminal and power plant near Mozambique’s capital, Maputo. The developers expect to reach a final investment decision next year, Gigajoule Chief Executive Officer Johan de Vos said in a reply to questions. The French oil major and the Centurion, South Africa-based energy company plan to spend as much as $3.2…

JOHANNESBURG (Capital Markets in Africa) — The World Bank has told South Africa’s government it has to cut its wage bill to qualify for a loan of as much as $2 billion and doesn’t want the money used to bail out insolvent state companies, a person familiar with the situation said. Those conditions have stalled negotiations on the loan that began in April, the person said, asking not to be identified because the content of…

LUSAKA (Capital Markets in Africa) — The last time Zambia renegotiated its external debt, the well-oiled machine established by institutional lenders and western governments handled it with little trouble. But 15 years later, with the southern African nation in the throes of a $12 billion debt overhaul, China and bondholders have emerged as powerful new players to upend the choreography. Beijing is embroiled in a feud with money managers in New York and London, putting…

HARARE (Capital Markets in Africa) — S&P Global Ratings Services cut its assessment of Zambia’s debt to selective default after the southern African nation said it couldn’t meet payments and skipped a coupon on its Eurobonds last week. The action is the latest blow to Africa’s second-biggest copper producer, which is trying to convince bondholders to give it a six-month interest-payment holiday while it drafts debt-restructuring plans. The rating company, which didn’t wait for a…