Finance

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. directors barred Peter Moyo from resuming his duties as chief executive officer, opening a new round in their bitter feud. The 56-year-old, accompanied by his lawyer, arrived at the company’s headquarters by 8:30 a.m. dressed in a blue suit with a gray and white tie. He was gone before lunchtime, having spent most of the morning in a boardroom awaiting a decision on whether he would be allowed…

JOHANNESBURG (Capital Markets in Africa) – The dominance of Naspers Ltd. over the South African stock market is about to be reduced — partially at least. And that’s good news for a number of fund managers concerned about the tech giant’s weighting in the main local index. After Naspers lists its unit Prosus NV in Amsterdam on Sept. 11, the company will drop to about 15% of Johannesburg’s equities benchmark from a massive 21% currently, Peter Takaendesa, a…

LAGOS (Capital Marketds in Africa) – An Uber-like App for trucks is making it easier and cheaper for firms to move goods in Africa’s most populous nation. Freight logistics startup, Kobo360 is using technology to connect cargo and truck owners with drivers and customers. Logistic managers can now schedule and monitor trips from the comfort of their offices, Kobo360 CEO Obi Ozor said in Lagos interview. The ports in the Apapa district of Lagos account for 70%…

JOHANNESBURG (Capital Marketds in Africa) – South Africa’s pledge not to let Eskom Holdings SOC Ltd. fail is enticing yield-starved investors to the company’s dollar debt. Bondholders from New York to Seoul say they’re happy to hold onto the power company’s securities — and in some cases add to their holdings — because of their extra return relative to the country’s sovereign debt. The government’s assurance that it won’t let the company default, effectively guaranteeing the debt,…

LONDON (Capital Markets in Africa) – The U.K., France and Germany have called for restraint in the South China Sea amid reports that Chinese and Vietnamese vessels are facing off in the disputed waters over competing territorial claims. The tensions “could lead to insecurity and instability in the region,” they said in a joint statement issued Thursday. The three nations, without mentioning Vietnam or China, said the legal framework set out by the United Nations Convention on…

HARARE (Capital Markets in Africa) – Fuel and food dominate Zimbabwe’s import bill, showing the government’s efforts to keep the economy running and store shelves stocked. Zimbabwe imported almost $80 million’s worth of diesel last month, 30% less than in June, according to data published by the Zimbabwe National Statistics Agency. Diesel remains Zimbabwe’s biggest import, followed by unleaded gasoline, durum wheat and electricity. The country is buckling under an economic crisis compounded by the…