The Markets | - Part 122

Heroin Is One of Biggest Mozambique Exports, Researchers Say

MAPUTO (Capital Markets in Africa) – Mozambique boasts vast coal, ruby and gas deposits, but one of the southeast African nation’s biggest exports may be something more sinister: heroin. As much as $800 million worth of the narcotic is shipped annually from its beaches to neighboring countries and to Europe. That’s according to a research paper by Enact, a European Union-funded initiative to mitigate the impact of transnational organized crime, and a related working paper…

Japan’s Retail Army Is Piling Into Rand While Shunning Lira

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The lira’s loss is the rand’s gain. Japan’s retail investors are boosting holdings of South Africa’s currency at the fastest pace since 2009 while cutting foreign-exchange exposure in Turkey. Individual investors from the Asian nation have raised their net rand long position against the yen for five straight months through June, according to data from Tokyo Financial Exchange Inc. They have been reducing their net lira positioning for four months. “Japanese…

Higher Debt Costs Cut South Africa Fiscal Room, Moody’s Says

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JOHANNESBURG (Capital Markets in Africa) – The weaker rand and foreign-investment outflows from South Africa are raising the nation’s debt costs and reducing its fiscal flexibility, but its vulnerability to tightening financing conditions is still low, Moody’s Investors Service said. The rand depreciated 14 percent against the dollar in the second quarter, the worst performance among major currencies after Brazil’s real, while portfolio outflows totaled about $6.4 billion, Moody’s said in an emailed report Tuesday, citing data…

Kenya Fund Managers Warn New Transaction Tax May Curb Investment

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NAIROBI (Capital Markets in Africa) – Kenyan fund managers slammed a new tax on financial transactions, saying it risks inhibiting trading and reducing the country’s attractiveness to investors. Forcing the government to rethink the levy would curb the revenue it needs to implement President Uhuru Kenyatta’s Big Four agenda — a development program that seeks to boost agriculture, manufacturing, healthcare and home construction. The tax is one of a raft of levies announced by Treasury Secretary Henry…

Trump Piles Pressure on Saudis Flummoxed by Higher Oil PricE

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LAGOS (Capital Markets in Africa) – If the world’s biggest crude exporter says it’s going to ramp up production, prices usually drop. But as Saudi Arabia adds barrels before its customers get burned, prices have jumped. And Donald Trump isn’t happy. The U.S. president tweeted on Saturday that the Saudi king had agreed to raise production to cut the cost of oil for consumers. While the White House later back pedaled from his assertion, Trump on Sunday…

Kenyan Treasury Considering Selling Bonds by Private Placement

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NAIROBI (Capital Markets in Africa) – Kenya’s Finance Ministry is considering offering debt through a private placement. The Treasury invited fund managers and insurers to a July 6 meeting for a “market-sounding exercise,” according to a June 29 letter signed by Daniel Ndolo, director of debt policy strategy and risk management. Participants will “discuss and agree on the schedule of activities towards the issuance” of bonds by private placement along with pricing methodology, according to…

Top Iron Ore Shipper Cuts Outlook as Price Seen Back in $50s

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LAGOS (Capital Markets in Africa) – The world’s largest iron ore shipper has cut its outlook for prices this year, predicting the commodity will sink back into the $50s a metric ton as supplies rise while top buyer China starts to reduce purchases. The raw material will average $59.40 a ton this year, down from an earlier forecast of $61.80, and then drop to $51.10 in 2019 and $51 in 2020, Australia’s Department of Industry, Innovation & Science said…

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