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Bosch May Not Derail VW Dealers’ $4 Billion Defeat Device Suit

BERLIN (Capital Markets in Africa) – A federal judge was sceptical of Robert Bosch GmbH’s arguments that it shouldn’t have to face racketeering and corruption claims by more than 600 Volkswagen AG dealerships over its role in the emissions-cheating scandal. U.S. District Judge Charles Breyer in San Francisco rejected Bosch’s argument that dealers only suffered “contingent and speculative” injuries. The racketeering claims could result in triple damages — as much as $4 billion — if the dealers can prove Bosch…

Irish Said to Weigh Border Demand as Price for Brexit Progress

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LONDON (Capital Markets in Africa) – Ireland’s government is considering pushing for guarantees that no border will be imposed on the island of Ireland as the price for allowing Brexit talks to move ahead, according to three people familiar with the matter. Irish authorities are keen to use their leverage in the first part of the negotiations to extract maximum concessions on the border issue, according to the people, who asked not to be named because the deliberations are ongoing….

My Reluctant Education in Bitcoin: Fully Charged

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LAGOS (Capital Markets in Africa) – While markets as a whole have been pretty boring this year, cryptocurrencies have been anything but. I, along with a vast majority of the population, have avoided thinking about this super-complex world for as long as possible. But I’ve finally forced myself to make the dive. And it looks like a lot of people have as well. Even my boxing coach recently asked me if he should buy bitcoin or ethereum….

Selected Capital Markets, Economic and Political News Around Africa

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Ethiopia Devalues Birr by 15%, Increases Interest Rate: Ethiopia devalues birr by 15% from Oct. 11, Fana Broadcasting Corp. reports, citing National Bank of Ethiopia Deputy Governor Yohannes Ayalew. Dollar will exchange for 26.9303 birr. Drop in global commodity prices has hurt nation’s export earnings from coffee, oil seeds, leather, gold. Interest rate will increase to 7% from 5% Mozambique’s Zandamela Says FX Reserves, Exchange Rate Stable: The exchange rate of the Mozambican currency, the…

PPC Investor Says Fairfax Offer Should Be More Than 43% Higher

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JOHANNESBURG (Capital Markets in Africa) – PPC Limited is worth at least 43 percent more than what Canada’s Fairfax Financial Holdings Ltd. has offered for the share component of its bid, according to the holder of about 5 percent of stock in South Africa’s biggest cement maker. Value Capital Partners is among PPC investors who oppose the Fairfax bid for 2 billion rand ($145 million) worth of shares at 5.75 rand each, the Johannesburg-based money manager said in…

South Africa Exits Recession in Second Quarter as GDP Rises 2.5%

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s economy exited its second recession in almost a decade in the three months ended June 30 after agricultural output surged. Gross domestic product increased an annualized 2.5 percent in the second quarter compared with a revised decline of 0.6 percent in the previous three months, the statistics office said in a report released on Tuesday in the capital, Pretoria. The median of 21 estimates compiled by Bloomberg was for growth…

South Africa’s Biggest Gold Miner Halts Dividends as Debt Builds

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JOHANNESBURG (Capital Markets in Africa) – Sibanye Gold Ltd. canceled its dividend after debt ballooned while it swung to a loss, marking a series of firsts for the South African producer that’s been one of the world’s top performers in its four-year history. Sibanye will focus on cutting borrowings after its $2.2 billion purchase of U.S. platinum-group metals producer Stillwater Mining Co. earlier this year, making the payment of a cash dividend “inappropriate,” the Johannesburg-based…

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