Tag Archives: Africa

Investec Group (LON: INVP / JSE: INL / INP): Robust Results While Growing It’s UK Wealth Business

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Airtel Africa (LON: AAF / FRA: 9AA / OTCMKTS: AAFRF): A Telco Who’s Performance Rides on Oil Prices

Airtel Africa (LON: AAF / FRA: 9AA / OTCMKTS: AAFRF) is a UK-based MNC providing telecommunications and mobile money services in 14 African countries. The Financial Times has recently noted how much oil prices matter to the Company’s performance (Nigeria accounts for about 40% of revenues and ebitda) as … Continue reading

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Redefine Properties Ltd (JSE: RDF / BLN: R7H1): Load Shedding Hits Earnings-Dividends But There is Growth in Poland

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Famous Brands (JSE: FBR): Africa’s Leading Vertically Integrated Restaurant Operator With Rising Earnings

Famous Brands Ltd (JSE: FBR) is Africa’s leading quick-service and casual dining restaurant franchisor operating franchised, master license and Company-owned restaurants. They have a vertically integrated business model and supply chain consisting of Manufacturing, Logistics and Retail operations. The Company … Continue reading

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Pick ‘n Pay (JSE: PIK / FRA: PIK): Value Stock Characteristics as South Africa Continues to Deteriorate

South African retailer Pick ‘n Pay (JSE: PIK / FRA: PIK) just released earnings that show some green shoots for the future as well managed businesses learn to adapt to deteriorating conditions in South Africa and the vacuum left behind … Continue reading

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MTN Shares Plunge 12% Despite Strong Annuals as Group Cuts SA Business Outlook Due to Power Crisis (IOL)

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Special Situations Update (The Superinvestors of Augustusville Substack)

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Africa Oil Corporation | Investor Presentation Poised for Transformational Value Upside (Africa Oil Corporation) PDF File

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It’s an Attractive Time to Invest in SA. But You Can’t be Emotional, Says Top Fund Manager (News24)

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TWK is Not Your Common or Garden Agricultural Sector Counter (financialmail)

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Oceana Sees Spike in Canned Fish Sales as Customers Seek Cheaper Protein Options (IOL)

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South Africa’s Infrastructure + Societal Collapse (Twitter Thread)

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Africa Oil Has Everything I Look For In An Oil Play (Seeking Alpha)

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Nigeria’s Make-or-Break Election (Project Syndicate)

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TAV, Vinci, CAAP…Strategies to Conquer African Airports (The Africa Report)

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EMs With Stronger Fundamentals Should See Inflows (Capital Group)

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Countdown Begins to Nigeria’s Crucial 2023 Elections (Crisis Group)

Nigeria ETFs List. Nigeria’s forthcoming general elections, with four presidential candidates of note, will be hard fought. In this Q&A, Crisis Group outlines what is at stake and how key actors are preparing for the polls. In November, a nationwide … Continue reading

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Bloodbath for Banks on JSE as Ramaphosa Uncertainty Weighs (Business Report)

The news sent shock waves through the local markets and put the rand under pressure as Ramaphosa, investors’ preferred candidate for president, is now facing possible removal. Anchor Capital’s co-chief investment officer Nolan Wapenaar said stocks could trade weaker for a … Continue reading

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Empty Rooms: Investing in Africa (Capital Allocators Podcast) 

NOTE: Good overview for those interested in investing in African stocks. Colin Smith and Farouk Miah, founders of All Africa Partners, a concentrated, public equity fund they launched last year with backing by three of the most successful investors in the region. … Continue reading

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Gold Fields Flags Slight Drop in Production (IOL)

In its operational update for the quarter ended September 30, 2022, the group, which operates gold mines across three continents, said yesterday that gold production recoiled by 1.5% year on year in the reported period and 3.9% quarter on quarter … Continue reading

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Cash-rich AngloGold Ashanti Caught Up in JSE Rout Despite Stronger Quarter (IOL)

Higher ore grade across AngloGold Ashanti’s gold mining operations helped lift bullion production for the quarter period to the end of September, the company reported yesterday, with cash flows and Ebitda earnings also spiking. READ MORE

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Top Emerging Markets Hiking Interest Rates Last Week: Indonesia, UAE & More (Investing.com)

NOTE: Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status). Indonesia: The country’s central bank announced a higher-than-expected interest rate hike on Thursday by 50 bps to 4.25%. United Arab Emirates: It announced a 75 bps interest rate … Continue reading

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“Friendshoring” Trend Sees Companies Moving Ops To Dodge Tensions And Trade Wars (Zero Hedge)

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Quarterly Frontier Markets Recap – 2Q22 (Fitch)

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These Are The Countries With The Highest Default Risk (Zero Hedge)

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Lost Revenue: SA’s Power Crisis Hits April Mining Production Where it Hurts (IOL)

The ongoing energy crisis in South Africa could cost the country billions of rand in lost tax revenue from the currently lucrative mining industry as production slows in spite of elevated commodity prices. This comes as the mining industry is … Continue reading

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South Africa’s GDP Returns to Pre-pandemic Levels, Increases 1.9% in First Quarter (IOL)

South African gross domestic product (GDP) returned to pre-pandemic levels after expanding by 1.9 percent in the first quarter of 2022, representing a second consecutive quarter of upward growth. This GDP growth was more than expected and well above market … Continue reading

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Just Say No – China Has Sprung a Debt Trap on Many Developing Countries (Financial Times)

According to JPMorgan, Sri Lanka, the Maldives, the Bahamas, Belize, Senegal, Rwanda, Grenada, and Ethiopia are all “at risk of reserve depletion” — aka the cash drawer is empty. Let’s not leave out Lebanon, Egypt, Pakistan, Russia, the inevitable renegotiation … Continue reading

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Africans ‘Victims’ of the Ukraine War, AU Head Tells Putin (DW)

More than 44% of wheat consumed in countries on the continent comes from Russia and Ukraine, according to UN figures. Wheat prices have soared around 45% as a result of the supply disruption, according to the African Development Bank. READ MORE

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Russia is Winning Battle to Control the World’s Wheat (The Times)

The two countries share many of the same export partners, located for the most part in north Africa and the Middle East. Faced with the possibility of food shortages, many are turning to Russia to make up the shortfall. READ … Continue reading

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Transnet Freight Rail’s Poor Performance Deals Multi-billion Blow to SA Economy (Business Report)

TRANSNET Freight Rail (TFR) has lost more than 15 million tons of freight volumes in the year ending March 31, after declaring force majeure due to irregular locomotive acquisition, maintenance problems and massive cable theft on its coal line. This will be … Continue reading

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Consumer Prices Likely to Rise Sharply in South Africa – BNP Paribas (BusinessReport)

BNP on Friday said South Africa’s headline inflation rate could soar up to 6 percent this year, as the intensity of Russian sanctions continue to exert upward pressure on the global economy. Inflation has been below 6 percent since 2016, … Continue reading

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Fallout From Russia’s Invasion of Ukraine Has the Potential to Impact SA’s Economy (BusinessReport)

Russia exported goods valued at approximately R458 million to South Africa and imported products valued at R1.3bn from South Africa in September 2021. Top Russian exports to South Africa included nitrogenous fertiliser, mixed minerals or chemical fertilisers, petroleum, coal briquettes … Continue reading

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July Riots Come With a R50 Billion Price Tag for SA’s Economy, Says Sasria (Business Report)

SOUTH African Special Risks Insurance Association (Sasria) estimates that damage in July’s looting and mayhem, the most expensive riots in the world, they said, cost more than R50 billion, for which the agency has received claims of up to R32bn, … Continue reading

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Frontier Markets Post-pandemic (Capital Group)

KEY TAKEAWAYS High growth countries have tended to escape more severe slowdowns. Richer, more developed countries have generally taken in less revenue (through lockdowns) and spent more, leading to higher deficits. Many frontier markets rely on tourism as an economic … Continue reading

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At 34.4%, South Africa Officially Has the Highest Unemployment Rate in the World (BusinessReport)

The rate of unemployment in South Africa could threaten the expected economic rebound this year after it worsened to a new record high in the second quarter of 2021 due to more than 500 days of the national lockdown. READ … Continue reading

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Namibia Sees Opportunity in South Africa Unrest (BusinessReport)

The looting and unrest in South Africa could be an opportunity for Namibia to bolster its domestic capacity, President Hage Geingob said on Thursday. He said accelerated efforts were under way to, among others, increase local oxygen-generating capacity and to … Continue reading

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Africa Rising: The Hopeful Continent (Wellington Management)

So which African countries (beyond South Africa, which has a well-developed capital market) really matter to us as public equity market investors? We believe there are four — Egypt, Morocco, Kenya, and Nigeria. Together with South Africa, they form the … Continue reading

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Global Emerging Markets: Country Allocation Review, H1 2021 (Federated Hermes)

Prospects for the world economy have brightened. However, uncertainty remains owing to the uneven pace of vaccinations and the lifting of lockdown restrictions. Against this backdrop – and with global debt at elevated levels and inflation continuing to rise in … Continue reading

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Private Equity in Africa: Trends and Opportunities in 2021 (White & Case)

Although the African continent was relatively less affected by the virus than other parts of the world (with the notable exception of South Africa and parts of North Africa), many trends that affected PE and VC activity throughout emerging markets … Continue reading

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Quarterly Frontier Markets Recap 1Q21 (FitchRatings)

Two FMs, Ethiopia and Suriname, have been downgraded so far this year, while three others saw their Outlooks improve: Iraq and Cameroon to Stable from Negative, and Vietnam to Positive. However, 9 out of 30 Fitch-rated FMs included in JPMorgan’s … Continue reading

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Brazil and South Africa: Two Continental Giants with Feet of Clay (PGIM Fixed Income)

Following heavy public spending during the pandemic, Brazil’s and South Africa’s government debt has surged over the past year, exacerbating the already sizable fiscal problems both countries were facing before the onset of COVID-19. Moreover, both are now struggling in … Continue reading

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Pick n Pay Plans to go Big in Africa (Business Report)

PICK N PAY plans to tap into growth opportunities in the rest of Africa over the long term as it announced a 4.3 percent increase in group turnover to R93.1 billion during the 52 weeks ended in February compared to … Continue reading

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The Time Has Come to Say Goodbye to the FTSE/JSE Gold Mining Index (Business Report)

THE JSE TERMINATED the FTSE/JSE Gold Mining Index in line with its move to international standards of classification as South African stocks delivered another quarter of double-digit growth in the first quarter of 2021. Other sub-sectors to be decommissioned are … Continue reading

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S&P Global Warns of Ratings Downgrade if South Africa Doesn’t Rebound (Business Report)

RATINGS agency S&P Global has warned that it could downgrade South Africa’s credit rating if the country’s economic prospects fail to recover in the medium term. S&P said it would review its attitude towards South Africa if fiscal financing or … Continue reading

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Economy Falters But Surprises on the Upside in the 2020 Fourth Quarter (Business Report)

South Africa’s economy was thrown a lifeline of a slow recovery this year after economic contraction for 2020 came in better than expected on both an annual and a quarterly basis. Statistics SA (StatsSA) said yesterday that the economy experienced … Continue reading

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Emerging Markets: Politics and Elections in 2021 (Wellington Management)

The dramatic 2020 US election is finally behind us, but 2021 is not lacking in global political activity of which investors should be aware. For example, the new year brought a busy docket of upcoming elections across various emerging markets … Continue reading

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PwC Predicts South Africa’s Economic Rebound Could More Than Double GDP (Business Report)

PricewaterhouseCoopers (PwC) has forecast that South Africa’s estimated economic growth could more than double this year if fewer restrictions are implemented during winter and completely wiped out at the start of the fourth quarter. In its SA Economic Outlook report … Continue reading

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South Africa SONA 2021: Ramaphosa Pledges Economic Reforms (Business Times)

PRESIDENT Cyril Ramaphosa has put economic recovery and structural reforms, including job creation and fixing Eskom, at the centre of the government’s priorities aimed at resuscitating the economy from the ravages of the Covid-19 pandemic. READ MORE

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South Africa is Looking to a Future Without an Eskom Monopoly Over Country’s Energy Supply (Business Report)

PRESIDENT Cyril Ramaphosa yesterday said that South Africa was working towards breaking Eskom’s monopoly over energy supply in the country. Ramaphosa told the virtual World Economic Forum (WEF) Davis Dialogues that he was in the process of roping in private … Continue reading

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Global Emerging Markets: Country Allocation Review 2021 (Federated Hermes)

Fiscal and monetary stimulus programmes across the world buoyed global markets in 2020 with encouraging Covid-19 vaccine trial results providing an end-of-year boost for investors. However, macroeconomic data is mixed: there has been a lower-than-expected improvement in the service sector … Continue reading

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MENA Market Outlook: Managing the Economic Fallout (Franklin Templeton)

Franklin Templeton Emerging Markets Equity’s Bassel Khatoun and Salah Shamma share their latest outlook for countries and companies in the Middle East and North African (MENA) region, including United Arab Emirates, Saudi Arabia, Egypt and Kuwait. READ MORE

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South Africa’s Unemployment Figure Goes Past the 10 Million Mark (Business Report)

The country’s unemployment rate in the formal non-agricultural sector accelerated past the 10million mark in the first quarter. Data from Statistics South Africa (StatsSA) yesterday showed that the formal non-agricultural sector shed 3000 jobs during the period, and there are … Continue reading

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Tech News: The Weird World of Social Media Influencers (Business Report)

In the world of influence marketing the types of influencers are usually divided into six categories, namely mega, macro, micro, advocates, referrers and loyalists. In South Africa these social influencers can easily make between R500 and R10 000 per posting … Continue reading

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ETFs Add to African Access (S&P Global)

The exchanged-traded fund (ETF) structure has led to increased investment options within fixed income, and the African markets are a clear example of this. Over the past few years, several African ETFs have been introduced to the market, tracking indices … Continue reading

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MENA Equities: Why Long-Term Investors Should Stay the Course (Franklin Templeton)

Countries in the Middle East-North Africa (MENA) region have implemented comprehensive fiscal and monetary policy responses in a bid to combat the financial impact of the coronavirus. Franklin Templeton Emerging Markets Equity’s Bassel Khatoun and Salah Shamma share their on-the-ground … Continue reading

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Into Africa: India Vies With China for Post-pandemic Clout (Nikkei Asian Review)

India and China appear to have found a new arena in which to compete for global power and influence: Humanitarian aid for Africa. The Indian navy on Mar. 12 deployed a warship to deliver 600 tonnes of rice — its … Continue reading

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Opportunities on the African Continent: A Balancing Act (Franklin Templeton)

It would be remiss to paint the African continent with one brush as many countries are at varying stages of their macroeconomic and political cycles, according to Franklin Templeton Emerging Markets Equity’s Danesh Ranchhod. He highlights some developments happening right … Continue reading

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Fitch Leaves South Africa Hanging Over the Precipice (Business Report)

International rating agency Fitch on Wednesday left South Africa open to a further downgrade after it reaffirmed the country’s credit rating at one notch below investment grade and maintained its negative outlook. Fitch said the country’s long-term foreign and local … Continue reading

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What’s Ahead for the MENA Region? (Franklin Templeton)

As investors ponder the prospects for the Middle East and North Africa (MENA) region, Franklin Templeton Emerging Markets Equity’s Bassel Khatoun and Salah Shamma take stock of the investment landscape. They highlight some of the market developments in Saudi Arabia, … Continue reading

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Nedbank CEO Issues Strong Warning to Government as South Africa Runs Out of Time, Money (Business Report)

Nedbank Group chief executive Mike Brown has issued a strong warning to the government stating that the country is fast running out of both time and money, and urgently needs structural reforms to stem economic and fiscal deterioration. READ MORE

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Steinhoff: You Cannot Fool the Market … At Least Not All the Time! (BusinessReport)

On 24 October 2017 Steinhoff repurchased 78.4 million Steinhoff shares at R61.40 per share or 3.73 euros per share at the prevailing exchange rates.  It surely smacks of a put option (the right to sell shares at a given price) … Continue reading

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How Africa’s Free-Trade Zone Will Provide an Economic Boom (WEF)

African leaders launched a continental free-trade zone on Sunday that if successful would unite 1.3 billion people, create a $3.4 trillion economic bloc and usher in a new era of development. After four years of talks, an agreement to form … Continue reading

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Iron Ore, Gold Rush Push South Africa’s Miners to 11-Year High (Bloomberg)

South African mining stocks haven’t had it this good since 2008. Thanks to surging iron ore, gold and platinum-group metals, a Johannesburg index of mining equities has climbed 30% this year. Miners account for seven of the market’s 10 best-performing … Continue reading

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Africa’s Consumer Market Potential: Trends, Drivers, Opportunities and Strategies (Brookings Institution)

Africa is one of the fastest-growing consumer markets in the world. Household consumption has increased even faster than its gross domestic product (GDP) in recent years—and that average annual GDP growth has consistently outpaced the global average. In light of … Continue reading

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Opportunities in the Next “Emerging” Emerging Market of Africa (Franklin Templeton)

Emerging markets offer a broad opportunity set for investors. However, many investors focus on the high-profile stories in Asia and Latin America, overlooking potential opportunities in other regions, as Franklin Templeton Emerging Markets Equity’s David Haglund explains. He notes how … Continue reading

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Frontier Markets: 2019 Outlook (FIS Group)

Frontier markets slumped in line with other non-dollar denominated markets in 2018; though outside of Argentina (which fell by -50%), frontier markets as a whole outperformed even the U.S.. Almost all of the positive contribution in 2018 came from dollar-pegged … Continue reading

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Africa’s Oil & Gas Scene After the Boom: What Lies Ahead (Oxford Energy Forum)

This issue of the Oxford Energy Forum explores the aftermath of Africa’s energy boom. It draws on contributors from industry, academia, and civil society to offer multiple views of the opportunities and challenges that lie ahead for oil and gas … Continue reading

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Chicago Public School Teachers Assigns $20 million to Africa-focused Private Equity (P&I)

Chicago Public School Teachers’ Pension & Retirement Fund committed a total of $20 million to two Africa-focused private equity managers. READ MORE

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Top Risks 2019: Bad Seeds (Eurasia Group)

This 27-page report by Eurasia Group explores the top geopolitical risks facing the world in 2019, and their effects on the global economy and investment: Bad seeds US-China Cyber gloves off European populism The US at home Innovation winter Coalition … Continue reading

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Africa Enjoys Oil Boom as Drilling Spreads Across Continent (Bloomberg)

Africa is finally seeing the benefits from the recovery in crude prices as companies ramp up drilling from Algeria to Namibia. The rigs are returning and wildcatters are getting excited again after a years-long hiatus during the oil-price slump. From … Continue reading

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The “Next Eleven” and the World Economy (The Asset)

The N-11 never acquired the cachet of the BRIC acronym, which I coined in 2001 to describe a bloc of emerging economies (Brazil, Russia, India, and China) that stood to have a significant impact on the world economy in the … Continue reading

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Macro Forum Insights and Perspectives (Actis)

In this edition of Insights, we have focused on the world of money, with articles on the implementation of the world’s largest biometric identification project in India, the exciting and rapidly evolving world of electronic payments in the growth markets, … Continue reading

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Why the MENA Region Appears to be on Firmer Footing (Franklin Templeton Investments)

As Middle East and North Africa (MENA) economies adapt to the reality of sustained lower oil prices, Dino Kronfol, chief investment officer, Franklin Templeton Global Sukuk and MENA Fixed Income, and Bassel Khatoun, managing director and director of portfolio management, … Continue reading

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Cyril Ramaphosa’s To-do List (Aberdeen Standard Investments)

South Africa’s new President Cyril Ramaphosa has much to do. There are some short- and long-term fixes that can get the continent’s second largest economy back on track. READ MORE

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Seven Articles That You Must Read to Understand Land Expropriation (BusinessDay)

South Africa is set to amend the Constitution to allow for land expropriation without compensation. Here are seven essential reads. READ MORE

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Why Land Seizure Is Back in News in South Africa (Bloomberg)

More than two decades after white-minority rule ended in South Africa, most of its profitable farms and estates are still owned by white people, and about 95 percent of the country’s wealth is in the hands of 10 percent of … Continue reading

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Ramaphosa Takes Tax Gamble as South Africa Targets Debt (Bloomberg)

South Africa’s ruling party took a political gamble by increasing sales tax ahead of elections next year as new President Cyril Ramaphosa seeks to stabilize debt and prevent a third junk credit rating. The value-added tax rate will be raised … Continue reading

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South Africa’s Key Economic Sectors (Brand South Africa)

Among the key sectors that keep South Africa’s economic engine running are manufacturing, wholesale and retail trade, financial services, transport, mining, agriculture and tourism. READ MORE

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South Africa Sees Fresh Start for Economy, With the Same Challenges (NYT)

The A.N.C. is gaining a new opportunity after the resignation of President Jacob Zuma in the face of rampant accusations of corruption. Overall economic growth is slow. By the end of 2016, South Africa’s economy was still roughly the same … Continue reading

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South Africa: The Economic Challenge (BBC)

South Africa’s new president, Cyril Ramaphosa, will have a daunting in-tray, including a formidable economic agenda to tackle. Growth under Jacob Zuma’s leadership has been weak and unemployment is painfully high. It is one of the most unequal countries on … Continue reading

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Three Keys to a New South Africa (Project Syndicate)

After nearly a decade of Jacob Zuma’s misrule, South Africans are eager for a leader who can reverse their country’s political and economic fortunes. ANC President Cyril Ramaphosa may have the mandate to do so, but delivering change will require … Continue reading

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Egypt Insight: Four Tailwinds for Economic Growth in 2018 (Bloomberg Economic Insights)

Egypt’s economy took a battering after the revolution of 2011, with annual growth declining to 3.1% in 2011-16 from an average of 6.2% in 2005-10. But the economy should recover in 2018, helped by four tailwinds: declining inflation, lower interest … Continue reading

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3 Emerging Market Risks Companies Should Watch for in 2018 (Harvard Business Review)

Frontier Strategy Group identified three emerging market risks that are top multinational leaders should be paying more attention to this year: the election of populists in Brazil and Mexico increasing the cost of doing business conflict in the Middle East … Continue reading

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South Africa: Too Soon to Jump for Joy (BNP Paribas)

Last month’s election of Cyril Ramaphosa to lead the ruling ANC party in South Africa – an event which investors had partially, but not fully, anticipated – has led to an explosive rally in South African asset prices. The rand … Continue reading

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Will South Africa Repeat Zimbabwe’s Fatal Land Mistakes? (CapX)

Partly as a result of slow growth and partly because of growing corruption, the ANC has been losing electoral support. Its coalition partners, the Communist Party and the trade unions, are rebellious. Cyril Ramaphosa, who has recently replaced the disgraced … Continue reading

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How Africa’s Tech Generation Is Changing the Continent (NatGeo)

Inspired by Silicon Valley, young entrepreneurs are bringing life-improving innovations to sub-Saharan Africa communities. READ MORE

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Jacob Zuma Wages War on South Africa’s Institutions (FT)

Jacob Zuma has tightened his grip on the finance ministry, the state prosecutor, the public protector and the tax authorities. All of them, to one degree or other, are amenable to his preferences. Now South Africa’s president is trying to … Continue reading

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Results of MSCI 2017 Market Classification Review (MSCI)

MSCI will include China A shares in the MSCI Emerging Markets Index, consult on potential inclusion of Saudi Arabia in the Index and delays decision on the reclassification of the MSCI Argentina and Nigeria Indexes. READ MORE

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South Africa Mining Sector Faces Unrest and Other Woes (BusinessReport)

The proliferation of illegal mining incidents and community unrest are some of the problems that have increased risk in mining in South Africa according to Chamber of Mines chief negotiator Elize Strydom. READ MORE

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8 of 10 Fastest Growing Markets are Frontier Markets (Mobius Blog)

Carlos Hardenberg, senior vice president and director of frontier markets strategies at Templeton Emerging Markets Group, has pointed out that while the 10 fastest-growing economies in the world fall under the emerging markets banner, stripping out China and India means … Continue reading

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South African Pension Funds Cushion the Blow of Downgrades (BusinessReport)

Economist Mike Schussler, in a presentation at a Financial Planning Institute conference recently, said South Africa was not in as bad a position as other emerging-market countries when faced with sovereign debt downgrades, largely because of a high level of … Continue reading

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South Africa Business Confidence Hits a 9-year Low (BusinessReport)

Data released by the Rand Merchant Bank (RMB) and Bureau for Economic Research (BER) indicated that South Africa business confidence in the second quarter of this year slumped to levels last seen in 2009 largely driven down by persistent weak … Continue reading

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Nairobi Hopes Empty Malls and Tall Skyscrapers Will Fuel Economic Ambitions (Quartz)

Significant building is taking place in Kenya’s capital Nairobi, the preferred regional hub for global corporates and UN agencies including IBM, Microsoft, Google, and the United Nations Environmental Program. Construction cranes litter the skyline, finishing not only some of Africa’s … Continue reading

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Moody’s Downgrades South Africa Banks, Insurance Companies and Others (Moody’s)

South Africa’s banks and insurance companies have been downgraded in keeping with the country’s overall downgrade. Moody’s considers the banks and insurance groups’ key credit fundamentals (asset quality, capitalisation, profitability and financial flexibility) to be partly correlated with and linked … Continue reading

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2017 Global Retail Development Index (ATKearney)

The Global Retail Development Index 2017 finds that geopolitical instability and the growing power of local and regional competition in emerging markets are forcing global retailers to rethink their strategies. At the top of this year’s Global Retail Development Index … Continue reading

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EY’s Attractiveness Program Africa

Africa’s growth will improve off 2016 – the worst year for the continent in nearly 20 years: Africa’s growth will improve following 2016. Selected key economies will continue excelling. Low growth was largely driven by external factors, particularly oil prices, … Continue reading

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Africa’s Economy Worth $3 Trillion by 2030 (BusinessReport)

Africa is well on track to be a $3 trillion economy by 2030 through economies of nineteen countries that are expected to grow more than 5% in the process. READ MORE

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‘Car Manufacturers Have Lost Confidence in South Africa Economy’ (SABC)

Some analysts say General Motors’ (GM) announcement that it will stop operating in South Africa is a clear indication that the car manufacturer has lost confidence in the country’s economic outlook. READ MORE

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General Motors to Leave South Africa (Moneyweb)

General Motors (GM) plans to cease the production and sale of its vehicles in South Africa by the end of 2017. The announcement follows a string of vehicle manufacturers pulling out of South Africa over the last two years, including … Continue reading

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Downgraded Countries Were Top Emerging Market Performers in 2016 (IOL)

Feroz Basa, a joint fund manager of the Old Mutual Global Emerging Markets Fund at Old Mutual Investment Group in South Africa, has written that the recent sovereign rating downgrade makes his country the third BRICS nation to have received … Continue reading

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Nigeria’s Cash Problem: Multiple FX Rates, Wild Swings and Dollar Shortages (CNN Money)

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Emerging Market Companies & Governments Binge on US Dollar Debt (WSJ)

Emerging market companies and governments are binging on U.S. dollar debt – selling $179 billion in dollar-denominated debt in the first quarter – the most dollar debt ever raised in the first quarter and more than double the amount raised … Continue reading

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Moody’s Puts South Africa on Notice for a Downgrade

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S&P South Africa Downgrade Excerpt (Rand Daily Mail)

Standard & Poor’s Global has cut the South African government’s credit rating to “junk status” for the first time in more than 17 years following the move by President Jacob Zuma to reshuffle his Cabinet last week – including the … Continue reading

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Bloomberg’s Misery Index’s Most Miserable Emerging Markets

Bloomberg’s Misery Index, which combines countries’ 2017 inflation and unemployment outlooks, ranks Venezuela number one for the third year in a row followed by a number of usual and mostly emerging market suspects: South Africa, Argentina, Greece, Turkey, Spain, the … Continue reading

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‘Africa’s Ikea’ Steinhoff to Buy Sleepy’s Owner Mattress Firm for $2.4 Billion (WSJ)

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South Africa’s Economic and Potential Downgrade Woes (Bloomberg)

As South Africa awaits a possible S&P Global Rating downgrade to junk status (a move that would move the company’s assessment of South Africa’s creditworthiness to below investment grade for the first time in 16 years and put the country … Continue reading

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Africa’s Smaller Stock Markets Plan to Join Forces (Yahoo! Finance)

In an effort to attract more investors, West Africa’s small stock markets are looking to join forces in the West African Capital Markets Integration project to create the second-largest exchange in Africa after the Johannesburg Stock Exchange (JSE) in as … Continue reading

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Moody’s Downgrades Four African Nations

Moody’s Investors Service has slashed the credit ratings of Angola, Congo, Nigeria and Gabon on the ongoing oil price slump (Nigeria and Angola are Africa’s two biggest oil producers). The credit ratings of Nigeria and Gabon (see the respective Rating … Continue reading

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Mining Collapse Cripples Africa’s Dreams of Prosperity (WSJ)

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Africa’s Inflated Middle Class Statistics

A recent Wall Street Journal article about how the mining collapse has hit Africa’s middle class pointed out how back in 2011, the African Development Bank had crowed (in a paper entitled: “The Middle Pyramid: Dynamics of the Middle Class … Continue reading

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Investors Exit Africa for Other Frontier Markets (WSJ)

According to the Wall Street Journal, crashing commodity prices, a Chinese slowdown and a string of policy failures are forcing investors to reassess the risk of investing in Africa frontier markets where many countries have a disproportionate reliance on resources … Continue reading

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Five Emerging Markets Squeezed by Currency Pegs (Bloomberg)

According to a Bloomberg survey, individuals and businesses in five nations across central Asia, the Middle East and Africa are paying anywhere from 4% to 136% more than official exchange rates to get their hands on dollars. In the four months … Continue reading

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Corruption Scandals Weaken South Africa’s Zuma Before Elections (WSJ)

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Nigeria Is Coming Apart at the Seams (FP)

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Emerging Market Risk Ranking: Most Vulnerable to the Strongest (FT)

The beyondbrics blog notes that in the book “Cracking the Emerging Markets Enigma,” Andrew Karolyi, a professor of Emerging Market Finance at Cornell’s Johnson School, has come up with a matrix ranking 57 emerging markets and developed markets according to … Continue reading

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Mark Mobius: Biggest Risks Facing Emerging Market Funds (FE Trustnet)

Franklin Templeton’s Mark Mobius recently shared with FE Trustnet what he thinks are the biggest risks facing emerging market funds: “If there is a dramatic rise in interest rates globally that will affect all markets, including emerging markets.” “What we … Continue reading

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Naspers’ Tencent Stake Drives the MSCI South Africa Index’s Returns (KraneShares)

A recent article from KraneShares, see our summary Is Your Emerging Market Strategy Overexposed to These 3 Factors? (KraneShares), outlined three factors which, according to their thesis, should mean a poor performance for emerging markets like South Africa and specifically … Continue reading

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Frontier Market ETFs Have 72% Exposure to Oil-Dependent Countries (FT Adviser)

The MSCI Frontier Markets index outperformed the MSCI Emerging Markets index throughout 2013 and much of 2014; but since last October and as oil prices started to plummet, the former has fallen by 9.4% while the latter has risen by … Continue reading

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Russell Frontier Markets Equity Fund’s Manager Sees Neglected Gems (WSJ)

Gustavo Galindo, senior portfolio manager of the $300 million Russell Frontier Markets Equity Fund from Russell Investments, thinks the sell off in frontier market stocks is generating some opportunities to snap up beaten-down assets: “A lot of people chase performance … Continue reading

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New Fragile Five Facing a Forex Crisis: Argentina, Brazil, South Africa, Ukraine & Venezuela (Institutional Investor)

James Shinn, the Chairman of Teneo Intelligence, has written a lengthy article for Institutional Investor detailing a new set of so-called Fragile Five emerging markets that could face a foreign exchange crisis. To begin with, Shinn does a survey of global … Continue reading

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Key Findings: Credit Suisse Emerging Markets Consumer Survey

The Credit Suisse Research Institute has published its fifth annual Emerging Consumer Survey which profiles consumer sentiment and its drivers across the emerging world. The report found that a majority of the nearly 16,000 people interviewed said that now is … Continue reading

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South Africa Stocks “Expensive Within Emerging Markets” (Moneyweb.co.za)

Matthias Hoppe, senior vice president and portfolio manager at Franklin Templeton Solutions, was quoted by Moneyweb.co.za saying that due to currency and valuation concerns, the emerging market funds in their multi-asset strategy business do not have a lot of exposure … Continue reading

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Fortune Magazine: Seven Emerging Markets to Invest in Now

The February 2015 issue of Fortune Magazine has a lengthy article about emerging markets and the BRICS before suggesting that investors take a look at seven other emerging stars to invest in: Colombia, India, Indonesia, Kenya, Malaysia, Mexico and Poland … Continue reading

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YPO CEO Survey: Africa CEO Confidence at 5-year Low (YPO)

The latest YPO Global Pulse Confidence Index survey of African CEOs found that confidence among business leaders in Africa dropped to its lowest level in more than five years during the fourth quarter of 2014 as commodity prices weakened (Note: YPO … Continue reading

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Income Ideas From Emerging Markets (Institutional Investor)

Richard Titherington, the chief investment officer and head of the emerging markets equity team at J.P.Morgan Asset Management in London, has an article in Institutional Investor about where to find income opportunities in emerging markets. His most important and specific … Continue reading

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Old Mutual CEO: Low Oil Prices Won’t Stop Me Investing in Africa (CNBC)

Julian Roberts, the CEO of Old Mutual, said in a CNBC interview that Africa will see “significant” growth despite the low oil price because the later “will really boost the global economy.” However, he also observed that “there are very … Continue reading

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Psigma’s Gregory: Avoid Economies With Current Account Deficits (FE Trustnet)

Tim Gregory, the head of global equities at the wealth manager at Psigma Investment Management, is avoiding economies with a current account deficit at all costs as they will be hit by the tightening of monetary policy in the US … Continue reading

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Brutal Competition Batters Supermarket Stocks the World Over (The Guardian)

The Guardian has an excellent article summarizing the state of the global supermarket industry with detailed profiles about the often struggling or rapidly changing supermarket sector in a number of different countries. The article began by noting how just in … Continue reading

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How MSCI’s Removal of Qatar & UAE Impacts the Frontier Markets Landscape (MM)

Back in May, MSCI announced that both Qatar and United Arab Emirates, which together make up a third of the MSCI Frontier Markets index, had been upgraded from frontier market to emerging market status. The index now incorporates 24 countries … Continue reading

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Emerging Market Acronyms Like “Fragile Five” are Misleading and Unhelpful (SCMP)

Nicholas Spiro, he managing director of London-based sovereign credit risk consultancy Spiro Sovereign Strategy, has written an article appearing in the South China Morning Post to say that no other global asset class has produced more labels and acronyms for investors … Continue reading

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Best Consumer Stocks for Emerging Market Investors (Morningstar)

Morningstar has published its latest Consumer Observer research report entitled  “Investing in the Emerging Market Consumer—Why Companies with Moats are Poised for Outsized Returns,” exploring the growth potential of consumer staples companies with exposure to emerging markets. Morningstar equity analysts … Continue reading

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The State of Big Emerging Markets on One Giant Map (BI)

Deutsche Bank’s latest economic outlook presentation entitled “Fragile Equilibrium” had one map to sum up all the problems facing emerging market investors: To read the accompanied article, The State Of The Big Emerging Markets In One Giant Map, go to … Continue reading

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South Africa Falls to #56 in the Global Competitiveness Report

South Africa drifted downward to #56 from 53rd place in the World Economic Forum’s Global Competitiveness Report 2014 – 2015 with other so-called BRICS economies ranked as follows: China (28th), Russia (53rd), Brazil (57th) and India (71st). Nevertheless, only the … Continue reading

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China Still Leads the BRICs in the Global Competitiveness Report

In the World Economic Forum’s Global Competitiveness Report 2014 – 2015, China continues to lead the BRICS economies by a wide margin – coming in at 28th place between Chile and Colombia. WEF had this to say about China: The country … Continue reading

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To Succeed in Africa, a Business Must Succeed in Nigeria (Economist)

A recent Economist article noted how Nigeria’s promise has made it a test-bed for the Africa strategies of consumer-goods firms. This is not only because of its size but also because of the spread of Nigerian culture — its music … Continue reading

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Emerging Markets Election Timetable 2014 (Aberdeen)

Hargreaves Lansdown has a lengthy article about emerging market elections that included this excellent graphic apparently sourced from Aberdeen Asset Management: The article itself noted that in 2014, billions of people representing around two-fifths of the world’s population have been, … Continue reading

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Coronation Africa Frontiers Fund Manager: Stick With MNC Subsidiaries (Citywire)

Citywire has reported that Peter Leger, who runs the $620 million Coronation Africa Frontiers fund, is advising investors that investing in the subsidiaries of multinational firms is the safer way to gain exposure to frontier markets in places like Africa. … Continue reading

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2014 BCG Local Dynamos: 50 Emerging Market Consumer Companies to Watch (BCG)

The Boston Consulting Group has recently published a whitepaper (2014 BCG Local Dynamos:  How Companies in Emerging Markets Are Winning at Home) listing the following 50 emerging market consumer companies as being “local dynamos” and hence, worth watching: . Company … Continue reading

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Volkswagen Hit By Falling Emerging Market Sales (FT)

In the first six months of the year, VW group sales fell 15% in Brazil, 41% in Argentina, 8% in Russia, 9% in South Africa and 34% in India. To read the whole article, VW hit by falling sales in … Continue reading

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Improving Facebook on Android for Frontier Markets Like Africa

There’s a post on the Facebook Engineering blog by Alex Sourov about how Facebook product managers and engineers went to Africa to conduct on-the-ground testing and experimentation to examine first-hand mobile performance in frontier markets. Sourov first explained how they … Continue reading

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Emerging Markets in the East Converging With Developed Markets in the West (Create Research)

According to projections contained in the latest Create Research survey commissioned by Principal Global Investors, ongoing changes in emerging markets mean they are starting to differentiate more in terms of relative performance and increasingly converge with developed markets.  The research … Continue reading

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What Are the Next Big Emerging Markets for Wind Power? (WindPower Monthly)

Windpower Monthly recently spoke to Global Wind Energy Council (GWEC) secretary general Steve Sawyer, Actis investment principal Nicolas Navas, Gamesa marketing director Juan Diego Díaz and Nordex SE chief customer officer Lars Bondo Krogsgaard about the emerging markets that onshore … Continue reading

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“Fragile Five” Emerging Markets No Longer That “Fragile” (AP)

According to a lengthy AP article, Brazil, South Africa, India, Indonesia and Turkey, five emerging markets dubbed the “Fragile Five” by analysts at Morgan Stanley, are no longer so fragile because some of these countries have taken steps to strengthen … Continue reading

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Nigeria, Argentina and Vietnam Top the Frontier Markets Sentiment Index (WSJ)

The Frontier Markets Sentiment Index, created for the Wall Street Journal by Washington DC-based advisory firm Frontier Strategy Group, tracks the level of interest shown by major European and American multinational companies in countries across the frontier markets world with … Continue reading

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South African Gold Mines “Would Not Weather Strike” (BusinessDay)

BusinessDay has reported that the South Africa Chamber of Mines has warned if the Association of Mineworkers and Construction Union (Amcu) won the right to strike in the gold sector,  it would devastate producers. The implications of a protracted work stoppage … Continue reading

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ECB Rate Cut Will Likely Send Return Hungry Investors to South Africa (BusinessDay)

A European Central Bank (ECB) rate cut will likely lure return hungry investors to South Africa because the JSE’s reputation for having well run companies who pay consistent dividends and have demonstrated good earnings growth for years will put it in … Continue reading

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China’s Gung-ho Foray Into Africa Gets a Reality Check (Bloomberg)

Bloomberg is reporting that when it comes to investing in Africa, the Chinese are becoming a bit more cautious (China Swaps Gusto for Rigor as It Learns From Africa). Specifically, Libya gave China its biggest wakeup call, when the 2011 … Continue reading

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Are Frontier Markets a Viable Alternative to Underperforming Emerging Markets? (PA)

With emerging markets in the doldrums, an article in Professional Adviser (PA Portfolio: Are frontier markets a viable alternative to underperforming EMs?) asked three experts whether frontier markets offer a better place for adventurous investors to invest in. The experts included: … Continue reading

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The Emerging Market Sand Trap: Financial Reports, Currency & Other Risks (Epoch Times)

Warren Song, a New York-based financial consultant, has written a lengthy piece for the Epoch Times about how investing in emerging markets can be a sand trap for investors. Song first noted that in the stock markets of many developing … Continue reading

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How Big is Africa’s Car Market? (African Executive)

The African Executive has a lengthy article (Africa’s Automotive Market: Barriers to Growth) about the African car market with data released by the International Organization of Motor Vehicle Manufacturers showing that new passenger car sales on the continent (excluding used … Continue reading

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Mining’s Iron Grip on the South African Economy (Reuters)

South Africa’s economy, for all its sophistication and market liquidity, is still typical of Africa with a heavy exposure to natural resources according to a lengthy analysis by Reuters (Mining retains iron grip on South African economy). Mining only accounts … Continue reading

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Fundsmith Unveils an Investment Trust Targeting Emerging Market Consumers (FT)

London based Fundsmith’s fund manager Terry Smith is launching the Fundsmith Emerging Markets Trust which is expected to have the London stock market symbol “Feet” and will invest in a portfolio of between 35 to 55 companies that are either … Continue reading

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Election Results in Some Fragile Five Emerging Markets Calm Investors (Reuters)

Reuters has a lengthy article noting that elections in the so-called Fragile Five emerging markets, Brazil, India, Indonesia, Turkey and South Africa, had topped investors’ list of political worries for 2014. These emerging markets were deemed fragile because of their … Continue reading

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Mark Mobius: Nigeria is a Positive Emerging Markets Play (WSJ)

Despite concerns over extremism in parts of Nigeria, Mark Mobius, the Templeton Emerging Markets Group Executive Chairman, says the kidnapping of the Nigerian schoolgirls by the Boko Haram group is “becoming a global issue so there is tremendous pressure on … Continue reading

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Mark Mobius’s Emerging Markets Outlook (WSJ)

Emerging market investing legend Mark Mobius, who is the Templeton Emerging Markets Group Executive Chairman, has recently sat down with the Wall Street Journal to give his emerging markets outlook. In the interview, he discussed the current geopolitical landscape and his … Continue reading

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Lira and Rand Among the Latest “Hot” Emerging Market Currency Bets (WSJ)

Citigroup’s emerging market team recently met in London with more than 25 investors to discuss their favorite bets with the “most crowded trade” being long positions concentrated on the Turkish lira and on buying the lira against the South African … Continue reading

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Nigeria’s Forte Oil Plc and EcoBank Transnational Inc (ETI) Added to MSCI’s Frontier Market Index (AllAfrica.com)

Forte Oil Plc, one of Nigeria’s foremost energy groups, and EcoBank Transnational Incorporated (ETI), one of Africa’s leading financial institutions, have been included in the MSCI’s Frontier Market Index. The inclusion of Nigeria stocks into the index means that investment inflows … Continue reading

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Life of Nigeria’s 1%: $50M Jets; $250K Parties in London; Ermenegildo Zegna, Hugo Boss & Porsche Boutiques (NT)

The Nigerian Tribune has a lengthy article describing the life of the Nigerian elite in Lagos, noting: Lagos’s billionaires and multimillionaires spend up to $50 million on long-range jets, and Nigeria has one of the fastest-growing markets for private aircraft … Continue reading

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China Plans $3.8 billion Rail Link Between Kenya’s Mombasa and Nairobi (AFP)

Nairobi (AFP) – China on Sunday signed a deal to build a $3.8 billion rail link between Kenya’s Indian Ocean port of Mombasa and Nairobi, the first stage of a line that will eventually link Uganda, Rwanda, Burundi and South … Continue reading

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