Imara Holdings Ltd., which manages about $368 million in assets in 14 African countries, will lose derivatives traders Garth Mackenzie and Andrew Todd today as they move to trading their own capital from home.
Kumba Iron Ore Ltd. , a unit of Anglo American Plc, demanded that ArcelorMittal South Africa Ltd. pay for ore before it’s delivered because the steelmaker rejected options it put forward to resolve a dispute over supply.
South African stocks fell to the lowest since March 23, led by BHP Billiton Ltd. , the world’s largest mining company, as copper retreated and as Greece’s rating was cut, curbing demand for emerging-market assets.
South Africa’s FTSE/JSE Africa All Share Index fell 997.76, or 3.6 percent, to 26,515.07, retreating 10 percent from this year’s high of 29,565.10 on April 15, the threshold for a so-called correction. The measure declined 7.4 percent this week, the biggest weekly slump since Dec. 5, 2008.