The Editorial Team |

Boris Johnson Distances Himself from Race Report After Backlash

LONDON (Capital Markets in Africa) — Prime Minister Boris Johnson sought to distance himself from a report into U.K racial inequalities that drew an angry backlash after suggesting the history of slavery could be taught from a different perspective than one of only pain and suffering. “There are some interesting things in it, I’m not going to say we agree with every word, but we’re going to be responding in due course,” Johnson told reporters…

Biden $2.25 Trillion Jobs Plan Squeezed By All Sides in Congress

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NEW YORK (Capital Markets in Africa) — President Joe Biden laid out what he called a “bold” plan to rebuild U.S. infrastructure, but now needs an equally ambitious effort to wrangle it through Congress in the face of Republican opposition and criticism from within his Democratic Party. Biden, in a speech Wednesday in Pittsburgh, invoked the great public investments of the past — the transcontinental railroad, the interstate highway system and the space program —…

NIGERIA INSIGHT: Recovery Continues, But Economy Remains Fragile

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LAGOS (Capital Markets in Africa) — Nigeria has managed to get the virus under control, for now at least, enabling the government to lift most lockdown restrictions. This, together with easing OPEC production cuts, has supported a gradual pick-up in output. The recovery, however, remains fragile, with uncertainty around the vaccine rollout and ongoing foreign exchange restrictions posing downside risks. We now expect the economy to rebound 2.4% this year, with GDP growth expanding by…

Nigeria Lender Sees More Naira Devaluation Boosting Profits

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LAGOS (Capital Bloomberg) — A widening gap between the spot and forward rates of the naira signals further devaluation of the currency, an official of Nigerian lender FCMB Group Plc said at an investor call. The bank is projecting a boost in profits due to a weaker naira in 2021 as it did in the previous year when foreign currency earnings rose more than two-fold to 10 billion naira ($24.5 million) from 3.5 billion naira,…

There’s a Trillion Dollar Invasions Threat to the Global Economy

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NEW YORK (Capital Markets in Africa) — Invasive species have got a lot of damage to answer for over the last 50 years — roughly in the order of $1 trillion. Now, scientists are warning there’s even more to come. From ruining crop yields to wreaking havoc on human health, invasive species have been responsible for an array of global maladies over the past half century that have cost the world $1.28 trillion, researchers said…

Egypt May Seek $1 Billion in Damages for Suez Canal Crisis

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CAIRO (Capital Markets in Africa) — Egypt said it may seek around $1 billion in compensation after a giant container vessel blocked the Suez Canal for almost a week and roiled shipping markets. The figure is a rough estimate of losses linked to transit fees, damage to the waterway during the dredging and salvage efforts, and the cost of equipment and labor, the Suez Canal Authority’s chief executive officer, Osama Rabie, said late Wednesday to…

Bailout Terms Delay Debt Deal for Defaulted South African Bank

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JOHANNESBURG (Bloomberg) — South Africa’s largest lender to farmers has delayed a debt restructuring deal with creditors because of conditions attached to a government bailout, forcing it to repay what it owes to Standard Chartered Plc. Land & Agricultural Development Bank said on Wednesday that a March 31 deadline to reach an agreement won’t be met. The government’s 7 billion rand ($474 million) commitment required “a material change” to previous versions of plans to deliver on…

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