The Editorial Team |

Unlocking a new age of African trade, Britain’s post-Brexit opportunity

LONDON (Capital Markets in Africa) – New research from Crown Agents Bank has found that there is a strong appetite from UK companies to step up their presence in Africa, with 69% of those surveyed planning to expand their footprint in the continent following Brexit. The bank, which is a UK regulated provider of wholesale FX and cross-border payment services, asked 200 decision makers from businesses that trade in frontier markets about their perceptions around…

Amazon Union Vote Ends as Both Sides Brace for Contentious Count

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LAGOS (Capital Markets in Africa) — The historic union election at an Amazon.com Inc. fulfillment center in Alabama concludes on Monday, setting in motion a vote count that organizers expect will be contentious and take a few days. As many as 5,800 workers at the facility in Bessemer were eligible to vote to join the Retail Wholesale and Department Store Union. The hard-fought mail-in election that began seven weeks ago attracted national attention — President Joe…

Deliveroo Shaves $1.3 Billion Off Valuation as Investors Revolt

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LONDON (Capital Markets in Africa) — Food-delivery startup Deliveroo Holdings Plc cut the upper valuation target in its London initial public offering by about 950 million pounds ($1.3 billion), after some institutional investors balked at the company’s treatment of riders. Deliveroo set new guidance of 3.90 pounds to 4.10 pounds a share, according to deal terms seen by Bloomberg. The company initially marketed the offering at 3.90 pounds to 4.60 pounds, valuing it at as…

Biden to Reveal Major Spending Plan With Political Battle Ahead

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NEW YORK(Bloomberg) — President Joe Biden this week will reveal the scope and ambition of his plans to expand and reorient the U.S. government, setting the stage for a bitter fight on Capitol Hill that could define his presidency. Biden will unveil the framework for a major infrastructure-and-jobs program on Wednesday in Pittsburgh, and later in the week offer the first glimpse of his 2022 budget — which promises to redirect federal funds to areas…

J&J Agrees to Supply Up to 400 Million Vaccines to African Union

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LAGOS (Capital Markets in Africa) — Johnson & Johnson agreed to supply as many as 400 million Covid-19 vaccines to the African Union through the end of next year, delivering a boost to a continent trailing most of the world in the race to inoculate against the disease. The U.S. drugmaker can make available as many as 220 million doses of its single-shot candidate to the AU’s 55 member states starting in the third quarter…

Bitcoin and the Planet: A look at energy consumption

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LONDON (Capital Markets in Africa) – There was some snark thrown around in February when Elon Musk’s Tesla announced its purchase of $1.5 billion of bitcoin out of their corporate treasury. Musk has been outspoken on the role of fossil fuels in causing climate change. The businesses which Musk leads are explicitly tackling this challenge. To cite the company’s website: “Tesla’s mission is to accelerate the world’s transition to sustainable energy”. Not long after this…

Biden Budgets Challenge Agency That Kept Predicting Deficit Doom

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NEW YORK (Capital Markets in Africa) — President Joe Biden’s administration appears relaxed about running large budget deficits, but for one government agency that’s usually been a cue to start sounding alarms. The nonpartisan Congressional Budget Office –- whose job is to evaluate how new legislation will affect the public finances — finds itself in a tough spot as Biden prepares to announce an economic package worth as much as $3 trillion, on top of his $1.9…

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