The Editorial Team |

Time to be Small -Rupert Thompson, Chief Investment Officer at Kingswood

LONDON (Capital Markets in Africa) – Equity markets recovered some of their mojo last week. Global equities gained 2.0%-2.5% in sterling and local currency terms respectively and are now only 0.5%-1.0% below their mid-February peak. In the US, a number of equity indices have touched new all-time highs in recent days. The S&P 500, which is the benchmark generally used by professional investors and measures the performance of the largest 500 stocks, inched above its…

The US Fed’s latest policy decision and ECB’s bond purchasing program

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Commenting on the US Fed’s latest policy decision, Toby Sturgeon, Global Head of Fiduciary Investment Services at ZEDRA, said: “Federal Reserve Chair Jerome Powell retained a dovish stance during the central bank’s latest policy decision. He reiterated that they would be carefully looking ahead to ensure there was tangible evidence the U.S. economy has fully recovered. Policymakers don’t anticipate an increase in interest rates at least until 2023. The S&P 500 rose to a record high and…

Ghana’s Long Fiscal Consolidation Plan Has Slippage Risk

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ACCRA (Capital Markets in Africa) – The slow pace of the consolidation path outlined by Ghana’s 2021 budget statement, presented on 12 March, and by the accompanying medium-term fiscal framework leaves Ghana exposed to a heavy debt-service burden and risks of fiscal slippage, says Fitch Ratings. The path is supported by new revenue measures and the gradual implementation of expenditure cuts. We indicated that our assessment of the medium-term trajectory of public debt would be…

Yields Have a Long Way to Go Before They Sting Yellen’s Treasury

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LAGOS (Capital Markets in Africa) — As rising government bond yields stir up angst on financial markets, one person who sounds unfazed is U.S. Treasury Secretary Janet Yellen. Her own go-to measure of debt costs is headed in the opposite direction. Interest payments on the national debt fell last year, to $345 billion or 1.6% of gross domestic product. They’re on track to shrink further in 2021 — even after all the pandemic spending, plus a debt-market…

CEOs Become Vaccine Activists as Back-to-Office Push Grows

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LAGOS (Capital Markets in Africa) — Some chief executive officers are so eager for their employees to get vaccinated against Covid-19 that they’re granting workers time off or cash incentives to get shots. In the U.S., retailer Lidl is giving its staff $200, while Aldi, Dollar General Corp.and Trader Joe’s Co. are offering extra hours of pay. Online grocery delivery firm Instacart Inc. is providing a $25 stipend for workers and contractors. Yogurt makers Chobani LLC and Danone SA are offering as much as six hours of…

Goldman Pandemic Loans Spur Scrutiny From Senate’s Brown, Warren

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LAGOS (Capital Markets in Africa) — The Senate Banking Committee is questioning whether Goldman Sachs Group Inc. paid dividends at the expense of lending to businesses and households during the pandemic as lawmakers take a broad look at the support big banks offered clients to get through the economic slump. Committee Chairman Sherrod Brown and fellow Democrat Elizabeth Warren sent Goldman Chief Executive Officer David Solomon a letter late last week, asking how its banking…

What’s India’s Beef With Bitcoin, Really?: Andy Mukherjee

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LAGOS (Capital Markets in Africa) — Contradictory statements and media leaks are making it impossible to get a handle on India’s soon-to-be-unveiled cryptocurrency policy. The uncertainty is throwing young blockchain firms and programmers into a paroxysm of anxiety: Should they leave or stay? If they hang back, should they do something else with their lives? On Sunday, the global crypto industry heaved a sigh of relief when Finance Minister Nirmala Sitharaman categorically ruled out a…

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