The Editorial Team |

Tanzania’s First Female Leader Sworn In With Authority in Doubt

DAR ES SALAM (Capital Markets in Africa) — Samia Suluhu Hassan was sworn in as Tanzania’s president two days after the death of incumbent John Magufuli, and now faces the arduous task of securing political control of the East African nation. Hassan, 61, took the oath of office at a ceremony in the commercial hub of Dar es Salaam on Friday. She succeeded Magufuli under a constitutional provision that the president’s deputy will serve out…

Johnson Backs Amnesty for Well-Behaved Illegal Migrants in U.K.

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LODDON (Capital Markets in Africa) — Boris Johnson led Britain out of the European Union on a wave of public anger with high levels of immigration. Now he says he’s open to the idea of an amnesty for migrants who move to the U.K. illegally. “When people have been here for a very long time and haven’t fallen foul of the law, then it makes sense to try to regularize their status,” Johnson told a…

Jerome Powell’s Fed Wants the Bond Market to Hear Three Messages

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NEW YORK (Capital Markets in Africa) — Jerome Powell has a goal that is bigger than the bond market’s near-term inflation concern. In perhaps his most forthright press conference since taking the helm of the central bank three years ago, the Federal Reserve chair this week laid out three critical messages for investors who have been propelling bond yields higher on the bet inflation would eventually force his Fed to tighten monetary policy faster than…

House Flippers in the U.S. Are Awash in Cash After Record Year

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NEW YORK (Capital Markets in Africa) — There are few easier ways to make a quick buck in America today than flipping houses. The real-estate market is red hot, profits on flips are at a record high — some $66,000 on average per home — and throngs of HGTV-inspired wannabes have been piling into the business for months. And now, America’s financiers are too. There are more than 60 banks and other firms financing flippers…

Fed to End Covid-19 Capital Break It Gave Wall Street Banks

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NEW YORK(Capital Markets in Africa) — The Federal Reserve will let a significant capital break for big banks expire at month’s end, denying frenzied requests from Wall Street that it extend the relief to mitigate any impacts to the financial system and the $21 trillion Treasury market. The reprieve that was granted last April — a response to coronavirus that allowed lenders to load up on Treasuries and deposits without setting aside capital to protect…

Eni and Shell Acquitted of Nigeria Bribery Charges in Milan

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LAGOS (Capital Markets in Africa) — Eni SpA, Royal Dutch Shell Plc and several of their current and former executives were acquitted of corruption charges related to a Nigerian oil deal by a court in Milan. The verdict ends a three-year legal saga that loomed large over the tenure of Eni Chief Executive Officer Claudio Descalzi, who was among those found not guilty on Wednesday. Italian prosecutors had sought an eight-year jail term for him. Several…

World’s Top Real Rate Is Just Right for Egypt: Decision Guide

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CAIRO (Capital Markets in Africa) — Spiking U.S. Treasury yields and a rise in global commodity prices mean Egypt is likely to leave the world’s highest real interest rate unchanged on Thursday. With investors fleeing riskier assets, Egypt’s focus will likely be on retaining the competitive edge that’s driven foreign investment in its debt to a record high. All 12 economists surveyed by Bloomberg predict the central bank’s Monetary Policy Committee will hold its benchmark deposit rate…

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