The Editorial Team |

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

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…

Nedbank Targets 2021 Dividends With Hopes for Profit Boost

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LAGOS(Capital Markets in Africa) — Nedbank Group Ltd. expects to resume dividends this year after joining rival Absa Group Ltd. in scrapping payouts for 2020, with the South African bank likely to enjoy a profit boost this year. The Johannesburg-based lender also set a target to improve return on equity in the medium term to levels better than the 15% achieved in 2019 and sees earnings growth of more than 20% in the first half…

Tanzania’s Next Leader to Face Predecessor’s Covid Denialism

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DAR ES SALAAM (Capital Markets in Africa) — Tanzania’s response to the coronavirus will be one of the key issues facing the successor to deceased President John Magufuli, whose unorthodox response to the disease ilicited international consternation. Under Tanzania’s constitution, 61-year-old Vice President Samia Suluhu Hassan is set to take over from Magufuli and serve out his term, which was due to end in 2025. Magufuli, who died on Wednesday, dominated policymaking in the southeast…

John Magufuli, Tanzanian Leader Who Denied Covid, Dies at 61

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DAR ES SALAM (Capital Markets in Africa) — Tanzanian President John Magufuli, who drew widespread criticism for his denialism of the coronavirus pandemic, has died only five months after he won a second term in a disputed election. He was 61. “We have lost our courageous leader, President John Magufuli, who has died from a heart illness,” Vice President Samia Suluhu Hassan said on state television on Wednesday. Magufuli fell ill on March 14 and had been…

Nigeria Getting a Combat Drones Made in China to Battle Boko Haram

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LAGOS (Capital Markets in Africa) — A dozen years into its fight with the Islamic insurgent group Boko Haram, Nigeria is getting some new weapons: a pair of Wing Loong II drones from China. The deal is one of a growing number of sales by state-owned Aviation Industry Corp. of China (AVIC), which has exported scores of the aircraft. The United Arab Emirates has used AVIC drones in Libya’s civil war, Egypt has attacked rebels…

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