The Editorial Team |

Nedbank Targets 2021 Dividends With Hopes for Profit Boost

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…

Bonuses Are Targeted in U.K. Crackdown on Audit Scandals

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LAGOS (Capital Markets in Africa) — Top executives at companies hit by accounting scandals could lose their bonuses under U.K. proposals for beefed-up regulation after a wave of corporate collapses including Carillion Plc and travel firm Thomas Cook Group Plc. The government proposed creating a new regulator with the power to wield a range of sanctions, including reprimands, fines, and even temporary bans from directorships, signaling it’s serious about cracking down on questionable accounting practices….

Bank of England Passes On Opportunity to Confront a Surge in Bond Yields

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LONDON (Capital Markets in Africa) — The Bank of England vowed not to withdraw support to the economy until there’s clear evidence of a recovery in the U.K. but sidestepped an opportunity to calm a surge in market interest rates. The central bank’s Monetary Policy Committee made no change to its target for asset purchases of 895 billion pounds ($1.2 trillion) and maintained the weekly pace of its stimulus program. While that was widely expected,…

Bonds Plunge, Stocks Undo Gains on Inflation Risk: Markets Wrap

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LAGOS (Capital Markets in Africa) — Inflation concerns are rattling investors worldwide once again, fueling a selloff in bonds and sending U.S. stocks down from record highs. Ten-year Treasury yields climbed above 1.75% for the first time since January 2020, while the 30-year breached 2.5% for the first time since August 2019. The Nasdaq 100 Index, a benchmark for high-valuation stocks that are sensitive to rising yields, sank, with Apple Inc., Microsoft Corp. and Tesla…

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