The Editorial Team |

Fed’s Barkin Says ‘Profound’ Disinflation to Check Price Gains

LAGOS (Capital Markets in Africa) — A “disinflationary” mindset has taken hold among U.S. businesses and consumers that will be hard to dislodge despite stronger economic growth this year, said Federal Reserve Bank of Richmond President Thomas Barkin. “There are disinflationary pressures that are quite profound and seem to be continuing,” Barkin told an online event Monday hosted by the Maryland Bankers Association. “As long as you’ve got those disinflationary headwinds, it’s just going to…

Biden’s Trade Chief Tasked With Reset After Trump Tariff Chaos

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LAGOS (Capital Markets in Africa) — Weeks before the White House said it would keep tariffs in place on more than $350 billion in Chinese goods, Katherine Tai previewed the bad news to a group of U.S. business leaders. Tai, who is President Joe Biden’s pick for U.S. Trade Representative, told executives at a private meeting hosted by the Business Roundtable last month that lobbying for the duties to be removed wouldn’t work, according to people familiar with…

Billionaire Sawiris Backs $4.7 Billion Signature Takeover

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CAIRO (Capital Markets in Africa) — Egyptian billionaire Nassef Sawiris agreed to accept a sweetened $4.7 billion takeover offer for Signature Aviation Plc, a step toward ending the fight for control of the private-jet company. NNS, the investment vehicle of Sawiris, is set to sell its 7.42% stake to a bidding consortium led by Blackstone Group Inc. and Global Infrastructure Partners, according to a statement Monday that confirmed an earlier Bloomberg News report. Sawiris is Signature’s third-biggest…

Algeria Replaces Oil Minister as Discontent Over Economy Grows

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ALGIER (Capital Markets in Africa) — Algeria replaced its energy minister as part of a cabinet reshuffle that President Abdelmajid Tebboune pledged to restore calm as discontent over the OPEC member’s economic plight grows. Mohamed Arkab will succeed Abdelmajid Attar, who became energy minister in mid-2020. Tebboune also named Mohamed Bacha as industry minister, according to a statement from the presidency. The change comes days after Tebboune decided to dissolve parliament and free dozens of members of the…

Gabon to Meet Bond Payments While Considering Options on Debt

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GABON (Capital Markets in Africa) — Gabon is finalizing a plan to reorganize its debt as the effects of the coronavirus and last year’s crude-price slump weigh on the oil-reliant economy. The central African government “has been working for some time with advisers handling its operations on financial markets,” Economy Minister Nicole Roboty Mbou said in an emailed response to questions. Until then, it will “continue to honor its commitments in spite of the impact…

South Africa Court Postpones Ex-President Zuma’s Trial to May 17

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JOHANNESBURG (Capital Markets in Africa) — Former South African President Jacob Zuma’s trial on corruption, money laundering, and racketeering charges that date back to the 1990s will begin on May 17, after the courts rejected his repeated applications to have the case dismissed. The case against the 78-year-old resumed briefly in the High Court in the eastern town of Pietermaritzburg on Tuesday, where the trial date was set. A successful conviction would be a boon…

Bank Dividend Reprieve Comes With Warning in South Africa

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LAGOS (Capital Markets in Africa) — South Africa’s banking regulator eased guidance to lenders that they shouldn’t pay dividends and executive bonuses — though warned that protecting cash reserves must still take priority amid ongoing uncertainty from the Covid-19 pandemic. Where boards approve such payouts, they should be “prudent and commensurate with the assessment of current conditions and potential future uncertainty,” Prudential Authority Chief Executive Officer Kuben Naidoo said in a note to the industry. Banks should also…

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