The Editorial Team |

Biden Urges Amazon Workers to Vote in Alabama Unionization Drive

NEW YORK (Capital Markets in Africa) — President Joe Biden is voicing support for organizing efforts at an Amazon.com Inc. warehouse in Alabama, saying workers should be able to make their own choice about whether to join a union, free from pressure and threats from the company. “Let me be really clear: It’s not up to me to decide whether anyone should join a union. But let me be even more clear: It’s not up to an employer to…

Trump Teases Possible 2024 Run In Speech Recalling 2016 Themes

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LAGOS (Capital Markets in Africa) — Former President Donald Trump stopped a hair short of declaring himself a candidate for 2024 on Sunday, but told a conference of conservative supporters he’s already laying the groundwork for a third presidential campaign. Bookending a 90-minute campaign-style speech with not-so-subtle hints of his future plans, Trump reassured the Conservative Political Action Conference that he had no plans to go away or to start a third party. Trump’s central…

Nigerian Central Bank Governor Suggests Naira Has Been Devalued

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LAGOS (Capital Markets in Africa) — Nigeria’s central bank governor suggested the nation’s currency has been devalued. Addressing bankers at a summit on the economy in Lagos on Friday, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. That’s 7.6% weaker than the rate of 379 published on the central bank’s website. “In order to adjust for the decrease in the supply of foreign exchange, the naira depreciated at the official…

Bitcoin’s Long-Term Value Doubted Due to ESG, Tighter Rules

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LAGOS (Capital Markets in Africa) — Bitcoin is nursing losses after its worst weekly plunge in almost a year and on one view its longer-term outlook could be even worse because of environmental concerns and tightening regulations. The sheer amount of energy needed to mine Bitcoin and the prospect that governments will create more obstacles for the largest cryptocurrency point to the token losing “most of its value over time,” BCA Research Inc. said. The expense and slowness of…

Business Leaders Sound Unfamiliar Note in Zimbabwe: Optimism

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HARARE (Capital Markets in Africa) — Business executives are sounding decidedly upbeat in Zimbabwe, a sea change from the pessimism they’ve expressed through two decades of economic mismanagement and institutional decay. The southern African nation is reaping the benefits of a commodities boom and good summer rains that are bolstering farm output. A series of reforms spearheaded by Finance Minister Mthuli Ncube is also starting to bear fruit, with the economic-growth outlook improving markedly and…

Troublesome Trio in Emerging Markets Face Yield Spike Scare

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LAGOS (Capital Markets in Africa) — Eight years ago, when the taper tantrum roiled emerging markets, the so-called Fragile Five of Turkey, Brazil, South Africa, India and Indonesia suffered the most. Another spike in U.S. Treasury yields is threatening to wreak havoc on at least three of those nations. The Turkish lira, Brazilian real, and South African rand led major global declines last week in the worst developing-nation currency selloff since late September. Those exchange…

Ramaphosa Eases South African Virus Curbs as New Cases Abate

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JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa eased coronavirus restrictions as the rate of new infections dropped, scrapping most limits on alcohol sales, shortening a night-time curfew, and permitting larger public gatherings. The move to virus alert level 1, from level 3, comes a year after the first Covid-19 case was detected in the country, and will remove most remaining shackles on the struggling economy, Ramaphosa said in a televised address to the…

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