The Editorial Team |

Jumia Expands in Online Africa Food Delivery in Quest for Profit

LAGOS (Capital Markets in Africa) — Jumia Technologies AG is expanding in online food delivery as the pioneering Africa e-commerce business looks to grow beyond its main market of trading phones and electronics. Food makes up 20% of overall transactions on the platform and is growing quickly, co-Chief Executive Officer Sacha Poignonnec said in an interview. The company is expanding the service into Egypt, where there is a gap in the market following the exit of Uber…

Comment: Can equities tolerate higher bond yields?

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LONDON (Capital Markets in Africa) – The spike in yields of late has sent shivers through stock markets, which recently reached all-time highs and whose valuations are seen as stretched. But this rise in yields, if contained, isn’t necessarily bad news for stocks. Rather, it suggests to us that the rotation into reflation-driven cyclical stocks may have legs. The inflation influence Global bond yields have been trending higher for some time, but the pace of…

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

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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…

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