The Editorial Team |

Biden Immigration Agenda Takes Shape as Lawmakers Unveil Bill

NEW YORK (Capital Markets in Africa) — President Joe Biden’s proposed immigration overhaul will be introduced in Congress on Thursday, kicking off what will likely be one of his most difficult legislative challenges. The legislation, known as the U.S. Citizenship Act of 2021, hews closely to the outline that Biden sent to Congress on his first day in office. The proposal includes an eight-year path to citizenship for most of the roughly 11 million immigrants…

Africa’s Largest Economy Unexpectedly Exits Recession

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LAGOS (Capital Markets in Africa) — Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as restrictions to curb the spread of the coronavirus were eased. The Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a…

Nigeria Approves AstraZeneca Vaccines for Emergency Use

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LAGOS (Capital Markets in Africa) — Nigerian regulators approved a coronavirus vaccine that was developed by AstraZeneca Plc and the University of Oxford for emergency use in the West African nation. “The Serum Institute of India Ltd. on Feb. 10 submitted a dossier on the Covishield vaccine, which it is producing under license from AstraZeneca, and it was found to be safe and well-tolerated in adults above 18 years of age, the National Agency for…

African Nations Are Already Hiking Rates With More to Come

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LAGOS (Capital Markets in Africa) — Inflationary pressures and currency weakness could force central banks in some key African economies to tighten monetary policy, even as the slow rollout of coronavirus vaccines and new mutations of the disease poses risks to economic growth. Mozambique and Zambia became the first two countries in the world to raise their benchmark interest rates this year, and Zimbabwe did the same on Thursday. Three of sub-Saharan Africa’s biggest economies…

South Africa Seeks to Protect Freight Rail From Extreme Weather

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JOHANNESBURG (Bloomberg) — South Africa’s ports and rail operator, Transnet SOC Ltd., is taking steps to counter adverse weather conditions that have increasingly been interrupting deliveries. Transnet’s freight-rail unit was forced to slow iron ore and manganese deliveries last month because of damage caused by tropical cyclone Eloise, the company said in a statement. Heavy rains scoured away soil at the base of the rail tracks, leading to derailments and line closures, it said. “Increased…

South Africa Wary of Sputnik, CanSino Shots Because of HIV Risk

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JOHANNESBURG (Capital Markets in Africa) — Russia’s Sputnik V vaccine, CanSino Biologics Inc.’s shot, and other Covid-19 immunizations relying on a cold virus that’s backfired in the past should show they don’t make people more vulnerable to HIV infection before gaining approval in South Africa, the head of a local vaccine company said. Sputnik V, CanSino’s injection, and another vaccine in development from ImmunitiBio Inc. use a harmless cold germ called adenovirus type-5 to carry…

Zambia Bonds Rally as Barclays Sees Holders Taking 20% Haircut

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LUSAKA (Capital Markets in Africa) — Zambia’s Eurobonds surged to their highest since March, when the government signaled it would restructure external debts, after Barclays Plc economists predicted holders might face losses much smaller than reflected in market pricing. The southern African nation’s $1 billion in notes due 2024 advanced as much as 2.2% to 58 cents on the dollar, extending their gains this month to 8.8%. Zambia became the first African defaulter of the…

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