The Editorial Team |

Universal Music Plans Africa Expansion to Tap Streaming Growth

LAGOS (Capital Markets in Africa) — Universal Music Group Inc. is bolstering its presence in Africa, where streaming and other forms of music distribution are relatively underdeveloped. The firm, majority-owned by Vivendi SA, plans to build up operations in countries including Nigeria, Ghana and Kenya in 2021, according to the company’s newly appointed regional chief executive officer, Sipho Dlamini. Universal also has an office in Ivory Coast to oversee French-speaking countries, alongside a base in…

Pfizer Has Offered South Africa Discounted Covid-19 Vaccines

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JOHANNESBURG (Capital Markets in Africa) — Pfizer Inc. and BioNTech SE offered to supply South Africa with their Covid-19 vaccine at a discounted $10 a dose, yet the president’s office still described the cost as prohibitive, according to a person familiar with the talks. The price was worked out according to South Africa’s status as a middle-income nation and is about half of what the drugmakers are charging in the U.S., the person said, asking not…

South African Insurers May Fund Vaccines for Broader Population

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JOHANNESBURG (Capital Markets in Africa) — South African medical insurance companies, business organizations, and the government are developing a program in which the private sector will help fund Covid-19 vaccines for people not covered by insurance. Legislation has been amended to allow the companies to fund shots for people who don’t have medical insurance and talks are now focused on the number of those who may benefit, said Stavros Nicolaou, head of the Health Workgroup for B4SA,…

‘Biden Republican’ Districts Show GOP a Path to Blue-State Wins

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NEW YORK(Capital Markets in Africa) — Republicans won four House races in California in congressional districts carried at the presidential level by Joe Biden, according to a Bloomberg Government analysis of precinct-level results. The split-ticket victories last month, which have become relatively rare in recent elections, allowed the GOP to claw back some of its sharp losses from 2018. Three of the seats were held by a Democrat, and the fourth Republicans first won in…

U.S. to Loan World Bank $1 Billion to Clear Sudan Debt (Correct)

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SUDAN (Capital Markets in Africa) — The U.S. will give a $1 billion bridge loan to the World Bank to help clear Sudan’s arrears with the institution, opening the door to much-needed funding for the economically ravaged African country, Sudan’s finance ministry said. The move is due “in the coming days” and will lead to Sudan regaining access to the World Bank’s International Development Association, the ministry said in statements to Bloomberg. The comments come…

Morocco Holds Rates Again as It Awaits Economic Revival

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CASABLANCA (Capital Markets in Africa) — Morocco held its benchmark interest rate at an all-time low of 1.5%, awaiting signs the economy is recovering from the pandemic. The move by the central bank Tuesday was expected after the North African nation signaled it may dial back a recent borrowing spree, freeing up liquidity in the domestic debt market and blunting the need for an immediate cut. It’s the second consecutive hold after a record easing…

Yield Jump Risks Sale Spree for Nigerian Firms Lapping Up Funds

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LAGOS (Capital Markets in Africa) — Rising yields in Nigeria may curb companies’ enthusiasm for issuing short-term debt after a year of record sales. An increase in government borrowing costs may hit a funding source that’s allowed companies in Africa’s biggest oil producer to boost working capital and refinance costly loans amid an economic downturn. The yield on naira-denominated 1-year Treasury bills rose to 3.2% last week in anticipation that monetary-policy stimulus has approached its limits. That’s…

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