The Editorial Team |

Why the Mutated Coronavirus Variants Are So Worrisome: QuickTake

LAGOS (Capital Markets in Africa) — Viruses mutate all the time, including the novel coronavirus that’s caused the global Covid-19 pandemic. Most of the changes have no apparent effect. But recent variants that have emerged in the U.K., South Africa, and Brazil are causing particular concern. Studies suggest they are more contagious, and some evidence points to the U.K. strain being more deadly. An increase in infections has led to a surge in hospitalizations and…

How Vaccine Nationalism Flares Over Scarce Supplies

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LAGOS (Capital Markets in Africa): Early agreements to purchase Covid-19 vaccines are beginning to pay off for the likes of Britain, the U.S., and Canada, but much of the world is waiting. Tempers are flaring over scarce supplies of the shots, with the European Union set to tighten rules on the export of vaccines in a move that risks a global protectionist battle between countries. And although there are ambitious efforts to ensure that the…

Nigeria Central Bank to Start Commodity Exchange in 90 Days

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LAGOS(Capital Markets in Africa) — The Central Bank of Nigeria plans to obtain all the necessary approvals required to start the operations of a proposed commodities exchange within the next 90 days, Governor Godwin Emefiele said on Thursday. “In the next 90 days we should be able to really begin the first launch and this will involve approvals on repositioning, restructuring, setting up bureaus, board structures, board committees, governance committees,” Emefiele said at a briefing…

Nigeria Seen Devaluing Naira by as Much as 10% in 2021: Survey

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LAGOS(Capital Markets in Africa) — Nigeria’s central bank will probably devalue the naira by as much as 10% this year amid a lingering dollar shortage in Africa’s top oil producer, according to a Bloomberg survey of investors and analysts. Of the 17 survey participants, eight forecasts a devaluation of between 5% and 10% this year. Five saw a devaluation of more than 10% and the remaining four predicted a markdown of as much as 5%….

Novavax Soars After Upbeat Results From Covid Vaccine Trial

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JOHANNESBURG (Capital Markets in Africa) — A new Covid-19 vaccine from Novavax Inc. was effective in big trials in the U.K. and South Africa, though its protective power appeared to be reduced in South Africa, where a worrisome mutation is prevalent. The results indicated that another highly potent vaccine could soon be available to help ameliorate the pandemic, in addition to existing vaccines from Pfizer Inc., Moderna Inc., and AstraZeneca Plc that are authorized in…

Shell Is Back in Court for Nigeria Oil Spills Liability Ruling

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LAGOS (Capital Markets in Africa) — Royal Dutch Shell Plc faces the latest ruling in a long-running legal dispute with Nigerian farmers who say the energy giant is responsible for oil leaks that have polluted their villages. The case is the first in which a company and its foreign subsidiary have been tried in the Netherlands for allegedly breaching duty of care abroad, and it could have far-reaching implications for future suits brought against oil…

Libor Marks ‘Important Day’ With Partial Fix for Derivative Risk

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LAGOS (Capital Markets in Africa) — Untangling the vast global derivatives industry from Libor just got a bit easier. The London interbank offered rate is hardwired into swaps and other contracts worth hundreds of trillions of dollars, but it’s slated to disappear in the not-too-distant future. If the move to replacement rates doesn’t go smoothly, that could cause major discord in markets. A fix that takes effect Monday eases that risk for a large swath of the…

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