The Editorial Team |

U.K. Announces Law to Protect Key Assets From Foreign Buyers (2)

LAGOS (Capital Markets in Africa) — The U.K. plans sweeping powers to intervene in foreign takeovers of British assets deemed a threat to national security. A draft law to be published Wednesday would expand the range of transactions open to government intervention, the Department for Business, Energy and Industrial Strategy said. There will be scope for fines and retroactive interventions in deals that complete after the bill’s publication — a potentially controversial provision that critics…

Quants With $1 Trillion Poised to Buy Stocks as Volatility Falls

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LAGOS (Capital Markets in Africa) — With the biggest event risk in recent memory over, Wall Street is quietly confident that systematic funds that take their cues from market swings are set to spend billions of dollars, fueling this stock rally. For this $1 trillion cohort, it all hinges on stable prices, a relative rarity during this rocky year. But lately, equities are sending the right signals. Realized volatility is starting to come down in…

Pompeo Talks of New Trump Term, Playing to False-Claim Furor

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New York(Bloomberg) — Secretary of State Michael Pompeo said Tuesday there will be a “smooth transition to a second Trump administration,” a remark which may have been in jest but throws fuel on the president’s unsubstantiated claims that the Nov. 3 election was fraudulent. “The world should have every confidence” that the Jan. 20 transitions will be successful, Pompeo said from the State Department podium in response to a reporter’s question about Joe Biden’s electoral…

Biden Brushes Off Trump’s Long-Shot Effort to Undermine Election

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LAGOS (Capital Markets in Africa) — President-elect Joe Biden shrugged off Donald Trump’s effort to challenge the election results, forging ahead with transition planning even as the president pursues a multi-state legal fight backed by Republican allies and the Justice Department. Trump’s campaign on Tuesday said it would file a federal lawsuit in Michigan that seeks to stop the state’s top election official from certifying Biden’s win. The campaign filed a similar suit in Pennsylvania…

Nigeria Exempts Dangote, 2 Other Firms From Border Closure (3)

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LAGOS (Capital Markets in Africa) — Nigeria has allowed Dangote Cement to resume exports across its land borders, raising hopes that Africa’s most populous nation may be opening up trade with neighbors after a year-long blockade. President Muhammadu Buhari’s administration gave permission for Africa’s biggest cement producer to export to Niger and Togo in the third quarter for the first time in ten months, Michel Puchercos, chief executive officer, said on an investor call Monday. The exemption…

EU Funds Biometric Tech Used for Returning African Migrants

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LAGOS (Capital Markets in Africa) — A European Union development fund has financed biometric identity systems in Senegal and Ivory Coast, in some cases aimed at identifying undocumented citizens living in Europe and to organize their return, according to a report by Privacy International. The system in Ivory Coast in part aims to “facilitate the identification of people genuinely of Ivorian nationality and to organize their return more easily,” one document says. In a letter to…

Zambia Nears Default With Bondholders Set to Refuse Relief

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HARARE (Capital Markets in Africa) — A key bondholder group is set to reject Zambia’s request for an interest-payment holiday, putting the country on course to become the first African sovereign defaulter since the onset of the coronavirus pandemic. There is consensus among the so-called Zambia External Bondholder Committee to refuse the proposal, with a voting deadline of Wednesday ahead of Friday’s meeting with creditors, according to two people with direct knowledge of the matter who asked…

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