The Editorial Team |

Africa to Fall Behind World Growth as Region Faces Slow Recovery

LAGOS (Capital ) — Sub-Saharan African economies face a slow recovery from the coronavirus pandemic and the region’s economic growth will fall behind the rest of the world next year, according to the International Monetary Fund. Gross domestic product in the region is projected to expand 3.1% next year, compared with a forecast of 5.2% for the world economy. This partly reflects sub-Saharan Africa’s relatively limited space for fiscal expansion, the Washington-based lender said in…

Zambia’s Missed Eurobond Payment Prompts Default Call by S&P

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HARARE (Capital Markets in Africa) — S&P Global Ratings Services cut its assessment of Zambia’s debt to selective default after the southern African nation said it couldn’t meet payments and skipped a coupon on its Eurobonds last week. The action is the latest blow to Africa’s second-biggest copper producer, which is trying to convince bondholders to give it a six-month interest-payment holiday while it drafts debt-restructuring plans. The rating company, which didn’t wait for a…

Finance Job Vacancies in London Plummet 54% Year-on-Year

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LONDON(Capital Markets in Africa) — Job vacancies in London’s finance industry slumped 54% in the third quarter compared to 2019 as uncertainty around coronavirus, Brexit and bank profits discouraged hiring. City firms were advertising 3,810 roles in the three months through September, according to data from recruitment firm Morgan McKinley published Monday. While this is a fraction of the opportunities available in previous years, the total has risen from 2,490 three months earlier, when the U.K. was…

U.K. Prepared to Rewrite Lawbreaking Brexit Bill to Get EU Deal

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LONDON(Capital Markets in Africa) — British officials are prepared to water down Boris Johnson’s controversial lawbreaking Brexit legislation in a move that could revive failing talks with the European Union, according to people familiar with the matter. The pound rose. Negotiations over the two sides’ future relationship have stalled, with the prime minister announcing on Friday that he will focus on preparations to leave the EU’s single market and customs union at the year-end without a trade…

U.S. Bank Climate Disclosures Seen as Too Narrow to Reflect Risk

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NEW YORK(Capital Markets in Africa) — U.S. banks are taking too narrow of an approach when disclosing their exposure to climate risk and are potentially underestimating possible losses, according to a report released Monday. Bank disclosures tend to focus on direct loans to the fossil-fuel sector or the electricity industry, but their exposure is much broader, Ceres, a non-profit organization focused on sustainability, said in its report. More than half of banks’ syndicated-lending portfolios carry…

Amazon Fake Reviews Reach Holiday Season Levels During Pandemic

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NEW YORK(Capital Markets in Africa) — Fake reviews on Amazon.com Inc. during the pandemic have reached levels typically seen during the holiday shopping season. About 42% of 720 million Amazon reviews assessed by the monitoring service Fakespot Inc. from March through September were unreliable, up from about 36% for the same period last year. The rise in fake reviews corresponded with the stampede online of millions of virus-avoiding shoppers. “We’ve only seen those kinds of numbers in…

Countdown to Election Tests Emerging-Market Bulls’ Resilience

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LAGOS (Capital Markets in Africa) — This month’s emerging-market rally is showing signs of faltering as investors refrain from placing big bets in the final two weeks of the U.S. election campaign. Even as Democrat Joe Biden has widened his lead over President Donald Trump in recent polls, a Bank of America Corp. survey showed global fund managers expect the outcome to be contested and are ready for extreme market turbulence. While growing odds that Democrats will…

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