The Editorial Team |

Two Women Advance to Final Round of WTO Leadership Race

LAGOS (Capital Markets in Africa) — World Trade Organization members selected two final candidates — Nigeria’s Ngozi Okonjo-Iweala and South Korea’s Yoo Myung-hee– to advance to the final round in the race to lead the Geneva-based trade body, according to people familiar with the matter. By advancing two women to the final round of the selection process, the WTO will likely have the first female director-general in its 25-year history. Okonjo-Iweala served two stints as…

Nigeria Lawmakers Approve Plan to Borrow $11 Billion in 2021

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LAGOS (Capital Markets in Africa) — Nigerian lawmakers have approved a plan to borrow as much as 4.28 trillion naira ($11 billion) from both domestic and foreign debt markets to support its expenditure in 2021. The National Assembly gave the go-ahead on Wednesday after debating the government’s medium-term expenditure plan covering the next three years. President Muhammadu Buhari is scheduled to present the 2021 budget proposals before lawmakers on Thursday. The spending plan provides for an estimated…

How Computer Blunder Hit the UK’s Test And Trace System

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LONDON (Capital Markets in Africa) — Ministers have blamed technical blunders after almost 16,000 confirmed coronavirus cases became lost in their various aged computer systems. The fiasco occurred when an Excel spreadsheet, used in outdated software being employed by Public Health England (PHE), was unable to cope with high numbers of cases. As a result – and as infection numbers soared – thousands of positive cases were automatically thrown off the database when they should have been…

Goldman Eyes $14 Billion for Its Largest Fund Since 2008 Crisis

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LAGOS (Capital Markets in Africa) — Goldman Sachs Group Inc. boosted the size of a new credit fund to $14 billion in what is shaping up to be one of the largest debut investment vehicles ever raised. The bank, which set out with a target of $5 billion to $10 billion, is now expecting to finish fundraising with a $14 billion war chest to pour into companies in need of fresh liquidity. A Goldman representative…

Trump Return Trailed by Doubts on Recovery, White House Outbreak

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New York (Capital Markets in Africa) — President Donald Trump’s return from three days of hospital treatment for Covid-19 left unanswered questions about his condition and doubts about his willingness to abide by constraints needed to keep a virus outbreak at the White House from worsening. Ahead of Trump’s release on Monday evening, his physician, Sean Conley, said that while the president was fit enough to go home, he “may not be entirely out of the…

South African Funds See No Imminent Threat of Prescribed Assets

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JOHANNESBURG (Capital Markets in Africa) — South Africa’s government is unlikely to force retirement funds to plow money into specific companies or projects, an industry body of fund managers and insurers said. Of the economic plans under discussion to revive South Africa’s economy, none are calling for prescribed assets to be used as a solution, the Association for Savings and Investments South Africa Chief Executive Officer Leon Camphersaid in an emailed statement. The African National Congress…

Zambia Leader Tells Central Bank Chief to Stabilize Currency

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HARARE (Capital Markets in Africa) — Zambian President Edgar Lungu told his new central bank chief to stabilize Africa’s worst-performing currency as the southern African nation tries to convince private creditors to provide debt relief. Lungu urged Governor Christopher Mvunga at a swearing-in ceremony on Tuesday to “redouble efforts” and work with the Finance Ministry to achieve stability in the kwacha, according to a speech emailed by the presidency. Lawmakers confirmed Mvunga’s appointment on Oct. 1. The…

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