The Editorial Team |

Trump Return Trailed by Doubts on Recovery, White House Outbreak

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…

South Africa Told to Look to Ethiopia to Rescue Its Airline

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JOHANNESBURG (Capital Markets in Africa) — South Africa should act to preserve its insolvent national airline and seek to partner the carrier with Ethiopian Airlines Group, according to a study commissioned for the ruling-party lawmakers. The assessment, seen by Bloomberg, was prepared by African Aviation Services Ltd. and dated Oct. 4. It was presented to a group of African National Congress lawmakers on Monday, according to an ANC official who asked not to be identified because the…

Nigeria to Start Central Clearing of Derivatives From Next Year

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LAGOS (Capital Markets in Africa) — The Nigerian Stock Exchange will start clearing and settlement of exchange-traded derivative products in the second quarter of next year as it seeks to deepen the financial market of Africa’s biggest crude producer. The Lagos-based bourse has obtained approval in principle from the Securities and Exchange Commission to operate NG Clearing Ltd., a central counterparty clearing house, it said in an emailed response to questions on Tuesday. The company…

U.K. at ‘Critical Point’ in Virus Surge With London at Risk

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LONDON (Capital Markets in Africa) — Britain is at a “critical point” in the coronavirus pandemic, Prime Minister Boris Johnson will be told on Monday, as concern mounts that a second lockdown may be needed to stop the renewed spread of the disease. Chief Medical Officer Chris Whitty plans to sound the alert, saying U.K. data are heading in the “wrong direction,” according to a preview of remarks prepared for a public briefing. The warning comes amid…

Global Bank Crackdown Seen as Failing to Curb Suspect Flows

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LAGOS (Cap[ital Markets in Africa) — A wave of hefty fines against major banks in the past decade spurred an explosion in the number of transactions that lenders flag as suspect to the U.S. government. It’s not clear all the scrutiny is making a difference. Banks moved money for people or entities they couldn’t identify, and in many cases failed to file the required suspicious activity reports until years afterward, according to an investigation released over the…

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