The Editorial Team |

South Africa Told to Look to Ethiopia to Rescue Its Airline

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…

Trump Celebrates TikTok Deal That Falls Short of Key Demands

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LAGOS (Capital Markets in Africa) — The TikTok video-sharing app was already under U.S. scrutiny when users pranked President Donald Trump’s campaign by pretending to reserve thousands of tickets to a June re-election rally in Oklahoma. For Trump administration hardliners who wanted a tougher stance toward Beijing and viewed the Chinese-owned app as a national security threat, it was the perfect moment to pounce. The president, furious over the Covid-19 pandemic and embarrassed by empty seats…

Rate Cut ‘Meaningless’ as Virus Frustrates Record Morocco Easing

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CASABLACA (Capital Markets in Africa) — The economic disruptions caused by the spread of the coronavirus are exposing the limits of monetary policy in Morocco, with inflation staying below zero even after the central bank’s biggest interest-rate cut in history. An easing cycle that started in March has done little to get the $119 billion economies back on track just as other defenses are proving inadequate and virus cases surge. Reducing the benchmark from a…

Nigeria Counts on Gas to Ease Pangs of Fuel Subsidy Cuts

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LAGOS (Capital Markets in Africa) — Nigeria is counting on gas-powered vehicles to help it reduce reliance on gasoline and improve its climate credentials while easing the pangs of ending decades of an expensive fuel-subsidy regime. Energy prices have shot up sharply after the government ended subsidies and the country’s labor unions are threatening a general strike on Sept. 28. After a 60% loss of revenues due to the plunge in oil prices, President Muhammadu…

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