The Editorial Team |

Global Bank Crackdown Seen as Failing to Curb Suspect Flows

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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…

Kenya Airways CEO Seeks $500 Million From State to Survive Virus

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) — Kenya Airways Plc needs at least $500 million to ride out the coronavirus crisis after first-half revenue plunged almost 50%, Chief Executive Officer Allan Kilavuka said in an interview. The carrier, which is 49% state owned, must also be fully nationalized alongside Kenya Airports Authority, which runs the Nairobi hub, under a holding structure similar to that of regional leader Ethiopian Airlines Group, he said. “If we don’t restructure the airline,…

South African Government to Help Fund National Airline’s Rescue

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) — South Africa’s government will provide initial funding to cover certain restructuring costs for the country’s insolvent airline, said Minister of Public Enterprises Pravin Gordhan. South African Airways needs about 10.5 billion rand ($650 million) to restart. Funding is needed for workers’ severance packages, to pay creditors and cover operational costs, the minister said in response to questions from Bloomberg News. “The money issue from the government side will be…

Chad Asks to Suspend Payments on Glencore Oil-Backed Loan

Posted on by The Editorial Team

CHAD (Capital Markets in Africa) — Chad asked Glencore Plc to suspend payments on its oil-for-cash loan this year, a move that could prove a precedent for private creditors worried about being dragged into a global debt-relief push for poor countries. After securing a $61 million debt waiver in June, sponsored by the Group of 20, the central African nation sent a letter to the world’s biggest commodity trader and other private lenders, asking them…

« 1 … 151 152 153 154 155 … 1,078 »