The Editorial Team |

Pence Tells Governors to Protect Citizens However They Can

NEW YORK (Capital Markets in Africa) — Vice President Mike Pence told U.S. governors Monday that the administration would back them on any measures to contain the coronavirus pandemic as 13 states reached an alarming rate of positive tests. On a conference call, Pence said those states have rates of higher than 10%, according to a person who listened to the private session and requested anonymity to discuss it. The vice president has consistently argued…

Navigating Nigeria’s Foreign-Exchange Maze to Fair Value

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LAGOS (Capital Markets in Africa) — Nigeria, under pressure from multilateral lenders, has vowed to untangle its Byzantine foreign-exchange regime that deters investment in Africa’s biggest economy. But the slow pace of change signals the path to a single rate that could be long and confusing for investors. The collapse of oil prices in March forced the central bank to take the first step, adjusting its official currency peg against the dollar to 360 naira…

What to Watch in Commodities: Goldman, OPEC+, Copper, Rio, China

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LAGOS (Capital Markets in Africa) — Commodity investors may witness a powerful split-screen moment this week as U.S. earnings season throws a spotlight on companies’ pandemic-driven pain just as China announces its mammoth economy has returned to growth. And with a keen watch on both of those conflicting trends, OPEC and its allies may announce plans to start tapering historic output cuts. Among corporates reporting are top banks including Goldman Sachs Group Inc., whose commodities unit…

Ugandan Banks to Cut Loan Rates After Governor Threatens Action

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KAMPALA (Capital Markets in Africa) — Ugandan lender pledged to reduce the cost of borrowing after the central bank threatened to set pricing in line with the lowest benchmark interest rate recorded. Commercial banks “heeded the governor’s call” and will review interest rates downwards within 30 days, the Uganda Bankers’ Association said in a statement on its website. Bank of Uganda said it considered determining rates if lenders didn’t reduce loan prices to reflect the…

Zimbabwean Bankers Want Some Pay in Dollars as Inflation Soars

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HARARE (Capital Markets in Africa) — Bankers in Zimbabwe are demanding that part of their salaries be paid in dollars to cushion themselves against soaring inflation and a depreciating currency. Workers are asking that their pay be based on what they were earning in 2018, Shepard Ngandu, assistant secretary-general of the Zimbabwe Banks and Allied Workers’ Union, said by phone on Monday. Receiving pay in the local currency is of no value because of the…

FirstRand Eyes One-Stop Banking Shop in Ghana After GHL Deal

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ACCRA (Capital Markets in Africa) — FirstRand Ltd. plans to replicate its South African business, where it is a leader in car and home finance, in Ghana following the takeover of the West African nation’s biggest mortgage provider. First National Bank Ghana Ltd. will also expand GHL Bank Ltd.’s offerings to include insurance, personal loans, and investment products, said Dominic Adu, the chief executive officer of the combined entity. Until the deal in May, FirstRand…

Eskom Breaks Winter Prediction on South African Power Cuts

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JOHANNESBURG (Capital Markets in Africa ) — South Africa’s state-owned power utility has reneged on its prediction that there would be only three days of electricity rationing during the nation’s winter season. Eskom Holdings SOC Ltd. implemented the nationwide rotational power cuts for a fourth straight day on Monday to replenish emergency generation reserves needed during the week, the utility said on Twitter. Pump-storage plants and turbines that burn costly diesel are used to meet peak…

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