The Editorial Team |

Trump’s Scorn for Climate Change Meets Courts Saying It Matters

NEW YORK (Capital Markets in Africa) — The Trump administration has expressed little concern over climate change as it pursues its goal of American dominance in the energy market. Federal judges say it should be concerned. At least six times since President Donald Trump took office, courts have rebuked the Interior Department for selling drilling rights or advancing oil projects without adequately considering the consequences to a warming planet. The decisions have jeopardized high-stakes oil…

Barclays Tells Rich Clients to Buy U.S. Stocks, Shun EM

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LAGOS (Capital Markets in Africa) — Emerging-market stocks may be recovering, but cash-rich investors would be better off avoiding the risks that still abound in developing nations. Barclays Plc is telling its high net-worth clients in emerging markets to invest in U.S. equities instead, despite the S&P 500’s breakneck rally. Countries from India to Brazil and Russia have become the epicenter of the coronavirus pandemic, with their economies grinding to a halt and governments struggling to provide…

Who Will Lead the WTO and Help It Avoid Collapse?: QuickTake

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LAGOS (Capital Markets in Africa) — The campaign to lead the World Trade Organization during the most turbulent period of its 25-year existence has officially begun. Playing out against the backdrop of a pandemic, a worldwide recession, the U.S.-China battle for trade supremacy and the American presidential election, there couldn’t be more at stake. But Brazilian Director-General Roberto Azevedo’s decision to step down at the end of August, a year before his term ends, also…

Ethiopia Sees Airline Key to Hedging Economy With Exports

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ADDIS ABABA (Capital Markets in Africa) — Ethiopia is looking to its national carrier to help it navigate economic shocks from the coronavirus pandemic at a time when airlines across the world are approaching governments for bailouts. The Horn of Africa country has relied on the Ethiopian Airlines’ network, connecting Africa to the Middle East, Asia, Europe and North America, to increase its exports by 13% to $2.4 billion in 10 months, according to Prime Minister Abiy…

Steinhoff Pays for PwC to Help South African Police Graft Probe

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JOHANNESBURG (Capital Markets in Africa) — Steinhoff International Holdings NV is paying for forensic auditors at PwC to help South African anti-corruption police investigate alleged financial wrongdoing that brought the retailer to the brink of collapse. While PwC completed its own more than the 3,000-page probe on behalf of Steinhoff last year, legal authorities have shown little sign of progress in identifying those responsible for transactions that caused Steinhoff to report accounting regularities in late…

Most Ambitious African Program to Halt Virus Is Floundering

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LAGOS (Capital Markets in Africa) — Africa’s biggest program to halt the coronavirus is being thwarted by a global shortage of tests and a lack of capacity to process those that have been administered. South Africa in March unveiled plans to test 30,000 people a day, only weeks after the first infection was diagnosed. Today, with more than 940,000 tests completed and 12 million people screened, its program is by far the most comprehensive on…

U.K. Kicks Off Quarantine That Will Further Slam Airlines

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LONDON (Capital Markets in Africa) — The U.K. is pressing ahead with a two-week quarantine on international arrivals, a move British Airways and other carriers say will devastate tourism and wreck any chance the summer holiday season could spark a recovery from a virus-induced slump. BA, along with EasyJet Plc and Ryanair Holdings Plc, has threatened to sue the government over the policy, which takes effect Monday, saying the restrictions will be ineffective at curtailing…

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