The Editorial Team |

Ethiopia Sees Airline Key to Hedging Economy With Exports

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…

Johnson Seeks Path to U.K. Revival as Poll Ratings Slip Away

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LONDON (Capital Markets in Africa) — Boris Johnson is finalizing plans to ease the U.K.’s lockdown and rebuild the economy as he seeks to stop the hemorrhaging of support for his government’s response to the coronavirus crisis. The prime minister will brief cabinet ministers Tuesday on the next stage of lifting restrictions and use a speech later this month to accelerate increased spending on roads, hospitals, and research, his office said. Three opinion polls at…

Trump Faces More Defections by Republicans as Colin Powell Bolts

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New York (Capital Markets in Africa) — Colin Powell on Sunday became the latest notable Republican or former military leader to express concern about President Donald Trump, saying he’ll vote for Joe Biden in November instead. The former secretary of State said that by threatening last week to use active-duty U.S. troops against protesters, Trump showed he has “drifted away” from the U.S. Constitution. “He is now the candidate, and I’ll be voting for him,”…

Fed to Stay Full Throttle With Credit Support Despite Debt Rally

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NEW YORK (Capital Markets in Africa) — The Federal Reserve may have stoked one of the strongest corporate debt market rallies in decades, but it’s too soon to declare an all-clear for credit with the economy facing a potentially rocky road ahead. Sure, U.S. investment-grade borrowing costs have retreated to near all-time lows, and companies have sold $1 trillion of bonds at the fastest pace on record — evidence that merely announcing a plan to pump liquidity…

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