The Editorial Team |

‘Crusader’s Nightmare’ or Not, Virus Threatens African Security

LAGOS (Capital Markets in Africa) — To hear jihadist militants tell it, the coronavirus is an opportunity not to be missed. With governments worldwide focused on the crisis, Islamist groups insist the time is ripe for increased attacks, and they say their followers are getting the message, especially in fragile African countries. Islamic State has dubbed the outbreak “the crusader’s worst nightmare,” urging adherents to take up arms. The leader of Nigeria’s Boko Haram terrorist…

Absa Warning Casts Doubt on S. African Banks’ 2020 Dividends

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JOHANNESBURG (Capital Markets in Africa) — Absa Group’s warning that it may scrap its dividend for 2020 is unlikely to be the last from South African banks hard hit by the fallout from the coronavirus pandemic. “Banks won’t have certainty on their capital and liquidity positions until later in the year,” Nolwandle Mthombeni, an analyst at Mergence Investment Managers in Cape Town, said by phone. “So they might take a prudent approach.” While South Africa’s four…

South Africa’s Development Bank Seeks Loans to Plug Funding Gap

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JOHANNESBURG (Capital Markets in Africa) — Development Bank of Southern Africa is in talks with multilateral lenders and commercial banks to help plug a funding gap as disruptions in debt capital markets hinder its ability to sell bonds. The bank needs the extra financing to keep disbursing loans as demand jumps from countries trying to cope with the fallout from the coronavirus pandemic, DBSA Chief Executive Officer Patrick Dlamini said on a video call. Potential lenders include…

Kenya’s Biggest Source of Foreign Currency Hit by Coronavirus

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NAIROBI (Capital Markets in Africa) — Kenya’s biggest source of foreign currency slumped last month, with the central bank indicating that shocks caused by the coronavirus will have a greater impact on the economy for the rest of this year. Kenyans living outside the country sent home $208 million in April, about 9% less than they did in March, according to data from the central bank. It expects those so-called remittance payments to fall as…

U.S. Treasury Pressure Leads to New Probe of African Bank Chief

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ABIDJAN (Capital Markets in Africa) — The African Development Bank’s board decided the lender should order a new independent probe of its president, Akinwumi Adesina, after U.S. Treasury Secretary Steven Mnuchin rejected an internal investigation that cleared him of allegations of favoritism, according to two people familiar with the board’s deliberations on the matter. Africa’s largest multilateral lender agreed to the inquiry after several foreign governments backed the Treasury’s criticism of a bank-led examination into…

Trump Threatens to Exit WHO, Leaving Xi to Lead Virus Fight

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NEW YORK (Capital Markets in Africa) — U.S. President Donald Trump threatened to withdraw altogether from the World Health Organization, a move that would leave Chinese leader Xi Jinping as the most prominent voice leading the global fight against the pandemic. In a four-page letter detailing his grievances with the WHO, Trump called on the group to “demonstrate independence from China,” renewing a complaint that led him in April to temporarily suspend U.S. funding. He…

Buffett Cuts Crisis-Era Bet on Goldman When Faced With New Slump

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NEW YORK (Capital Markets in Africa) — Warren Buffett was willing to stand by Goldman Sachs Group Inc.’s side during the last economic crisis, at least for the right price. Now, he’s bailing out just as the pandemic throws the U.S. economy onto uncertain terrain. Berkshire Hathaway Inc. sold 84% of its Goldman Sachs stock in the first quarter, marking a reversal for an investor who generally holds large stakes in the banking sector. It…

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