The Editorial Team |

Kenya’s Biggest Source of Foreign Currency Hit by Coronavirus

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…

Moderna Prices Its $1.3 Billion Share Sale to Fund Virus Vaccine

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NEW YORK(Capital Markets in Africa) — Moderna Inc. plans to raise as much as $1.3 billion through a sale of shares to fund the manufacturing of a coronavirus vaccine seen as one of the frontrunners in the race for immunization against the widening pandemic. The U.S. biotechnology firm will sell 17.6 million shares priced at $76 apiece, according to a statement Tuesday. The price represents a 5% discount to Monday’s closing price. Morgan Stanley is…

World Bank Urges Swifter Private Debt Relief for Poorest Nations

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LAGOS (Capital Markets in Africa) — The World Bank urged private creditors and the world’s poorest nations to accelerate debt relief talks to help mobilize resources to fight the coronavirus pandemic. The Group of 20 largest economies agreed in April to suspend about $20 billion in debt servicing payments for 73 nations, more than half of them in Africa. The group has called on private creditors to do the same, but efforts have been delayed…

Zambia Seeks Restructuring After ‘Over-Ambition’ on Debt

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LUSAKA (Capital Markets in Africa) — Zambia is seeking to restructure its debt after years of “over-ambition” in borrowing to plug an infrastructure deficit, Finance Minister Bwalya Ng’andu said. The southern African nation has stopped taking on new commercial debt and is seeking to cancel some loans that it’s contracted but not yet received, he said in an interview with the state broadcaster on Sunday. Zambia also aims to restructure loans already disbursed as the…

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