The Editorial Team |

Egypt’s Business Activity Crashes as Gulf Downturns Persist

CAIRO (Capital Markets in Africa) — Business conditions in the Arab world’s three largest economies deteriorated further last month amid shutdowns from the coronavirus and a plunge in commodity prices. Non-oil private sector activity collapsed at an unprecedented pace in Egypt and suffered another record setback in the United Arab Emirates, according to Purchasing Managers’ Index surveys compiled by IHS Markit. Business conditions in Saudi Arabia also remained below the threshold of 50 that separates…

Tanzania Suspends Medical Chief After Leader Queries Virus Data

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DAR ES SALAAM (Capital Markets in Africa) — Tanzania suspended the head of the national medical laboratory, a day after President John Magufuli questioned its coronavirus case figures and said the outbreak isn’t as bad as reported. The removal of Nyambura Moremi, director of the National Health Laboratory Quality Assurance and Training Centre, comes amid mounting criticism of Magufuli’s response to the pandemic. The 60-year-old leader has refused to impose a lockdown and allowed churches…

South Africa’s Handling of Virus Exposes Divisions in Government

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JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa has won praise for his response to the coronavirus outbreak. Now, he’s risking a public backlash after members of his cabinet reversed some of his measures and made racially charged statements. South Africa identified its first case of the virus on March 5 and imposed a stringent lockdown three weeks later, shutting schools and businesses and confining everyone but essential workers to their homes….

Nigeria’s Buhari Calls for Debt Pardon by Multilateral Lenders

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LAGOS (Capital Markets in Africa) — Nigerian President Muhammadu Buhari urged international financial institutions to cancel the debt obligations of member states to help them withstand the fallout of the coronavirus pandemic. In a meeting with other heads of state from the Non-Aligned Movement, Buhari urged official lenders to help cushion the pandemic fallout with “outright debt cancellation,” according to a statement sent by his office. Nearly half of Nigeria’s outstanding external debt is with…

African Executives Urge Rethink of Free-Trade Pact Delay

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LAGOS (Capital Markets in Africa) – The delayed implementation of an African free-trade agreement is a missed opportunity as the pact offers “probably the best form of stimulus” for the continent to overcome the impact of the coronavirus pandemic, according to an enterprise that liaises between business and the African Union. “We, unfortunately, don’t have the ability to play with quantitative easing and the exercise of printing money,” Paulo Gomes, the vice president of the…

Investors Spell Out Hurdles to Achieving Global Debt Relief Plan

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LAGOS (Capital Markets in Africa) — Private creditors have articulated the problems that will have to be overcome if a plan to ease the debt burden of the world’s poorest nations as they counter the coronavirus pandemic is to get their support. Legal and financial limitations will probably force investors to waive debt payments case by case, the Washington-based Institute of International Finance said in a letter to the leaders of the International Monetary Fund, the World…

Dettol Flies Off Shelves; Chemicals Feel the Heat: Earnings Wrap

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LAGOS (Capital Markets in Africa) — The second busy week of Europe’s earnings season is highlighting the haves and have-nots of the pandemic, with some industries struggling to reach suppliers and others busier than before as they navigate through the crisis. Reckitt Benckiser Group Plc, the maker of Lysol and Dettol, posted its strongest start to a year in recent memory as hygiene-conscious customers loaded up on cleaning supplies. U.K. retailer J Sainsbury Plc said grocery sales…

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