The Editorial Team |

Gatwick Cutbacks Mount With Virgin Atlantic the Latest to Flee

LONDON (Capital Markets in Africa) — The coronavirus is muddying the outlook for London’s second-biggest airport. Richard Branson’s Virgin Atlantic Airways Ltd. became the latest carrier to back away from London Gatwick, saying Tuesday it will shutter its operation at least temporarily to focus on the much larger Heathrow. With arch-rival, British Airways reportedly looking to do the same, and Gatwick’s third-largest tenant, Norwegian Air Shuttle ASA, retrenching to survive the winter, the south London hub is…

China Ambassador to U.S. Urges End to ‘Blame Game’ Over Pandemic

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LAGOS (Capital Markets in Africa) — China’s ambassador to Washington called for an end to the “blame game” over the coronavirus, in the country’s most high-profile response since U.S. President Donald Trump escalated his criticism of Beijing. Ambassador Cui Tiankai said in a column published in the Washington Post that allegations blaming China for the outbreak’s spread risked “decoupling” the world’s two largest economies. Increased suspicions also threatened to hurt U.S.-China cooperation to fight the disease and restart the…

Oil Rally Runs Out of Steam After Prices Doubled Over Five Days

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LAGOS (Capital Markets in Africa) — Oil’s rally ran out of steam — after prices doubled over five days — as optimism that output cuts are easing the supply glut was balanced by trepidation over what promises to be a long and uncertain recovery. Futures in New York fell toward $24 a barrel after swinging between gains and losses in Asian trading. Diamondback Energy Inc. and Parsley Energy Inc. became the latest U.S. drillers to…

South African Bonds Back in Favor, Defying Index Exclusion

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JOHANNESBURG (Capital Markets in Africa) — Investors are piling back into South African bonds, shrugging off two credit downgrades, a yawning budget deficit and ejection from an index tracked by trillions of dollars of funds. Bonds coming due in 2026 have clawed back all their losses for the year, while yields on 10-year securities have dropped back into single digits for the first time since March as the government attracted record bids at a weekly debt…

Warlord-Linked Sudanese Firm Hands Over Gold Mines to Government

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SUDAN (Capital Markets in Africa) — A company linked to Sudan’s most powerful militia leader is surrendering a network of mines that at one stage produced a third of the nation’s gold, as his group battles accusations of corruption and brutality. Mining ministry officials are assessing the value of the area in the Jebel Amer region of North Darfur that’s been held since 2016 by Al Gunade, a construction and trading firm owned by members…

Nigerian Bank FCMB to Restructure Half Its Loans on Oil, Virus

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LAGOS (Capital Markets in Africa) — FCMB Group Plc plans to restructure half of its loans after plunging oil prices, the coronavirus lockdown and a naira devaluation hindered the ability of the Nigerian bank’s clients to repay their debt. Credit facilities across industries ranging from oil and gas to small- and medium-sized enterprises will be reorganized, the Lagos-based lender said in a presentation on Tuesday. New terms will include a six-to 12-month moratorium on principal…

Morgan Stanley-Backed Fund to Buy Virus-Hit S. African Firms (1)

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JOHANNESBURG (Capital Markets in Africa) — Capitalworks Investment Partners Pty Ltd. plans to invest 5 billion rand ($270 million) of newly raised cash in mid-sized South African companies hit by a shrinking local economy and the coronavirus pandemic. The firm raised 25% more than planned for its Private Equity Fund III from Morgan Stanley’s Alternative Investments Partners unit, institutional investors and wealthy families, Capitalworks founder Chad Smart said. The Johannesburg-based company is seeking businesses with enterprise values from 250…

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