The Editorial Team |

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

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…

FDA Moving at ‘Lightning Speed’ on Gilead Virus Drug, Hahn Says

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) — The Food and Drug Administration is moving at “lightning speed” to review data on Gilead Sciences Inc.’s experimental Covid-19 treatment remdesivir, Commissioner Stephen Hahn said, after encouraging results emerged from a key U.S. trial. “We’re working with the company to emphasize the necessity of speed while at the same time to understand the data,” Hahn said in an interview. “There will be a lot of factors that go…

U.S. Stocks Sink on Economic Outlook; Oil Jumps: Markets Wrap

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) — U.S. and European stocks slumped amid dire economic warnings, more dismal data and corporate results that showed the coronavirus’s toll on businesses. Oil extended a rebound after an early-week tumble. Banks led the S&P 500 Index lower as the latest U.S. unemployment figures showed a larger-than-expected jump in new benefit claims and European Central Bank President Christine Lagarde said the euro-area economy could shrink 12% this year. The…

Africell Looks Through Crisis in Bid for Angolan Mobile License

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) — Africell, a London-based telecommunications company, will go ahead with a final offer for Angola’s fourth mobile license even as the African nation struggles with the worst recession since the end of a civil war in 2002. The company will submit the application by May 1, according to Chief Investment Officer Ian Paterson. The Angolan government, which last month picked it as the only candidate for the 15-year mobile license, will have…

Africa’s Inflation Rate Climbs as Food Prices Jump

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) — Kenya’s inflation accelerated to 5.6% in April from a revised 5.5% in the previous month as food prices rose by double digits, the Kenya National Bureau of Statistics said Thursday in an emailed statement. Prices rose 0.9% in the month. Prices of food and non-alcoholic drinks, which make up a third of the inflation basket, climbed almost 12%. The transport index climbed to 5.4% even after the government cut gasoline…

Virus Adds to Woes of Nigerian Banks Beset by Oil’s Collapse (1)

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Nigerian banks have more to worry about than the coronavirus: Cratering oil prices and the threat of another naira devaluation are emerging as the biggest risks to how many lenders will emerge unscathed. The industry has already agreed to forgo profit to support the economy as measures to contain the Covid-19 outbreak bring most businesses to a halt. Now, oil prices near $15 a barrel are drying up the largest source of foreign…

Nigeria’s Access Bank to Cut Staff Salaries to Avoid Job Losses

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Access Bank Plc plans to cut salaries to avoid job losses as a lockdown to contain the coronavirus hampers the operations of Nigeria’s biggest lender, according to people with direct knowledge of the matter. The reductions are expected to start from May unless business conditions improve, said the people, who were briefed on the matter during a conference call and asked not to be identified because they’re not authorized…

« 1 … 184 185 186 187 188 … 1,077 »