The Editorial Team |

Africa Needs Debt Relief to Fight COVID-19

LAGOS (Capital Markets in Africa) – After a slow start, COVID-19 has spread increasingly rapidly throughout Africa, with more than 7,000 confirmed cases and 294 deaths across 45 countries and two territories as of April 7. Unless the continent urgently receives more assistance, the virus will continue to cut a deadly and remorseless path across it, with ever grimmer health and economic consequences. As an essential first step, therefore, we call for immediate debt relief for…

Nearly Half of Britons Still Visited ‘Workplaces’, Google Data Suggests

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LAGOS (Capital Markets in Africa) — As many as 45pc of Britons continued to visit their “workplaces” in the last few days compared to the same time a month ago, according to a vast new data set made public by Google that tracks movement on billions of people around the world. The internet search giant published data showing how people around the world are moving amid the coronavirus crisis. The Google COVID-19 Mobility Report, launched…

Ryanair Says Fuel Hedges Will Dent Profit by $325 Million

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LONDON (Capital Markets in Africa) — Ryanair Holdings Plc predicted a 300 million-euro ($325 million) hit for the fiscal year that just ended because of costs arising from fuel hedges. Before the extra costs, profit for the year ended March 31 will come in as low as 950 million euros, the bottom end of its previous estimate, the Irish low-cost carrier said Friday. With its planes mostly grounded for April and May, Ryanair said it’s impossible to…

IMF Says Zimbabwe Needs Aid Urgently to Ease Humanitarian Crisis

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HARARE (Capital Markets in Africa) — The International Monetary Fund has warned that Zimbabwe needs urgent aid as the coronavirus exacerbates the impact a food shortage following the worst drought in nearly four decades. The southern African nation needs hundreds of millions of dollars in foreign aid in the coming months to fend off a humanitarian crisis that’s likely to leave more than half of the population hungry, the Washington-based institution said. “The outbreak has…

Poorer Countries Are Least Prepared for Pandemic Lockdowns

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LAGOS (Capital Markets in Africa) — As countries around the globe try to contain the spread of the novel coronavirus, nowhere is the task more challenging and the risk greater than in the developing world. From Southeast Asia to South America, governments are struggling to enforce severe China-style lockdowns. They lack the resources to deploy the testing-heavy, tech-driven measures used by wealthier countries like Singapore and South Korea, which have had more success in keeping…

U.K.’s Johnson Is Still Ill and Isolating With Coronavirus Fever

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LONDON (Capital Markets in Africa) — British Prime Minister Boris Johnson still has a high temperature and remains in isolation, one week after testing positive for coronavirus. Johnson made the announcement in a video posted on Twitter on Friday, saying that even after seven days, “alas I still have one of the symptoms, a minor symptom: I still have a temperature. In accordance with government advice I must continue my self-isolation.” With deaths still rising…

Rand’s Record-Busting Slump May Not Be Over, Options Suggest

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JOHANNESBURG (Capital Markets in Africa) — The rand hasn’t hit rock bottom yet. Even after falling to its weakest level on record against the dollar this week, South Africa’s currency has a better chance of extending the decline in the coming months than rallying to stronger levels predicted by analysts in a Bloomberg survey, options pricing suggests. The rand is on track for a 5.8% drop against the dollar this week, the worst performance among emerging-market currencies….

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