The Editorial Team |

South Africa Is Told to Use $11 Billion Jobless Fund for Coronavirus

JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest labor organization and the nation’s main business lobby are pushing the government to find a way to utilize an unemployment fund with assets of about $11 billion to fight the effects of the coronavirus outbreak. The Congress of South African Trade Unions and Business Unity South Africa, or Busa, told the government at a meeting on Monday that it must find ways to use the Unemployment Insurance…

Banks Soar as Goldman Calls Stocks Attractive After Plunge (1)

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LAGOS (Capital Markets in Africa) – Banks rallied on Friday morning after Goldman Sachs said stocks were starting to appear attractive after a 41% sell-off, with investors accounting for lower interest rates and a much higher probability of recession. A “zero percent interest rates scenario appears fully priced in,” analyst Richard Ramsden wrote in a note upgrading Morgan Stanley to buy from neutral and U.S. Bancorp to neutral from sell. The market may now believe “low rates for a protracted period of time…

Trump Administration Steps Up Coronavirus Testing Under Pressure

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NEW YORK (Capital Markets in Africa) -# The Trump administration has announced new steps to speed up testing for the coronavirus, after widespread warnings about a bottleneck in diagnosing cases that’s failing to provide a clear snapshot of the pandemic’s U.S. footprint. The Food and Drug Administration announced it had approved the first rounds of high-volume testing, as well as allowing New York state to authorize labs to expand testing on their own. The Trump…

U.K. Says Virus Needs to Infect 60% of Britons to Save Lives

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LONDON (Capital Markets in Africa) – The U.K. government is battling criticism of a coronavirus plan that blends blunt talk of the pandemic’s toll with modest steps that fall far short of measures taken in other countries. Patrick Vallance, the chief scientific adviser, said in broadcast interviews Friday that the infection rate could hit 60% of the British population, after Prime Minister Boris Johnson warned that “many more” families will lose loved ones. The approach is aimed…

U.K. Abandons Effort to Contain Virus as 10,000 May Be Infected

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LONDON (Capital Markets in Africa) – U.K. authorities have abandoned efforts to contain the spread of coronavirus and will focus on delaying the worst of the outbreak, as officials said as many as 10,000 Britons may be infected. Prime Minister Boris Johnson warned “many more” families will lose loved ones and advised everyone with any symptoms of the virus, including a cough or a fever, to stay at home for seven days. Schools will not…

Nigeria Naira Devaluation Likely Soon on Oil Price Slump

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LAGOS (Capital Markets in Africa) – The Nigerian central bank will be unable to maintain the naira’s value for much longer as a slump in oil prices drains foreign reserves, according to a Bloomberg survey of investors and analysts. Seven of 16 respondents expect the currency to be devalued in the third quarter, while four forecast a downward adjustment as early as the second quarter. Another three foresee a devaluation in the fourth quarter and…

KCB Kenya Banking on Mobile-Loan Recoveries to Boost 2020 Profit

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NAIROBI (Capital Markets in Africa) – KCB Group Ltd., Kenya’s second-biggest bank by market value, is betting on recovering bad loans and issuing more credit to boost profit by at least 12% this year, Chief Executive Officer Joshua Oigara said. The lender’s 2019 earnings were dampened by a tripling in loan loss provisions, weighed down chiefly from souring mobile phone-based loans. Total non-performing loans jumped by 90%, the lender said on Thursday, while reporting full-year…

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