The Editorial Team |

U.S. Futures Climb With Europe Stocks; Bonds Slip: Markets Wrap

NEW YORK (Capital Markets in Africa) – U.S. equity-index futures gained along with European stocks on Wednesday and crude oil rallied amid signs the spread of the coronavirus in China is slowing and investor optimism the global economy can weather the storm. Treasury yields edged higher. Contracts on all three major American gauges pointed to a firm open after China’s Hubei province reported the lowest number of new virus cases this month and suspected infections on the…

Singapore Family Extends Africa Noodle Empire Into Digital Banks

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LAGOS (Capital Markets in Africa)- Singapore’s family-run Tolaram Group made much of its $1.8 billion fortune in cereals, noodles, and infrastructure in Africa. Now, it’s planning to use its global reach and local relationships to move into digital banking there. The group has a blueprint of sorts from another business it owns — PT Bank Amar Indonesia. Bank Amar is largely a digital institution, with loans and deposits for consumers handled over mobile phones. The publicly listed group…

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LAGOS (Capital Markets in Africa)- Spain’s Grifols family has prospered with storefront collection centers across U.S. Harry Lee Armstrong is almost broke. But he’s found a quick way to make a little cash. It’s called “plassing.” Laid off from his construction job, Armstrong has driven to a storefront donation center where a valuable global commodity — the golden plasma in human blood — is harvested seven days a week. Wedged between a dental office and a liquor…

Trump’s $4.8 Trillion Budget Would Increase Debt, Cut Safety Net

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NEW YORK (Capital Markets in Africa) – President Donald Trump’s $4.8 trillion budget for the upcoming fiscal year proposes billions more in funding for defense and a U.S. mission to Mars but would bring steep cuts to social programs despite almost $1 trillion in deficit spending. The proposal, scheduled to be unveiled on Monday, is an election-year embodiment of many of the policy priorities Trump has championed over his first three years in office. He…

Powell Says Risks to Outlook Remain as Fed Monitors Coronavirus

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NEW YORK (Capital Markets in Africa) – Federal Reserve Chairman Jerome Powell said the U.S. central bank is keeping a close eye on fallout from the deadly coronavirus outbreak in China, singling it out among risks threatening the U.S. and world economy. “In particular, we are closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy,” Powell said in prepared remarks he’s scheduled…

Johnson Backs HS2 U.K. Rail Plan Amid Rising Costs and Tory Rage

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LONDON (Capital Markets in Africa) – U.K. Prime Minister Boris Johnson committed tens of billions of pounds for a controversial new high-speed rail line linking London with cities to the north, despite soaring costs and mounting anger from his own Conservative Party colleagues. The High Speed 2 (HS2) development will become Europe’s largest infrastructure project but it has suffered delays and criticism of its management, with spiraling costs estimated to rise potentially to more than…

EU Slaps Down U.K. Calls for Permanent Banking ‘Equivalence’

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LONDON (Capital Markets in Africa) – The European Union swiftly rebuffed calls from the U.K. government that London’s financial services firms should enjoy continued access to the single market even if the country breaks away from the bloc’s rules after Brexit. The U.K. Treasury had included the demand for so-called permanent equivalence in a draft of its opening positions for next month’s trade negotiations with the EU — some of which were revealed in a document that…

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