The Editorial Team |

South Africa’s PIC Seeks Managers for Equities Elsewhere in Africa

JOHANNESBURG(Capital Markets in Africa) – – The Public Investment Corp., which manages about $144 billion of mainly South African government worker pensions, has issued tenders seeking investment managers with expertise in equities in other parts of the continent. The PIC, Africa’s biggest fund manager, said in an advertisement that applicants should hold funds with track records of more than five years. The bulk of the PIC’s assets are in South Africa. In recent years it…

China’s Top Refiner Offers to Re-Sell West African Oil Cargoes

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LAGOS (Capital Markets in Africa) – The largest Chinese oil refiner is seeking to offload millions of barrels of West African crude it no longer needs as the coronavirus squeezes the nation’s demand. Unipec, the in-house trading arm of refining giant Sinopec, is trying to sell at least five cargoes of West African crude that it already owns and would normally have shipped home, according to people familiar with the matter. China’s biggest refiner of…

Another Stumble for Egypt as Business Activity Nears 3-Year Low

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CAIRO (Capital Markets in Africa) – Non-oil private sector growth in Egypt slowed to its lowest level in almost three years, dashing hopes for a rebound as weak consumer demand offset the potential boost of single-digit inflation. The IHS Markit Purchasing Managers’ Index fell for the sixth consecutive month in January to 46, well below the 50 level that marks an expansion in business activity. The slump came even as inflation remained well within the central bank’s…

Who’s Welcome (or Not) in U.S. Under Trump Travel Ban: QuickTake

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LAGOS (Capital Markets in Africa) – When Donald Trump was running for president in 2016, one of his central campaign promises was to enact “a total and complete shutdown of Muslims entering the United States.” Shortly after he took office, he issued an executive order that was quickly dubbed the “travel ban,” triggering months of court cases and a series of amended orders. The U.S. Supreme Court upheld Trump’s third version of the policy, issued…

Johnson and Barnier Clash Over Who Sets Rules for Brexit Trade

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LONDON (Capital Markets in Africa): The Brexit battle between the U.K. and the European Union resumed as British leader Boris Johnson clashed with the bloc’s chief negotiator Michel Barnier at the start of 11 months of talks on a future trade deal. The pound fell. Barnier said in Brussels that a “highly ambitious” trade deal is on offer for the U.K. — but only if Johnson signs up to strict rules to prevent unfair competition. Speaking minutes later in London, Johnson rejected Barnier’s…

Trump Administration Clears Way for New Currency Tariffs

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NEW YORK (Capital Markets in Africa): The Trump administration is going ahead with controversial new rules that would clear the way for the U.S. to start applying punitive tariffs on goods from countries accused of having undervalued currencies, the Commerce Department said Monday. The move would give new muscle to U.S. complaints about currency manipulation that have in the past targeted economies like China and Japan and thus turn the more than $6 trillion-a-day global…

Sudan Leader Moves Toward Recognizing Israel in Historic Shift

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SUDAN (Capital Markets in Africa): Sudan’s military leader met Israeli Prime Minister Benjamin Netanyahu and agreed to work toward normalizing relations, in what would be a historic step for the Arab League member that’s never officially recognized the Jewish state. The surprise meeting between Netanyahu and Abdel Fattah al-Burhan, the head of Sudan’s sovereign council, came Monday at the end of a visit by the Israeli leader to Uganda that was part of his latest drive to build…

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