The Editorial Team |

Credit Suisse CEO Thiam Ousted After Losing Boardroom Battle

LONDON (Capital Markets in Africa) – Tidjane Thiam was ousted as chief executive officer of Credit Suisse Group AG, losing a boardroom showdown with the chairman in the wake of a tabloid scandal that unnerved the Swiss establishment. The 13 directors rebuffed appeals from major shareholders in the U.S. and U.K. to back Thiam and instead closed ranks behind Chairman Urs Rohner, giving him their “unanimous” support, according to a statement Friday. They picked Thomas Gottstein, a 20-year Credit…

Carney Bequeaths Bailey a Mystery to Solve on U.K. Inflation

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LONDON (Capital Markets in Africa) – Outgoing Bank of England chief Mark Carney is leaving his successor with a mystery to puzzle over. As Andrew Bailey takes over from the Canadian in March, he’ll find officials at the U.K. central bank closely studying why inflation isn’t as strong as labor costs and import prices would suggest it should be. The matter was so perturbing for policymakers at Carney’s final decision that, even after an in-depth discussion, they pledged to…

Trump Impeachment Acquittal Leaves Diplomats Bracing for Impact

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LAGOS (Capital Markets in Africa): President Donald Trump mostly stifled his fury toward the impeachment witnesses who detailed, over hundreds of hours of testimony, the turmoil wrought by his handling of Ukraine policy. Now that he’s been acquitted of two impeachment charges, they’re bracing for payback. It’s not just the witnesses — such as Lieutenant Colonel Alexander Vindman, a National Security Council analyst — who could face retribution for speaking out. The deeper anxiety among many career national…

White House Weighs Ouster of Aide Who Testified Against Trump

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LAGOS (Capital Markets in Africa): The White House is weighing a plan to dismiss Alexander Vindman from the National Security Council after he testified in President Donald Trump’s impeachment inquiry, preparing to position the move as part of a broader effort to shrink the foreign policy bureaucracy, two people familiar with the matter said. Any moves would come after the Senate on Wednesday acquitted Trump on a near party-line vote at the conclusion of the two-week…

US Fed Reserve Worries About Liquidity Squeezes Beyond Money Markets

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LAGOS (Capital Markets in Africa): Federal Reserve Chairman Jerome Powell and his colleagues have long recognized that some of the post-crisis rules that make the banking system safer also could end up making the financial markets more brittle. That’s a risk that was highlighted by last year’s turmoil in the money markets and was flagged as far back as 2014 — at a Fed board meeting that approved tough liquidity requirements to make banks more secure and which Powell…

Popular Citizen Journalist Covering Virus Goes Missing in China

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LAGOS (Capital Markets in Africa) – Over the past couple of weeks, Chinese citizen journalists Chen Qiushi and Fang Bin have served as the world’s eyes and ears inside the epicenter of the coronavirus outbreak, the city of Wuhan. Broadcasting via their mobile phones, they’ve offered a glimpse of how dire things have been. Many of those videos have been posted to Twitter and reposted on YouTube. Now one of them is missing. Chen has…

Ghana Charges Ex-Finance Minister After Collapse of Bank

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ACCRA (Capital Markets in Africa): Ghanaian prosecutors charged a former finance minister for alleged crimes that contributed to the collapse of one of the West African nation’s biggest local lenders during a banking crisis. Kwabena Duffuor, who served as finance chief from 2009 to 2013, and seven other individuals were named in a filing Wednesday at the Accra High Court on counts that include theft and money laundering. Duffuor is accused of receiving 663.3 million…

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