The Editorial Team |

Europe Stocks Gain With U.S. Futures; Bonds Fall: Markets Wrap

LONDON (Capital Markets in Africa) – European equities turned higher with U.S. index futures and Asian shares on hopes for a breakthrough in fighting the coronavirus, and as investors digested the latest corporate earnings. Treasuries reversed earlier gains. The Stoxx Europe 600 Index rebounded alongside contracts on the three main American gauges after a string of reports on possible vaccines and treatments for the deadly Wuhan virus. Gains in tech and travel shares were supported by PMI readings that suggested the…

Congo Seeks Private Partners for New Cobalt Buying Company

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo is looking for private partners to help fund a government-owned company created to buy all the country’s hand-mined cobalt. The new monopoly is aimed at better regulating small-scale mining and giving Congo an influence over cobalt prices. The country produces more than 60% of the world’s cobalt, an essential ingredient in lithium-ion batteries in electric vehicles, and some 20% of the metal is hand-dug…

Brexit Creates Long-Term Uncertainty in U.K. Trademark Law

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LONDON (Capital Markets in Africa) – The U.K.’s departure from the European Union frees it from parts of the bloc’s trademark law that British courts have viewed skeptically, attorneys say. EU laws that provide guardrails for national statutes, and EU court precedents that for decades have created the binding case law guiding trademark conflicts, won’t apply in the U.K. British judges may continue to look to EU case law, but there are parts of trademark…

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

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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…

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