The Editorial Team |

U.K. Business Pleads to Shape Post-Brexit Immigration System

LONDON (Capital Markets in Africa) – U.K. business is lobbying for a say in shaping Britain’s post-Brexit immigration system as the government draws up plans for tighter controls on migration that could threaten the supply of foreign workers. In an open letter to Home Secretary Priti Patel, the country’s five largest business organizations and about 30 trade associations said the new regime needs to provide access to required skills and labor, while also curbing the inward…

Nigeria Ex-Justice Minister Charged Over $1.3 Billion Oil Deal

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LAGOS (Capital Markets in Africa) – Nigeria’s Economic and Financial Crimes Commission charged Mohammed Adoke, a former justice minister and attorney general, for allegedly taking a bribe to facilitate a $1.3 billion oil deal. The anti-graft body filed 42 charges against Adoke and accused him of receiving a 300 million naira ($831,000) payment from businessman Aliyu Abubakar in relation to the acquisition of Oil Prospecting License 245 in the Gulf of Guinea, the commission said in…

ARC Ready for New Deals After Raising Alexander Forbes Stake

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JOHANNESBURG (Capital Markets in Africa) – With cash in the bank and friends with deep pockets, African Rainbow Capital Investments Ltd. is well-positioned to find the resources it needs to fund its next deal. “We can probably access a billion-and-a-half to 2 billion rand fairly quickly,” ARC co-Chief Executive Officer Johan van Zyl said by phone on Thursday. “You don’t have to have the money in the bank as long as you have access to someone else…

Google Ban Fails to Stamp Out Short-Term Payday Lending Apps

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LAGOS (Capital Markets in Africa) – In August, Google announced a global crackdown on Android apps that offer short-term loans, saying it wanted to protect consumers from what it called “deceptive and exploitative” terms. But five months later, payday-style applications offering fast money for one or two weeks are still easy to find in many countries on Google Play, the company’s marketplace for Android apps. Some charge interest rates that can exceed 200% annualized. Lending apps…

Democrats Make Pitch for More Trump Witnesses as Case Wraps Up

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NEW YORK (Capital Markets in Africa) – The struggle over calling witnesses in President Donald Trump’s impeachment trial is escalating as House Democrats prepare to wrap up their case Friday by focusing on White House “stonewalling.” House impeachment managers will have another day to convince a handful of Republicans to vote with Democrats to subpoena witnesses and documents before Trump’s lawyers take the Senate floor to present their defense. Over the past two days, Intelligence Chairman Adam…

Wall Street Caves on MiFID, Allows Separate Payment for Research

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LONDON (Capital Markets in Africa) – Banks are increasingly embracing a change that could trigger upheaval for Wall Street’s vaunted stock analysts: They’ve started allowing U.S. clients to buy research without paying a steep tab for trading services. The shift, which banks’ brokerage businesses have privately shared with customers, is arguably the biggest U.S. fallout yet from sweeping European rules that force firms to charge separately for analysis. Those regulations, which took effect in 2018, sparked a…

Signs of Election Bounce Undermine Case for BOE Rate Cut

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LONDON (Capital Markets in Africa) – A closely watched measure of U.K. economic activity unexpectedly surged to the highest level since 2018 in January, potentially undermining the case for a Bank of England interest-rate cut next week. IHS Markit’s flash index for output across the whole economy jumped to 52.4 as firms cited reduced political uncertainty in the wake of Boris Johnson’s decisive election victory. That’s up from 49.3 last month. The Purchasing Managers Indexes had…

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