The Editorial Team |

CFA Franc Reforms Pose New Hurdle for West African Currency

ABIDJAN (Capital Markets in Africa) – An ambitious plan to adopt a common currency for 15 West African countries will become even more difficult to implement once France’s former colonies in the region follow through on an announcement to reform their single payment unit. At the heart of the matter is whether the single currency for the Economic Community of West African States should be free-floating or have a fixed value. Another consideration is France’s…

Nigeria’s Biggest Miller Revives Bond-Sale Plan as Rates Decline

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LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, has revived plans to sell bonds to refinance debt and bolster working capital as borrowing costs decline in the West African nation. The company is looking to raise as much as 50 billion naira ($138 million) via the securities, of which 20 billion naira is planned in the first quarter, Chief Financial Officer Anders Kristiansson said by phone Tuesday….

Libyan Civil War Cease-Fire Talks in Russia Break Down (

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TRIPOLI (Capital Markets in Africa) – Talks to end Libya’s civil war broke down after the commander leading the assault on the capital rejected a proposed truce agreement, throwing open the door to a possible renewal of fighting and deeper foreign intervention. The president of Turkey, which had co-sponsored the talks along with Russia, delivered a menacing message to military leader Khalifa Haftar, who left Moscow before dawn on Tuesday without signing the deal. President Recep…

Lekoil Slumps as Alleged Scam Puts Oil-Field Future at Risk

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LONDON (Capital Markets in Africa) – Lekoil Ltd. sank to a record low in London trading after falling victim to an alleged scam, leaving the future of a Nigerian oil project at risk. A loan deal struck earlier this month is no longer valid, the company said, alleging that individuals claiming to be from the Qatar Investment Authority were in fact fraudsters. Lekoil now has until February to raise enough money to cover its drilling costs at…

China Faces Stepped-Up Calls to Slash Trade-Distorting Subsidies

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NEW YORK (Capital Markets in Africa) – China came under greater international pressure to reduce industrial subsidies after the U.S., Europe and Japan agreed to push for stronger World Trade Organization rules against market-distorting government aid. The top trade officials of the U.S., the European Union, and Japan struck a deal on Tuesday in Washington to expand the kinds of subsidies prohibited by the WTO. The announcement came on the eve of a planned signing ceremony…

Trump Impeachment Defense Remains Work in Progress Near Trial

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NEW YORK (Capital Markets in Africa) – Donald Trump’s impeachment trial is expected to begin next week, but the president has yet to settle on either his defense strategy or the team that will represent him in the Senate. Trump has sent conflicting signals about key aspects of the Senate trial, including how long it should last and whether witnesses should testify. He is still considering whether to make additions to his defense team, which…

A Swiss Bank Is Selling Rich Clients an Exotic U.S. Election Bet

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NEW YORK (Capital Markets in Africa) – A Swiss wealth manager is pitching a way to bet on stocks ahead of potential market disruptions spurred by the U.S. presidential election. Julius Baer Group Ltd. is selling as much as $40 million of structured notes tied to large American companies hinging on which party holds the White House next year. Pick the note that corresponds to the winner and profit, at least in theory. The private bank’s…

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