The Editorial Team |

Nigeria Vows to Keep Firm Grip on Naira Even as Reserves Bleed

LAGOS (Capital Markets in Africa) – Nigeria’s central bank is in no mood to loosen its grip on the naira. Governor Godwin Emefiele said there was no reason to fret over a fall in foreign reserves to their lowest level in almost two years and vowed to continue defending the currency. “A marginal drop in reserves below $40 billion is not enough to create fears in any mind,” Emefiele said to reporters Tuesday in Abuja, the capital…

Bull Market Limits Options for Trimming Year-End Tax Bills

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NEW YORK (Capital Markets in Africa) – It is the time of year when investors look at their books and see which losing securities they can shed to trim their tax bills—but they may have little to work with this year. Investors can lower taxes on their capital gains—which face ordinary income rates if held for a year or less—by selling at a loss certain shares that have dropped in value. Depending on the extent…

Kenya Lawmakers See Revised Budget Raising Debt to $65.4 Billion

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NAIROBI (Capital Markets in Africa) – Kenyan lawmakers said that a proposed supplementary budget could increase public debt to 6.7 trillion shillings ($65.4 billion) by the end of 2019-20, saddling the economy with more liabilities. The National Treasury asked parliament two weeks ago to approve almost 3% extra spending for the fiscal year through June 2020 after revenue collection came in below target. It also wants more funding for President Uhuru Kenyatta’s priority development projects…

Cocaine Trade, Coups Shadow Guinea-Bissau Vote

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LAGOS (Capital Markets in Africa) – Bags of rice, cell phone credit, and mobile phones were just some of the freebies that politicians in the remote West African nation of Guinea-Bissau handed out in the run-up to Sunday’s presidential election. Many voters regarded their generosity with skepticism: Cocaine trafficking has been big business in Guinea-Bissau for at least a decade, and suspicions abound about the origin of some of the 12 candidates’ money. While many…

U.K. Carmakers Warn Against Flimsy EU Trade Deal After Brexit

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LONDON (Capital Markets in Africa) – British automakers warned that the next U.K. government needs to deliver a “world-beating Brexit trade deal” to bolster their competitiveness and safeguard jobs following a split from the European Union. Carmakers need a frictionless border free of tariffs and customs, regulatory alignment and access to talent, the Society of Motor Manufacturers and Traders lobby group said ahead of the country’s general election on Dec. 12. A victory for Prime…

Corbyn Accuses U.K. Tories of Secret NHS Talks With the U.S.

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LONDON (Capital Markets in Africa) – Labour Party Leader Jeremy Corbyn accused Boris Johnson’s Conservatives of seeking to sell out the U.K.’s National Health Service in secret trade talks with the U.S. The opposition leader released a 451-page document, which he said detailed preparatory trade meetings between U.K. and U.S. officials, as he sought to play on voter concerns about creeping privatization in the state-funded health care system. The previously redacted papers show the U.S. seeking “total market access”…

The Time Bomb Britain Can’t Afford to Ignore: Therese Raphael

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LONDON (Capital Markets in Africa) – A solution to the crisis in social care has eluded both the Conservative and Labour parties. Now, maybe, a consensus is forming. When a topic is both highly controversial and mind-numbingly complex, there’s a rule of politics that says it’s best avoided before an election if at all possible. A botched offering on social care was one of the things that derailed Theresa May’s 2017 U.K. election bid and cost the…

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