The Editorial Team |

Kenya Lawmakers See Revised Budget Raising Debt to $65.4 Billion

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…

For U.K. Housebuilder Stocks, Election Is Still All About Brexit

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LONDON (Capital Markets in Africa) – Uncertainty, uncertainty and more uncertainty. For investors in U.K. home builders, the word has been a bane for more than three years as the industry contends with the hit to consumer confidence caused by Britain’s prolonged departure from the European Union. Now there is an election coming and investors in the sector are hoping for a Conservative victory to help solidify this year’s rally, which has seen big players…

Brexit Trade Deadline ‘Very Demanding,’ Irish Finance Chief Says

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LONDON (Capital Markets in Africa) – The European Union’s time frame to complete a post-Brexit trade deal with the U.K. will be “very demanding” as officials race to complete a complicated set of negotiations at an unprecedented pace, according to Irish Finance Minister Paschal Donohoe. Prime Minister Boris Johnson will have only 11 months to negotiate a trade deal with the EU’s 27 remaining members even if an agreement to exit to the bloc goes through the British…

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