The Editorial Team |

Zimbabwe Central Bank Changes Tack, Halves Key Rate to 35%

HARARE (Capital Markers in Africa) – Zimbabwe’s central bank halved its key interest rate to 35%, joining the finance ministry in efforts to revive an economy hobbled by years of mismanagement. The decision reverses a move by the southern African nation’s newly formed Monetary Policy Committee in September, which raised the rate from 50%. It follows the unveiling last week of the 2020 budget which shows a planned surge in spending for next year. The…

Unions Balk as South African State Firms Gear Up to Cut Jobs

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JOHANNESBURG (Capital Markets in Africa)- South Africa’s post office is cutting several hundred jobs, the second state-owned company in as many days to detail plans to lay off workers as the government looks to slash its wage bill. Finance Minister Tito Mboweni signaled last month he’s intent on lowering the government’s payroll costs, which consume 35% of national spending. The cuts are part of a plan to defend the nation’s last remaining investment-grade credit rating,…

The Problem With Diamonds Is They Keep Getting Cheaper

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LAGOS(Capital Markets in Africa) – Americans are buying more diamond jewelry than ever before, but prices for most polished gems are falling. Five years ago, the diamond industry’s biggest worry was being forgotten by millennials, who — the theory went — didn’t covet sparkly gems the way their parents had. The concern turned out to be mostly unfounded, but the reality is almost worse. While Americans are buying more diamond jewelry than ever before, most polished…

Pirates Thriving Off West Africa Show Disunity, Togo Leader Says

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ACCRA (Capital Markets in Africa) – West African states’ failure to coordinate their response to piracy off their coastline is the main reason attacks are persisting, Togolese President Faure Gnassingbe said. Seaborne assailants boarded two vessels off the coast of Togo and neighboring Benin earlier this month, the latest in a series of attacks in the world’s worst piracy hotspot in the Gulf of Guinea that stretches from Senegal to Angola. While the 15 states and western…

U.K. Lawmaker Hain Rebukes Banks at South African Graft Probe

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LONDON (Capital Markets in Africa) – U.K. lawmaker Peter Hain accused international banks including HSBC Holdings Plc and Standard Chartered Plc of aiding and abetting graft in South Africa during former President Jacob Zuma’s rule and earning considerable fees in the process. The lenders enabled members of the Gupta family, who were Zuma’s allies and in business with his son, to launder stolen funds and remove them from South Africa by allowing them to open accounts and granting…

South Africa Junk Spiral May Deepen; S&P Set to Cut Outlook

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JOHANNESBURG (Capital Markets in Africa) – South Africa could move deeper into junk territory as the nation looks set to lose the only stable outlook on its credit ratings this week. Of the 22 economists in a Bloomberg survey, 16 expect S&P Global Ratings to change its outlook on the country’s credit rating to negative on Friday. That means the next move from the company, which already assesses South Africa’s foreign-currency debt at two levels below…

Prince Andrew Bombs in BBC Interview, Creating PR Disaster

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LONDON (Capital Markets in Africa) – Prince Andrew’s attempt to explain away his friendship with pedophile financier Jeffrey Epstein in a high-profile TV interview degenerated into a farce that threatens to be the British royal family’s biggest public relations disaster since its handling of the death of Princess Diana in 1997. #PrinceAndrew trended high on Twitter as Saturday’s hour-long interview with the BBC began airing on prime-time British TV. Interviewed by Newsnight host Emily Maitlis…

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