The Editorial Team |

Wells Fargo’s New York CEO Fuels Questions Over West Coast Base

NEW YORK (Capital Markets in Africa) – Wells Fargo & Co.’s interim chief Allen Parker tried to bring a New York urgency to the California bank. The new boss is bringing New York. Charlie Scharf, who three years ago left the top spot at San Francisco-based Visa Inc. to rejoin his family on the East Coast, made staying in New York a prerequisite to taking the Wells Fargo job. He’ll run the $2 trillion lenders about 3,000…

Trump Officials Play Down Reports of China Investment Limits

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) – The Trump administration has issued a partial — and qualified — denial to the revelation that it is discussing imposing limits on U.S. investments in Chinese companies and financial markets as China vowed to continue opening its markets to foreign investment. Bloomberg News on Friday reported that Larry Kudlow, the head of President Donald Trump’s National Economic Council, was leading deliberations inside the White House over what some…

U.K.’s Javid Says He’ll Change Fiscal Rules to Boost Spending

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – U.K. Chancellor of the Exchequer Sajid Javid says he plans to change the government’s fiscal rules to allow spending on an “infrastructure revolution” and that the time is right to take advantage of low-interest rates. Speaking on Sky News Monday, Javid indicated he’s ready to relax the existing framework, which limits structural borrowing to 2% of gross domestic product. The comments came before the chancellor’s speech at the Conservative…

PIC Poised to Take Stake in Fiber Company After Deutsche Loan

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – The Public Investment Corp. is poised to take a stake in Liquid Telecom if Africa’s biggest fiber company goes ahead with a planned initial public offering, according to people familiar with the situation. The PIC, which manages the pension funds of South African government workers, agreed to set aside funds to guarantee a $375 million loan to Liquid parent Econet Global Ltd. from Deutsche Bank AG, the three people said. The money manager would…

South African Court Blocks Biggest Bank Strike Since 1920

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African bank workers were blocked from participating in what would have been the industry’s biggest strike in almost a century as labor unions protest against job losses. Unions failed to comply with rules allowing demonstrations and those who down tools will have no protection, Judge Hilary Rabkin-Naicker said in her ruling in the Johannesburg-based Labour Court on Thursday. The Congress of South African Trade Unions, the nation’s largest labor federation, and…

Charts That Show The New Zambian Finance Chief’s Budget Dilemma

Posted on by The Editorial Team

LUSAKA (Capital Markets in Africa) – Zambian Finance Minister Bwalya Ng’andu’s job when presenting his maiden budget to lawmakers on Friday should be simple: he only has to show the plan for 10% of the government’s spend next year. That’s because about 90% is already tied up with wages and paying debts, according to President Edgar Lungu. The hard part is figuring out how to spread the meager resources, while at the same time trying to raise…

Nigeria’s Buhari Courts Market Advice He May Not Heed

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A new advisory panel created by President Muhammadu Buhari could usher the reforms needed to breathe life into Nigeria’s economy during his second term. That’s if the 76-year-old former military ruler listens to them. Buhari named an eight-member Economic Advisory Council last week to replace a broader team of bureaucrats led by Vice President Yemi Osinbajo, who under the constitution is the government’s economic policy coordinator. Business leaders, including Africa’s…

« 1 … 255 256 257 258 259 … 1,070 »