The Editorial Team |

Dublin the Winner as Brexit Sends London Finance Firms Fleeing

LAGOS (Capital Markets in Africa) – The financial industry is prepared for Brexit, regardless of the state of political talks, with hundreds of banks and money managers primed to move thousands of employees to their European Union bases to weather the fallout, according to a new study. New Financial, a London group that analyzes the sector, said in a report on Wednesday that it has identified 332 firms that have relocated part of their business,…

British Pound Clings on to Gains in Face of Impasse Over Brexit Talks

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LAGOS (Capital Markets in Africa) – Pound traders are holding on to Brexit optimism as talks toward a Brexit deal remain stuck over the contentious Irish border. Sterling touched a five-month high Wednesday after surging the most since 2008 in the past four days as an end to the Brexit saga appeared to be in sight. The currency swung between losses and gains as the Democratic Unionist Party denied reports it may support some of…

Brexit Talks Make Progress But Leave Johnson’s Key Allies Uneasy

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LAGOS (Capital Markets in Africa) – British and European Union officials will resume their efforts to nail down a Brexit deal on Wednesday after a late night of talks in Brussels that the U.K. described as constructive. But even if British Prime Minister Boris Johnson can secure the divorce agreement he wants in time for a summit starting on Thursday, he faces a major hurdle convincing the U.K. Parliament to vote for it. The pound, which surged on Tuesday,…

Anti-Smuggling Border Closure Gives Nigeria Inflation Headache

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LAGOS (Capital Markets in Africa) – The shutdown of Nigeria’s land borders to tackle rampant food smuggling and encourage an agricultural revival in Africa’s top oil producer is having an unintended side effect: higher inflation. A spike in food prices saw the annual consumer-inflation rate rise to 11.2% in September, after falling to a 3 1/2-year low in the preceding month, the National Bureau of Statistics said Tuesday. Food-price growth accelerated for the first time…

African Free Trade Stumbles With Nigerian Blockade of Benin

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LAGOS (Capital Markets in Africa) – Nigeria and Benin are embroiled in a trade dispute two months after signing an agreement to free up the movement of goods and services in Africa. Nigerian President Muhammadu Buhari ordered the partial closing of its boundary with Benin last month to curb the smuggling of rice and other commodities. The blockade has had a ripple effect across West Africa, with factories and traders struggling to import key raw materials…

China Wants More Talks Before Signing Trade Deal With Trump

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LAGOS (Capital Markets in Africa) – China wants to hold more talks this month to hammer out the details of the “phase one” trade deal touted by Donald Trump before Xi Jinping agrees to sign it, according to people familiar with the matter. Beijing may send a delegation led by Vice Premier Liu He, China’s top negotiator, to finalize a written deal that could be signed by the presidents at the Asia-Pacific Economic Cooperation summit next…

Looters Walking Free Undermine Ramaphosa’s Anti-Graft Pledge

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JOHANNESBURG (Capital Markets in Africa) – South African President Cyril Ramaphosa has pledged that those responsible for plundering taxpayer funds during his predecessor Jacob Zuma’s rule will face prosecution. Investors and the public at large will still need convincing. More than 500 billion rand ($34 billion) may have been stolen during Zuma’s nine-year tenure, and “some people” say the figure could exceed 1 trillion rand, Ramaphosa told a conference hosted by the Financial Times in London on Monday….

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