The Editorial Team |

EU Nations Discuss Time Limit for Irish Backstop in Brexit Deal

LONDON (Capital Markets in Africa) – This week had seen some hints that there might be a way to get a deal. Tory MPs who refused to vote for the agreement that May negotiated suggested they could be persuaded to back a deal to avoid losing Brexit altogether. The Democratic Unionist Party — a key ally from Northern Ireland — has been publicly supportive of Johnson and his negotiating efforts. Johnson said at an event…

Boris Johnson Issues Ultimatum as EU Balks at His Brexit Plan

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LONDON (Capital Markets in Africa) – Boris Johnson is poised to issue an ultimatum to the European Union on Wednesday: negotiate Brexit on his terms within the next nine days, or face a no-deal divorce. A key EU player has already rejected the prime minister’s plan. On Wednesday, Johnson will address his Conservative Party’s annual conference in Manchester, England, and his office said he would present a “fair and reasonable compromise” offer to the EU. He…

U.S. Economy Slowdown Spurs Concern It’s Nearing Stall Speed

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NEW YORK (Capital Markets in Africa) – The U.S. economy’s growth rate is losing speed, prompting questions over how slow it can go and still avoid crashing into a recession. Whereas expansion below 2% used to almost guarantee the economy would subsequently contract, some economists now reckon the U.S. can wobble around 1%-1.5% without falling over. The decline in the economy’s so-called stall speed is a relief after data released Tuesday signaled the weakest manufacturing…

Eskom’s Stand-Alone Credit Rating Cut Deeper Into Junk at Fitch

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JOHANNESBURG (Capital Markets in Africa) – Eskom Holdings SOC Ltd.’s stand-alone credit profile was downgraded one notch at Fitch Ratings, signaling the South African power utility’s deteriorating ability to repay the debt without additional government support. Weakening revenue growth, profit-margin compression because of lower tariff increases, and higher primary energy costs were cited by Fitch as among the reasons for the reduction. Eskom’s poor liquidity and high debt levels are the worst among its peers,…

Nigeria Ups the Ante on Banks With Tougher Lending Demands

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank is increasing pressure on lenders to keep providing credit to boost economic growth in Africa’s biggest oil producer. The West African nation’s banking regulator raised the minimum loan-to-deposit ratio to 65% from 60% to “sustain the momentum” seen in lending since it first lifted the measure in July, it said in a statement dated Sept. 30. Banks have until Dec. 31 to comply with the directive…

Nigerian Banks Tried, But ‘Not All’ Made New Loans Threshold

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LAGOS (Capital Markets in Africa) – Nigeria’s banking regulator will issue a fresh circular to the West Africa nation’s lenders after some failed to meet a deadline to ramp up lending. “All banks have strived to meet it, but not all did,” Ahmad Abdullahi, director of banking supervision at the Central Bank of Nigeria, said in a text message on Monday, without elaborating. The authority will issue another notice to banks on the directive, he said, without being…

Zimbabwe Turns to Regulations in Bid to Stem Currency Plunge

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HARARE (Capital Markets in Africa) – Zimbabwe has clamped down on mobile money, tightened controls on foreign-exchange bureaux and dealers and banned the quoting of prices in any currency other than its own dollar as it struggles to manage a monetary system that’s spiraling out of control. The Reserve Bank of Zimbabwe on Monday stopped operators of mobile-money services, the dominant way in which money is moved in the country, from paying out cash. It also tightened…

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