The Editorial Team |

Nigeria’s Buhari Courts Market Advice He May Not Heed

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…

Nigeria Insurance Regulator Says 26 Companies to Recapitalize

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LAGOS (Capital Markets in Africa) Nigeria’s National Insurance Commission approved the recapitalization plans of 26 insurance companies and directed them to proceed with their proposals to meet prescribed capital thresholds. The commission asked 22 other companies to revise their own proposals and resubmit for further review, the Abuja-based agency said Thursday in an emailed statement. Insurers combining life, property and casualties are to have a minimum capital of 18 billion naira ($50 million), while those…

British Airways Owner Warns Industry Woes to Persist Into 2020

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LONDON (Capital Markets in Africa) British Airways owner IAG SA warned that challenges facing the European airline industry are set to continue into 2020 after cutting profit guidance for this year. IAG lowered capacity growth in the final quarter and will provide details in November of a decrease next year, Chief Executive Officer Willie Walsh said on a call with analysts on Thursday. Earnings for this year will be about 6% lower than forecast in the wake of strikes…

What’s the Price of a Treasury Note? It Depends on Whom You Ask

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NEW YORK (Capital Markets in Africa) – The U.S. government just argued that Treasuries are sufficiently transparent when it comes to prices. So why can’t investors agree on what those prices are? The $16 trillion Treasuries market is the world’s biggest and most liquid bond market. But unlike stocks, it lacks a mechanism for establishing end-of-day prices that everyone can use. That means money managers sometimes value identical securities at different levels. Tradeweb Markets Inc., one of…

Nigeria Can Appeal $9.6 Billion Ruling Over 2010 Gas Deal

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LAGOS (Capital Markets in Africa) – Nigeria was given permission to appeal by a London judge in its $9.6 billion legal dispute with Process & Industrial Developments over a failed 2010 gas deal. P&ID, an Irish-run firm backed by hedge fund manager VR Capital Group Ltd., has won a series of legal rulings and is seeking to enforce an arbitration judgment now worth nearly $10 billion Nigeria, which wants to overturn the award, has begun…

Donald Trump Backs Egypt’s Sisi After Rare Protests Spark Crackdown

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CAIRO (Capital Markets in Africa) U.S. President Donald Trump backed his Egyptian counterpart, Abdel-Fattah El-Sisi, as a “highly respected leader” who “brought order,” dismissing small protests that pointed to simmering economic frustrations. “Demonstrations? No, everybody has demonstrations,” Trump said during a meeting with El-Sisi on the sidelines of the United Nations General Assembly on Monday. “Egypt has a great leader, he’s highly respected, he’s brought order. Before he was here, there was very little order, there was chaos….

Broken Economic `Hardware’ Thwarts Shift to Rate Cuts in Morocco

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RABAT (Capital Markets in Africa) – The central bank hasn’t budged since 2016 despite taking an increasingly dim view of the country’s economy after a poor harvest and still-weak demand from its key markets in Europe. Meanwhile, consumer prices have recovered from a bout of deflation to exceed projections for the year. Policymakers are likely to keep their benchmark interest rate at a record-low 2.25% again at a quarterly meeting on Tuesday. The pause will probably last…

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