The Editorial Team |

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

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

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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

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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

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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

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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…

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