The Editorial Team |

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

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…

Boris Johnson Disagrees With Ruling Plans to Keep Pursuing Brexit

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LONDON (Capital Markets in Africa) – U.K. Prime Minister Boris Johnson said he disagreed with the ruling of the country’s highest court that he broke the law by suspending Parliament for five weeks in the run-up to his Oct. 31 Brexit deadline. In an unprecedented and sweeping rebuke to the premier, the Supreme Court’s 11 judges found Johnson had given Queen Elizabeth II “unlawful” advice to suspend the legislature — and that his decision had wrecked the…

How Brexit Has Already Cost London’s Financial Hub Billions

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LONDON (Capital Markets in Africa) – Whether the U.K. leaves the European Union with no deal or clinches a last-minute agreement in the coming weeks, Brexit has already taken a toll on London’s finance industry. Three years and three prime ministers since the vote, fraught negotiations, and political turmoil have sapped confidence in the industry, putting financial firms on the verge of moving thousands of jobs — and possibly 1 trillion pounds ($1.24 trillion) of…

London Can Dominate Post-Brexit With China’s Cash, HKEX CEO Says

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LONDON (Capital Markets in Africa) – The man who runs Hong Kong’s stock exchange fleshed out his vision for combining with its London counterpart, saying the marriage could funnel Chinese cash to the U.K. capital and make it the world’s dominant financial center long after Brexit. “In 20 years, together, this city is going to be the renminbi, dollar, and euro center — the center of everything,” Charles Li said at a conference in London….

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