The Editorial Team |

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

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….

World’s Richest Families Stockpiling Cash on Recession Fears

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NEW YORK (Capital Markets in Africa) – Rick Stone, a former partner at Cadwalader, Wickersham & Taft, see treacherous times ahead for family offices trying to deploy cash. The head of Stone Family Office said he doubts the bond market will provide any real return over the next decade, that equity markets will suffer a substantial drop and then be flat, and that too much venture capital and private equity money will continue to chase…

Harvard Was ‘Freaking Out’: How a $270 Million Brazil Bet Tanked

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Biggest endowment struggled to unload a troubled investment NEW YORK (Capital Markets in Africa) – Colin Butterfield was frantic. The Harvard University endowment executive wanted to unload a disastrous $270 million investment in Brazilian farmland. But the school had no takers, and it was burning through millions of dollars. “Why I’m freaking out is that we’re running out of money,” Butterfield said in a November 2017 conference call, referring to the project, not the college. “We have no more money.”…

KENYA INSIGHT: Nairobi Slows as Urbanization Engine Stutters

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NAIROBI (Capital Markets in Africa) – Kenya’s capital city Nairobi is being outperformed by semi-urban areas and smaller cities, such as Kiambu and Nakuru, according to data on regional economic activity. There’s some evidence to suggest this may become an emerging trend across Africa with a different pattern of urbanization providing the engine of growth. Nairobi had the weakest GDP per capita growth of all Kenya’s 47 counties. This chimes with World Bank research showing…

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