The Editorial Team |

Global Banks Prepare Next Moves as Johnson Steps Up Brexit Plans

LONDON (Capital Markets in Africa) – Global banks are preparing their staff in the U.K. for big changes as the prospect of a no-deal Brexit in October looms. JPMorgan Chase & Co., Nomura Holdings Inc. and Wells Fargo & Co. are among those taking action as the British government tries to stare downthe European Union on the terms of withdrawal, increasing the chance of a chaotic exit from the bloc that could curb access to talent and certain markets. JPMorgan…

Johnson Plan to Suspend Parliament Survives Early Court Test

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LONDON (Capital Markets in Africa) – A Scottish judge refused to block Boris Johnson’s plan to suspend Parliament, dealing a blow to lawmakers who argued that there isn’t enough time to thwart a no-deal Brexit. Judge Raymond Doherty in Edinburgh held off granting an emergency injunction against the prime minister’s plan, saying that there is time to hold more hearings on the issue next week. A Belfast court on Friday also put off a decision on…

U.K., France, Germany ‘Concerned’ About South China Sea Tensions

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LONDON (Capital Markets in Africa) – The U.K., France and Germany have called for restraint in the South China Sea amid reports that Chinese and Vietnamese vessels are facing off in the disputed waters over competing territorial claims. The tensions “could lead to insecurity and instability in the region,” they said in a joint statement issued Thursday. The three nations, without mentioning Vietnam or China, said the legal framework set out by the United Nations Convention on…

Rebels See Time to Stop No-Deal Brexit as Major Aids Court Fight

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LONDON (Capital Markets in Africa) – Senior Tories seeking to stop the U.K. leaving the European Union without a deal and thwart Boris Johnson’s move to suspend Parliament from the middle of next month stepped up their preparations for a showdown with the prime minister next week. Oliver Letwin, the former minister leading efforts in Parliament to stop a no-deal Brexit, said he’s confident he has a plan that will work around the suspension, while ex-Prime…

Nigeria’s Surging Food Prices May Rise Even Faster on Dollar Ban

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LAGOS (Capital Markets in Africa) – Nigeria’s plan to spend less on food by restricting access to dollars for importers could have the opposite effect by threatening food supplies and pushing up prices. President Muhammadu Buhari ordered the central bank on Aug. 13 to stop dollar supply for food imports, saying food security has been achieved and agricultural production has increased. That came after Governor Godwin Emefiele said in July the central bank plans to cut off dairy importers’ access…

Cash-Starved Ghana Fund Managers Face 20-Fold Capital Hike

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ACCRA (Capital Markets in Africa) – Caught in a crisis in which they’re unable to meet client withdrawals, Ghana’s fund managers will be forced to set aside 20 times more capital than they do now to avoid running out of cash again. The Securities and Exchange Commission will require money managers to increase their minimum capital reserves to 2 million cedis ($365,260) from the current 100,000 cedis, Director General Daniel Ogbarmey Tetteh, said by phone from…

Imperial Logistics Seeks Partner for African Freight Expansion

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JOHANNESBURG (Capital Markets in Africa) – Imperial Logistics Ltd. is looking to expand into air and sea transportation as the Africa-focused logistics group offers more services to multinationals with sales on the continent. The Johannesburg-based company delivers goods for the likes of U.K. drugmaker GlaxoSmithKline Plc and Dutch brewer Heineken NV mainly via land routes to countries in sub-Saharan Africa. Now, it wants to add the ability to pick up products from manufacturing sites in Asia to complete the…

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