The Editorial Team |

Investors Bet on BOE Cutting Rates Below Zero by Early 2021

LONDON (Capital Markets in Africa) – Investors have begun betting that the Bank of England will join the European Central Bank in cutting interest rates below zero. Traders bought more than 21,000 option contracts in the past month that will pay out if the BOE delves into negative territory by March 2021. The bets will succeed if the central bank buckles under the twin pressures of Brexit and a global economic slowdown and eases policy…

Trump Courts `Good Man’ Boris Johnson as an Ally on Iran, Huawei

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LONDON (Capital Markets in Africa) – As Boris Johnson hurtles toward a no-deal Brexit that could leave the U.K. diplomatically adrift and economically vulnerable, President Donald Trump is looking to seize an opportunity to lure the country away from Europe on some of his top foreign policy priorities: Iran and Huawei. Yet with Johnson focused on negotiating a breakup with the European Union — and perhaps a snap election at home — the White House may have to be…

Donald Trump Gets His Wall at Last. But It’s in Zimbabwe

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HARARE (Capital Markets in Africa) – Frustrated by Democrats from fulfilling a campaign pledge to build a wall along the southern U.S. border, Donald Trump is getting his way regardless. The only downside for the president is that this wall is in southern Africa. The U.S. is putting up $475,000 to help restore the stone walls at Great Zimbabwe, a fortress that dates back to the 11th century and which gave the country its name. Much of…

What ‘No-Deal Brexit’ Means and Why It’s a Big Risk: QuickTake

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LONDON (Capital Markets in Africa) – The threat of a no-deal Brexit is back, and companies on both sides of the English Channel are gearing up once again for the scenario they consider the worst case. Boris Johnson, the U.K.’s new prime minister, has vowed to lead the country out of the European Union on Oct. 31, whether or not he secures a deal to smooth the process of untangling more than 40 years of integration. What…

This $468-Billion Fund Is Betting on U.K. Yields Going to Zero

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LONDON (Capital Markets in Africa) – The U.K. may become the next developed economy to embrace zero yields, according to an influential money manager. The yield on two-year gilts could “easily” vanish in the coming months as the Bank of England will need to cut borrowing costs more than once to support an economy on the brink of recession, according to Columbia Threadneedle Investments, which oversees the equivalent of $468 billion. The firm, which has…

Barclays Cut 3,000 Jobs in Recent Months, Joining European Peers

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LONDON (Capital Markets in Africa) – Barclays Plc Chief Executive Officer Jes Staley said the bank cut 3,000 jobs in the second quarter as the firm sought to keep a tight grip on expenses and counter criticism over its ability to reach profitability targets. The London-based bank joined other European lenders who have been eliminating roles in recent months, including HSBC Holdings Plc and Societe Generale SA. Barclays Finance Director Tushar Morzaria told journalists on a call Thursday that the cuts were…

Shell Profit Misses as Slowing Economy Hurts Gas, Chemicals

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LONDON (Capital Markets in Africa) – Royal Dutch Shell Plc got caught into the same earnings trap as many of its peers, reporting second-quarter earnings that fell well short of expectations as the slowing global economy hit everything from natural gas to chemicals. Profit in Shell’s integrated gas division was down by 25%, but earnings were lower across all of its businesses, including upstream oil and gas production, and refining and chemicals. “We’ve seen some very…

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