The Editorial Team |

Vodafone Surges on Possible IPO, Stake Sale of Towers Unit

LONDON (Capiatla Markets in Africa) – Vodafone Group Plc shares gained the most in more than a decade on the phone carrier’s plan to carve out its towers business and consider an initial public offering or minority stake sale of the new unit. The stock rose as much as 10.4%, the biggest intraday jump since November 2008, after the carrier announced plans to separate Europe’s largest towers portfolio alongside financial results that beat expectations. The business,…

EU Says No to Boris Johnson, Increasing No-Deal Brexit Risk

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LONDON (Capiatla Markets in Africa) – The scale of the challenge facing Boris Johnson to break Britain’s political deadlock was laid bare in his first days as prime minister, as the European Union immediately rejected his demands for a better Brexit deal. Johnson told European Commission President Jean-Claude Juncker that the U.K.’s Withdrawal Agreement with the EU would have to change for it to pass Parliament, according to his office’s account of the phone conversation between the two Thursday. Juncker said…

Gerard Lyons as Carney’s Successor Could Mean Different BOE

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LONDON (Capiatla Markets in Africa) – One contender to be Bank of England governor recently tipped by bookmakers could augur a rather different way of thinking at the institution. Pro-Brexit economist Gerard Lyons became the frontrunner this week, according to Betway, in tandem with the appointment as prime minister of his former boss, Boris Johnson. The new premier has just populated his cabinet with allies, and punters may now be betting he could repeat that with the leadership of the…

BOE Governor Job a Poisoned Chalice, Ex-Policy Maker Weale Says

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LONDON (Capiatla Markets in Africa) – The job of Bank of England governor could be considered a “poisoned chalice” by some possible candidates and finding a pro-Brexit economist to fill the role could be a challenge, according to former policy maker Martin Weale. “If following the appointment of the Cabinet, the chancellor wants someone who believes that Brexit is going to be wonderful, my guess is that’s going to give him a fairly short shortlist,” Weale,…

South Africa Has a Sovereign Debt Problem. Its Name Is Eskom

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JOHANNESBURG (Capital Markets in Africa) – A financial crisis confronting South Africa’s state power utility has become a national debt problem. Finance Minister Tito Mboweni Tuesday unveiled a second multi-billion dollar bailout for Eskom Holdings SOC Ltd. within five months, aid that may force the cash-strapped government to increase borrowing and taxes. That could in turn trigger a credit-rating downgrade and massive outflow of funds, raise the cost of new debt and stymie efforts to revive the…

South Africa Inflation Target Could Be Even Lower, Kganyago Says

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JOHANNESBURG (Capital Markets in Africa) – Fresh from being reappointed for another five years, South African Reserve Bank Governor Lesetja Kganyago made it clear that he will keep on pursuing his mandate of low inflation and suggested the current target band may even be too high. This comes after Kganyago and the central bank came under renewed criticism in recent months from labor unions and some senior members of the ruling party who want borrowing…

Kenyan President Picks Little-Known Minister as Treasury Head

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NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta appointed a little-known minister as acting head of the Treasury a day after finance minister Henry Rotich was charged with corruption. Ukur Yatani Kanacho, a former governor of the northern county of Marsabit, will also retain his role as the labor and protection minister, a position he’s held since February 2018. Kenyatta also appointed Julius Monzi Muia as principal secretary at the Treasury. He previously held a…

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