The Editorial Team |

Tullow Reduces Oil-Production Outlook Again on Ghana Faults

ACCRA (Capital Markets in Africa) – Tullow Oil Plc reduced its 2019 production forecast for the second time in three months as technical glitches in Ghana continued to cast a shadow. Full-year output is now seen at 89,000 to 93,000 barrels of oil a day, reflecting delays in well completion at the African country’s TEN project, Tullow said Wednesday. It’s a further setback for a company that relies on the continent for more than 90% of…

Kenya Central Bank Leaves Benchmark Rate Unchanged at 9%

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NAIROBI (Capital Markets in Africa) – Kenya’s central bank kept its benchmark interest rate unchanged for a sixth consecutive time, saying inflation expectations remain well-anchored. The Monetary Policy Committee held the rate at 9%, Governor Patrick Njorogesaid Wednesday in a statement in the first rates decision since his reappointment for a second term. That was in line with the forecast of all six economists in a Bloomberg survey. Key Insights: The unchanged stance comes even as…

Nigeria Central Bank Holds Key Interest Rate to Fight Inflation

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank kept its benchmark interest rate on hold to battle persistently high inflation even as it seeks to boost lending to grow the economy. The Monetary Policy Committee unanimously decided to hold the rate at 13.5%, Governor Godwin Emefiele told reporters Tuesday in the capital, Abuja. All but one of the six economists in a Bloomberg survey forecast the unchanged stance and one predicted a 50 basis-point cut. Key…

Standard Life and Lloyds Settle $129 Billion Fund Dispute

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LONDON (Capital Markets in Africa) – Lloyds Banking Group Plc and Standard Life Aberdeen Plc have reached a settlement in what was one of the most high-profile disputes in the U.K. fund management industry’s history. Lloyds, which wanted to pull a 104 billion-pound ($129 billion) mandate, will pay the asset manager 140 million pounds in cash as compensation, according to a statement from Standard Life on Wednesday. It will also leave about 35 billion pounds of the total until at…

Facebook to Pay $5 Billion to Settle FTC Privacy Claims

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LONDON (Capital Markets in Africa) – Facebook Inc. agreed to pay a record $5 billion to resolve a U.S. investigation into years of privacy violations, a settlement that increases the board of directors’ responsibility for protecting users’ data while changing little about the company’s lucrative advertising business. The agreement, announced Wednesday by the Federal Trade Commission, will for the first time end Chief Executive Officer Mark Zuckerberg’s final authority over privacy decisions, creating an independent privacy committee…

Johnson’s Acerbic Brexit Guru Wants a Political Revolution

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LONDON (Capital Markets in Africa) – Dominic Cummings, the director of the 2016 campaign to get Britain out of the European Union, is one of the most acerbic and divisive figures in British politics. His appointment as one of Boris Johnson’s senior advisers could signal a radical shake-up in Westminster. Cummings was made famous outside political circles earlier this year when he was portrayed by Benedict Cumberbatch in a TV drama about the referendum campaign. It captured his…

Investors Gorge on African Bonds, But They’re Dodging Its Stocks

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LAGOS (Capital Markets in Africa) – African local bonds are on a tear as investors flock to riskier assets. But the continent’s stocks are missing out, despite being much cheaper than their emerging-market peers. The AFMI Bloomberg African Bond Index, which groups the local-currency debt of eight nations including South Africa, Nigeria, Egypt and Ghana, has gained 6.1% in dollar terms since the start of May, around the time a dovish tilt by major central banks…

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