The Editorial Team |

Airbus May Make the Next Version of Its Top-Selling Jet a Hybrid

LAGOS (Capital Markets in Africa) – Airbus SE is considering bringing the world’s first hybrid-electric airliner to market as it weighs its strategy for replacing the bread-and-butter A320neo narrowbody in the next 15 years — a move that would mark a technological leap for the aerospace industry. The European planemaker has grown confident that the revolutionary propulsion system will be ready for roll-out on an all-new single-aisle jet around 2035, according to people with knowledge of…

Pound Swings as No-Deal Brexit in Focus on Tory Leadership Votes

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LAGOS (Capital Markets in Africa) – The pound whipsawed as Brexiteer Boris Johnson took a commanding lead in the first round of voting to elect a new British prime minister. Sterling initially fell on the result before recovering some ground, with the market already anticipating a Johnson win and some of the other euroskeptic candidates being eliminated. A gauge of price swings over the next week has climbed the most since early May, as traders anticipate moves…

Ethiopia Raises 2019-20 Budget by 1.6% to Boost Economic Growth

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia plans to increase 2019-20 spending by 1.6% to fund projects that will help boost the Horn of Africa country’s economic expansion. Spending plans for the year starting July will expand to 386.9 billion birr ($13.4 billion), Ethiopian Finance Minister Ahmed Shide said in a recording of parliament proceedings aired on ruling party-controlled Fana Television. That will probably help the economy grow by 9%, according to Shide. Ethiopia, which the International…

Development Bank Climate Finance Rose 22% to Record $43 Billion

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LAGOS (Capital Markets in Africa) – Development banks committed a record $43 billion in climate finance last year, a jump of almost $8 billion on 2017’s figure and the biggest surge ever reported. The co-finance attached to the multilateral development bank money added another $68.1 billion, taking the year’s total to more than $111 billion, according to a report by six banks including the World Bank Group. More than a third of that total was…

Banks Cut Off From Zimbabwe Payment Network Over Unpaid Bills

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HARARE (Capital Markets in Africa) – Most banks across Zimbabwe are unable to process salaries and pensions after one of the country’s largest payment networks suspended its services for unpaid bills. Cambria Africa Plc blocked bank customers on June 10 because its Payserv Africa unit is owed $470,000 for more than 4 million transactions since May 1, the Isle of Man-based investment company said in a statement on Wednesday. That was after it lost a collective $170,000 providing services over…

Congo’s Ex-President Kabila Strengthens Grip on Parliament

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KINSHASA (Capital Markets in Africa) – Former Democratic Republic of Congo President Joseph Kabilastrengthened his grip on the nation’s parliament after the Constitutional Court disqualified more than 20 opposition lawmakers. Former opposition leader Felix Tshisekedi succeeded Kabila in January, following disputed elections in which Kabila’s supporters secured majorities in both chambers of parliament and in provincial assemblies. Second-placed Martin Fayulu claims he obtained the most votes and that Kabila did a secret deal with Tshisekedi to deprive him of victory…

Kenya’s Equity Group Sets Up in Ethiopia as Bank Plots Expansion

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NAIROBI (Capital Markets in Africa) – Equity Group Holdings Plc set up a representative office in Ethiopia as the East African nation opens up its financial sector. Hassan Maalim will lead the office in Addis Ababa, which should be fully operational in July, Kenya’s biggest bank by market value said in a statement on Thursday after Bloomberg reported its plans. The bank’s “entry into Ethiopia is part of our phase two expansion in pursuit of our…

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