The Editorial Team |

Bankers Ring Alarm Bells Anew as Brexit Weakens British Economy

LAGOS (Capital Markets in Africa) – After years of work and millions of pounds spent in preparation for the U.K.’s withdrawal from the European Union, the delay to October and seemingly endless questions about the outcome are casting a cloud over bankers’ outlooks and taking the shine off the rise in shares this year. The sentiment was underlined on Friday when HSBC Holdings Plc’s Chief Financial Officer Ewen Stevenson warned that the uncertainty is plaguing consumer and business…

MTN Revamps Board With a Who’s Who of African Heavyweights

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. appointed former South Africa Deputy Finance Minister Mcebisi Jonas as chairman and Nigeria’s ex-central bank Governor Lamido Sanusi as a non-executive director as part of boardroom shake up at Africa’s biggest wireless carrier. Jonas, 59, will replace Phuthuma Nhleko, who plans to step down in December after almost two decades as chairman or chief executive officer of the Johannesburg-based company. The stock held onto gains and traded 2.4 percent higher as of…

Democratic 2020 Candidates Lag U.S. in Giving, Tax Returns Show

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NEW YORK (Capital Markets in Africa) – As more presidential candidates release their tax returns, a picture of Democrats’ charitable giving is beginning to emerge. For the most part, they’re not as generous as most Americans. With notable exceptions, most high-polling 2020 Democratic presidential candidates gave well below the U.S. average to charity in 2018, according to the deductions claimed on their tax returns. While Americans give between 2 percent and 4 percent of their…

At Milken’s Retreat for Billionaires, Capitalism Is Still Good

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LONDON (Capital Markets in Africa) – In a year when billionaires are hot political targets, and Wall Street leaders openly worry about the future of capitalism, many are about to take refuge among friends in sunny California. Buyout titans, bankers, politicians, entertainment moguls and even professional athletes are among hundreds set to gather at the Milken Global Conference in Los Angeles starting this weekend. With democratic socialists propelling the national news and presidential candidates debating how much…

Capitalism Is Broken Because of Central Banks: Alberto Gallo

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LONDON (Capital Markets in Africa) – While many agree that current monetary policies are not sustainable, few have offered realistic alternatives. Here are three. It has been a decade since the Federal Reserve and other central banks began cutting interest rates to zero — or even below — and injecting unprecedented amounts of cash into the global financial system via quantitative easing. And while global stocks are at or near record highs, central banks around the…

RBS Alarm Bells on Brexit Challenge Sends Its Shares Sliding

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LONDON (Capital Markets in Africa) – Royal Bank of Scotland Group Plc tumbled after the state-backed lender said Britain’s slowing economy is likely to bite into income over the coming months. The bank’s shares fell as much as seven percent after it sounded the strongest warning yet on the impact of Brexit this year. The note of caution overshadowed the bank posting a better-than-expected operating profit before tax of 1.01 billion pounds ($1.3 billion), according to…

Theresa May’s Government Persists With `Difficult’ Labour Brexit Talks

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LONDON (Capital Markets in Africa) – Theresa May’s government will continue talks with the main opposition Labour Party aimed at securing a Brexit compromise, as time runs out before the U.K. is forced to take part in European Parliament elections. “It’s important that we try and work as hard as we can to try and come up with a single unified approach,” the premier’s spokeswoman, Alison Donnelly, told reporters on Friday. “The talks are ongoing and…

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