The Editorial Team |

Capitalism Is Broken Because of Central Banks: Alberto Gallo

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…

South Africa’s Main Opposition DA Is Said to Face Risk of Split

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JOHANNESBURG (Capital Markets in Africa) – Several senior members of the Democratic Alliance, South Africa’s official opposition, have considered breaking away to form a new party because of disputes about its policy direction, according to people familiar with the matter. Some officials are concerned by the adoption of policies that shift it away from liberal roots ahead of national elections on May 8, including a “Secure our Borders” campaign that analysts say is a populist appeal…

Nigeria Revives Plan to Double Crude Oil Output, Triple Refining

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LAGOS (Capital Markets in Africa) – Nigeria plans to almost double oil production and triple its refining capacity by 2025, reviving previous pledges that turned out to be hard to achieve in practice. The OPEC member is looking to pump 4 million barrels a day by 2025 and increase refining capacity to 1.5 million barrels daily, Maikanti Baru, managing director of state-owned Nigerian National Petroleum Corp., said at a conference Thursday in the capital Abuja. “Nigeria…

Kganyago Says S. Africa Central Bank Ownership a `Zombie Debate’

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JOHANNESBURG (Capital Markets in Africa) – A decision by the country’s ruling party to nationalize the central bank is based on ideology and a misunderstanding of what it does, according to the institution’s governor Lesetja Kganyago. The African National Congress decided at a conference in late 2017 to nationalize the South African Reserve Bank, which is one of a handful globally owned by private investors. The shareholders have no say over monetary policy decisions and the central…

Togo President Starts Solar Micro-Grid Built by BBOX and EDF

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LOME (Capital Markets in Africa) – Togo’s President Faure Gnassingbe switched on a solar-powered micro-grid that will reach a village of 300 households, the latest phase of a project which aims to supply 60,000 people in the West African nation with electricity. A venture including London-based BBOX Ltd. and Electricite de France SA built the network. It will feed enough power for the rural community of Sikpe Afidegnon in the south to run streetlights, households,…

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