The Editorial Team |

Theresa May Loses Control of Brexit Process as Parliament Takes Over

LONDON (Capital Markets in Africa) – The U.K. Parliament seized control of the Brexit process from Prime Minister Theresa May and will now seek to decide how Britain exits the European Union. In a vote late Monday, the House of Commons split 329 to 302 to schedule votes on a series of alternative strategies, potentially including a second referendum, keeping the U.K. in the bloc’s customs union, leaving without a deal and even canceling Brexit altogether. The pound rose immediately after…

What a Difference a Negative Bund Yield Makes: Taking Stock

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LONDON (Capital Markets in Africa) – European stocks have entered their first real consolidation this year after weeks of gains. At the same time, Germany’s 10-year Bund yield retreated and turned negative for the first time since 2016. So we’re here again. Europe’s economic picture has been deteriorating, pushing the yield over the edge, which has big consequences for European shares. As an investor, you have to find yield somewhere, and when government yields are…

What African Central Bankers Will Discuss in the Next 7 Days

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LAGOS (Capital Markets in Africa) – Central bankers in Africa’s largest economies will consider very different conditions when deciding on interest rates over the next seven days than they did two months ago, and will mostly come to the same conclusions. Since the Monetary Policy Committees last met, Ghana’s currency slumped, Nigeria concluded its election, South Africa announced higher-than-expected power-price increases and a Kenyan court set aside a law that caps borrowing costs. All of…

Tanzania to Start Talks for $30 Billion LNG Project in April

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DAR ES SALAAM (Capital Markets in Africa) – Tanzania plans to negotiate terms for developing a $30 billion liquefied natural gas project with companies between April and September, the Energy Ministry said. The talks are aimed at reaching a so-called Host Government Agreement, the pact that governs the rights and obligations of parties with respect to the development, construction and operation of the project. Equinor ASA, one of the companies involved, could sign the accord after the…

Islamist Insurgencies Feed Age-Old West African Conflicts

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LAGOS (Capital Markets in Africa) – Alassane Dicko used to lead his cattle each day through the grasslands of central Mali until gunmen burned down his village and took all his animals. Now he lives on the edge of a landfill in the capital, Bamako. Dicko, 38, is one of hundreds of ethnic Fulanis who fled their homes in recent months because of violent disputes over land and water, pitting herders against crop farmers and…

Flood Deaths Climb as Mozambique Races to Rescue Stranded

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MAPUTO (Capital Markets in Africa) – Deaths from flooding in the wake of Cyclone Idai climbed to more than 380 as Mozambique’s government battled to deal with the devastation wrought by one of southern Africa’s most deadly recorded storms. The toll may rise dramatically yet as thousands remain stranded. Almost a week after the Category 3 storm made landfall, heavy rains continued in Mozambique’s Sofala province. Rescue workers have saved 3,000 of 15,000 families stranded…

Eskom Reduces Intensity of Blackouts as Power Imports Return

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s Eskom Holdings SOC Ltd. reduced the intensity of rotating power cuts on Friday — the country’s ninth straight day of scheduled blackouts — after imports from Mozambique were partially restored. South Africa’s supply from the Cahora Bassa hydroelectric system was cut about a week ago when Cyclone Idai damaged pylons in neighboring Mozambique. The loss of imports compounded an existing shortfall in South Africa after several of…

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