The Editorial Team |

Benin Opposition Wants Election Body to Resign Over Vote Crisis

BENIN (Capital Markets in Africa) – Benin’s main opposition said it wants the electoral body as well as the justice minister to resign over its exclusion from legislative elections due next month as the West African nation faces its worst political crisis since 1990. The electoral commission has “lost all credibility” since it decided earlier this month to only allow two parties loyal to President Patrice Talon to participate in the vote, opposition spokesman Guy Mitokpe told…

May’s Brexit Deal Seen Boosting Carbon, Power in Europe

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LONDON (Capital Markets in Africa) – Power and carbon prices across Europe may rally if U.K. Prime Minister Theresa May succeeds in getting Parliament to approve a deal for leaving the European Union this month, according to Alfa Energy Ltd. Britain is a key member of the EU’s emissions trading system, and the risk of Brexit without agreement has weighed on carbon prices in recent weeks. Relieving that risk may push the cost of those allowances higher…

Ashley Takes on Debenhams Lenders With ‘Project Serpico’

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LONDON (Capital Markets in Africa) – Billionaire Mike Ashley’s latest bid to control Debenhams Plc has sharpened battle lines with the troubled U.K. department-store chain’s lenders as it seeks to restructure its debt and avoid insolvency. Ashley, angling to add Debenhams’s roughly 240 U.K. and overseas stores to his empire that already includes Sports Direct International Plc and House of Fraser, has launched an effort he’s dubbed “Project Serpico” to expose what he says is an insider plot to steer…

Malawi’s Ex-President Withdraws From Vote, Backs Opposition

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MALAWI (Capital Markets in Africa) – Former Malawian President Joyce Banda withdrew her candidacy from elections scheduled for May 21 and said she’d back opposition leader Lazarus Chakwera in the vote. It’s the second time since February that Banda, who ruled Malawi from 2012 to 2014, has pulled out of the race. Last month, she announced she wouldn’t compete in the ballot, before announcing her candidacy two days later. “Malawi is bigger than individuals,” Banda said in a joint…

Jet-Crash Tragedy Rocks Kenya From the Slums to Its Skyscrapers

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NAIROBI (Capital Markets in Africa) – Once a year, Abdullahi Ibrahim Mohammed would scrape together enough cash to fly from Saudi Arabia back home to Kenya to visit the wife, parents and three children he worked long hours to support. This year he didn’t make it. The 36-year-old dairy worker was one of 157 people killed Sunday when an Ethiopian Airlines plane bound for his hometown, Nairobi, plunged into a field near Ethiopia’s capital. It’s…

Dimension Data Executives Are Said to Weigh Buyout From NTT

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JOHANNESBURG (Capital Markets in Africa) – Senior managers at Dimension Data are considering a buyout of some of the South African IT services company’s operations from its owner, Nippon Telegraph & Telephone Corp., according to people familiar with the matter. The executives are approaching lenders and investors to raise cash for a possible deal for Dimension’s Africa and Middle East operations, which could be valued at about $800 million, said the people, asking not to be…

Boeing Part Found at Crash Site Hints at Same Cause as Lion Air

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JOHANNESBURG (Capital Markets in Africa) – A screw-like device found in the wreckage of the Boeing Co. 737 Max 8 that crashed Sunday in Ethiopia has provided investigators with an early clue into what happened, as work begins in France to decode the black boxes recovered from the scene. The so-called jackscrew, used to set the trim that raises and lowers the plane’s nose, indicates the jet was configured to dive, based on a preliminary review, according…

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