The Editorial Team |

Kenya Says National Airline Ownership Could Revert to State

NAIROBI (Capital Markets in Africa) – Kenya may consider taking full ownership of its national carrier to effectively ward off competition from other state-owned airlines on the continent and from the Gulf, according to Transport Principal Secretary Esther Koimett. The East African state owns 48.9 percent of Kenya Airways Plc after it converted debt into equity in 2017. The agreement diluted major shareholder Air France-KLM’s stake to 7.8 percent, and brought in a consortium of banks under the…

Libyans Remain Divided on When to Restart Biggest Oil Field

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LAGOS (Capital Markets in Africa) – A meeting between Libya’s top oil executive and prime minister in Abu Dhabi ended without a clear agreement on when to restart the country’s biggest oil field. Tripoli-based Prime Minister Fayez al-Serraj’s office said in a statement that an agreement was reached that could end the halt. Mustafa Sanalla, chairman of Libya’s National Oil Corp., reiterated his position that “force majeure” can’t be lifted until all militants leave the deposit….

May Offers Parliament Vote to Delay Brexit If No Deal Agreed

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LONDON (Capital Markets in Africa) – Theresa May promised members of Parliament a vote to delay Brexit and block the potential economic disaster of a no-deal split with the European Union if they reject her divorce agreement next month. May said she will carry on trying to reach a deal in Brussels so the U.K. can leave as planned on March 29. But if that isn’t possible, Britain will not lurch out of the club of…

BOE Steps Up Brexit Buffers as Carney Presses No-Deal Warning

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LONDON (Capital Markets in Africa) – The Bank of England stepped up its defenses against a disruptive Brexit and Governor Mark Carney offered more warnings about the damage that a no-deal withdrawal from the European Union could do to the economy. The central bank will offer lenders extra liquidity provisions around the March 29 exit date, a measure designed to smooth the plumbing of the market operating in times of potential stress. It mirrors its actions around…

How Would an Extension to the Brexit Deadline Work: Q&A

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LONDON (Capital Markets in Africa) = U.K. Prime Minister Theresa May has promised Parliament that it will have a chance to vote to extend the Brexit deadline next month as a way of avoiding a chaotic no-deal exit. How will it work? Is May calling for a delay? No. May says she doesn’t want to delay exit day on March 29. She’s offering the vote in order to head off a growing rebellion of lawmakers and ministers…

EU Wants a Brexit Delay But Governments at Odds Over Length

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LAGOS (Capital Markets in Africa) – The European Union has made no secret that it thinks Prime Minister Theresa May should delay Brexit day. The question is, for how long. May on Tuesday promised the British Parliament a vote on a “short” postponement if it doesn’t approve her deal by March 12. EU officials are relieved it lessens the chances of a crash-out Brexit at the end of next month but say there must be a clear plan for…

Shoprite Seeks to Curb Influence of Chairman Christo Wiese

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JOHANNESBURG (Capital Markets in Africa) – Shoprite Holdings Ltd. is in talks with billionaire Chairman Christo Wiese about giving up his extra voting rights in Africa’s biggest grocer, a move that would simplify the share structure and help to empower smaller investors. Wiese’s Thibault Square Financial Services controls almost a third of the votes at the Cape Town-based company through deferred shares, which carry greater influence than ordinary stock. Shoprite is negotiating to buy or redeem and cancel…

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