The Editorial Team

Allianz Risk Barometer 2022: Pandemic outbreak tops hospitality, leisure and tourism industry risks

JOHANNESBURG (Capital Markets in Africa): Pandemic outbreak is the biggest concern for companies in the hospitality, leisure and tourism industry, according to the Allianz Risk Barometer 2022. This risk receives the top ranking after Covid-19 led to large-scale business closures and supply chain disruption globally and brought tourism and aviation industries to an abrupt halt. However, while the pandemic continues to overshadow the economic outlook in this industry, encouragingly, businesses do feel they have adapted well. “When asked how prepared…

Dangote Cement Plans $500 Million Investment to Expand Capacity

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc, Africa’s largest producer of the building material, will invest $500 million over the next three to five years to expand production capacity in countries with increasing demand. “We are now focused on the next capital expansion cycle, which includes building grinding plants across West and Central Africa,” Chief Executive Officer Michel Puchercos, said during an investor call on Tuesday. “We are considering increasing capacity in countries with…

Ex-London Plumber Taps African Aluminum Scrap as Prices Soar

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LAGOS (Capital Markets in Africa) – As deepening shortages push aluminum to record highs, a London-based startup is raising cash to boost production of the critical industrial metal from untapped reserves of scrap in Africa’s biggest cities. Founded in 2015 by Raymond Onovwigun, a 31-year-old former plumber, Romco Metals has raised $6.2 million via a private share sale, valuing the recycler at $180 million. After developing a taste for trading scrap from job sites around…

JPMorgan’s Kolanovic Says ‘Worst Might Be Behind Us’ on Selloff

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NEW YORK (Capital Markets in Africa)- The war in Ukraine has dimmed prospects for aggressive Federal Reserve rate hikes and that should bolster American equities even as markets endure a bout of volatility in the coming weeks. That’s the view of JPMorgan Chase & Co. strategists led by Marko Kolanovic, who have repeatedly urged investors to buy the dip during the global equity rout this year. In a fresh note released Monday, the top-ranked strategist says the direct impact on…

Foreign Companies From Shell to Daimler Abandon Russia

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LONDON (Capital Markets in Africa) – The invasion of Ukraine is causing a mass exodus of companies from Russia, reversing three decades of investment by Western and other foreign businesses there following the collapse of the Soviet Union in 1991. The list of those cutting ties or reviewing their operations is growing by the hour as foreign governments ratchet up sanctions against Russia, close airspace to its aircraft and lock some banks out of the SWIFT money messaging system. Some companies have concluded…

World Bank Urges Tanzania to Quicken Vaccination to Lift Economy

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Dar es Salaam (Capital Markets in Africa) – Tanzania, which was among the last nations to start vaccinations against Covid-19, needs to accelerate inoculation to help quicken its economic recovery, the World Bank said. The East African nation of about 60 million people administered 2.4 million doses over about five months after President Samia Suluhu Hassan launched the program in July. “A slow pace by global standards,” the World Bank said in its biannual Tanzania Economic Update…

Russian Markets Start to Look Uninvestable as Sanctions Bite

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LAGOS (Capital Markets in Africa) – Billions of dollars in cash is at risk of being trapped, stock funds have plunged, and capital controls are choking off money flows. Russia has all the hallmarks of an uninvestable market for global investors. Russia-focused equity funds have tumbled 23% on average in the past week, according to data compiled by Bloomberg. Bonds have plummeted as default risks intensified, and trading the ruble has become a Herculean task with brokers stepping back…

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