The Editorial Team

Tester Expects Fed Chair Uncertainty to Hamper Inflation Actions

NEW YORK (Capital Markets in Africsa) – A senior Senate Democrat suggested that uncertainty over who will run the Federal Reserve has limited action to rein in U.S. inflation and urged President Joe Biden to renominate Fed Chair Jerome Powell for another term. “I think we’ve got issues revolving around inflation that he can’t do much about as long as he’s not confirmed,” Montana Senator Jon Tester said on NBC’s “Meet the Press” on Sunday. Powell “needs to…

Biden to Speak on Economy on Tuesday With Fed Decision Looming

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NEW YORK (Capital Markets in Africa) – President Joe Biden will give a speech on the economy and combating inflation on Tuesday as markets await his decision on the next Federal Reserve chair and possible moves to bring down U.S. energy prices. For the U.S. central bank, Biden is choosing between Chair Jerome Powell and Fed Governor Lael Brainard, who is viewed as more liberal on climate change and bank regulation. The White House has said Biden will…

Sudan’s Military Reinstated the Civilian Prime Minister. But Post-coup Turmoil Could Deepen.

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NAIROBI (Capital Markets in Africa) – Sudan’s military and civilian leaders reached a deal Sunday to reinstate Prime Minister Abdalla Hamdok, who was ousted in a coup last month that reignited mass protests and political uncertainty more than two years after a popular uprising forced out longtime autocrat Omar Hassan al-Bashir. Hamdok, who had spent the past month under house arrest, praised the agreement as a way to restore Sudan’s fragile democratic transition, but the…

Nigeria’s Biggest Miller to Buy Majority of $194 Million Rival

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LAGOS (Capital Markets in Africa) – Nigeria’s biggest flour miller has cemented its dominant position in Africa’s largest economy with the purchase of a majority stake in Honeywell Flour Mills Plc. Flour Mills of Nigeria Plc will acquire a 77% stake in the nation’s third largest miller, according to a statement on the Nigerian Stock Exchange website. The whole company is valued at 80 billion naira ($194 million). The final price payable will be based on adjusted…

FX Traders Seek Emerging-Market Gems Amid the Wreckage of 2021

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LAGOS (Capital Markets in Africa) – Emerging-market currency traders will have to pick their fights carefully for the coming year after a surprisingly strong dollar and rising U.S. Treasury yields steamrolled almost everything in the developing world in 2021. With investors ramping up expectations for the Federal Reserve and other developed-market central banks to tighten policy, the likes of the Brazilian real and Hungarian forint have been weighed down by inflation and political concerns even as local…

South Africa Virus Cases Begin to Climb as Fourth Wave Predicted

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JOHANNEBURGH (Capital Markets in Africa) – South African coronavirus cases are beginning to climb, the positivity rate of tests is increasing and an analysis of wastewater shows that the disease is once again becoming more prevalent in some areas. On Nov. 20, the number of confirmed cases over a 24-hour period rose to 887, the highest since Oct. 14, and on Nov. 21, 3.4% of tests returned a positive result, according to government data. If maintained…

Prosus Says Analysts Value Non-Tencent Assets at $50 Billion

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JOHANNESBURG (Capital Markets in Africa) – Prosus NV said analysts have valued its global portfolio of e-commerce assets at about $50 billion, excluding the stake in Hong Kong’s Tencent Holdings Ltd. — well above the market rate. The investment firm, which has spent heavily on internet payments, food delivery, education and more around the world, is looking to boost that figure to $100 billion over the next three years, Chief Executive Officer Bob van Dijktold reporters…

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