The Editorial Team

Bondholders Risk $2.6 Trillion Hit on Even a Modest Yield Rise

LAGOS (Capital Markets in Africa) – After a wild week on Wall Street that saw inflation expectations reach decade highs, portfolio managers are staring down an ever-more dangerous prospect: A modest rise in yields that inflicts trillions of dollars in losses. It’s a result of investors’ exposure to duration, a key gauge of risk for bondholders that’s near record highs. Even a half-percentage point jump in yields from here, to roughly the pre-pandemic average in…

U.K. Spearheads Plan to Stop Deforestation at COP26

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LONDON (Capital Markets in Africa) – The U.K. government is asking world leaders to pledge to halt deforestation by 2030. But Brazil — home to the Amazon rainforest — has yet to sign, raising questions about how effective it can be. The European Union, Indonesia and Democratic Republic of Congo are among those who have already agreed to support the Glasgow Leaders’ Declaration on Forests and Land Use, according to people familiar with the matter….

Egypt to Reach Self-Sufficiency in Refined Oil Products by 2023

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CAIRO (Capital Markets in Africa) – Egypt said it’s on target to produce enough fuel to cover its own needs by 2023. The country will reach its goal thanks to upgrades of existing refineries and the construction of seven new ones as part of a project costing around $7 billion, according to Energy Minister Tarek El Molla. The new facilities will be able to make 6.2 million tons a year of products such as gasoline and…

Sunak Sees Inflation Risk to U.K. Debt Costs Ahead of Budget

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LONDON (Capital Markets in Africa) – U.K. Chancellor of the Exchequer Rishi Sunak said he was alive to the danger accelerating inflation poses to the cost of servicing the national debt, hinting at fiscal restraint when he unveils his budget and spending review on Wednesday.“The risk of inflation and interest rates is one that we can see already today, and there might be other things that we don’t know about,” Sunak told Times Radio, one…

Yellen Expects High Inflation Through Mid-2022 Before Easing

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NEW YORK (Capital Markets in Africa) – Treasury Secretary Janet Yellen said she expects price increases to remain high through the first half of 2022, but rejected criticism that the U.S. risks losing control of inflation. Inflation is expected to ease in the second half as issues ranging from supply bottlenecks, a tight U.S. labor market and other factors arising from the pandemic improve, Yellen said on CNN’s “State of the Union” on Sunday. The…

Ending Climate Change Will Cost a Fortune: Niall Ferguson

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LONDON (Capital Markets in Africa) – We’re all going to a dear green place for the sake of averting climate change. The place is Glasgow, host city for the fast-approaching Conference of the Parties 26. The parties are the countries that have signed the United Nations Framework Convention on Climate Change, which came into force in 1994. This will be the 26th UN climate change conference. And I can promise that it will be both…

Tesla Shows Progress on Profit as Investors Seek Perfection

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NEW YORK (Capital Markets in Africa) – Tesla Inc. reported third-quarter revenue that fell short of Wall Street estimates but managed to beat profit projections, overcoming a semiconductor shortage and supply-chain challenges that have stymied competing automakers. The results mark the ninth straight quarter of profit for the 18-year-old electric carmaker and came despite obstacles that included backups at ports and even rolling blackouts in China that made it tough to keep factories operating at…

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