The Editorial Team

Meet the Mexican Dealmaker in Shanghai Behind Trump’s SPAC Deal

LAGOS (Capital Markets in Africa) – A Mexican dealmaker in China was one of the key architects behind former President Donald Trump’s deal with a special purpose acquisition company. Shanghai-based ARC Group Ltd. was an adviser to Trump’s merger partner Digital World Acquisition Corp. and was tasked with building the SPAC’s deal pipeline, according to its listing prospectus. The boutique is led by Mexican founder Abraham Cinta, who’s lived in the Chinese financial center for over…

Zimbabwe Rules Out Adopting U.S. Dollar as Sole Currency: Mail

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HARARE (Capital Martkets in Africa) – Zimbabwe’s government has ruled out adopting the U.S dollar as the country’s sole official currency, terming it “suicidal,” the state-run Sunday Mail reported, citing Finance Minister Mthuli Ncube. Ncube said such a move could result in foreign currency deficits and deflation for the African nation. “We cannot adopt the United States dollar alone as the official currency,” Ncube told lawmakers during a pre-budget consultation meeting, according to the Harare-based newspaper. “You…

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

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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…

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