The Editorial Team

Bailey Says Bank of England ‘Will Have to Act’ on Inflation

LONDON (Capital Markets in Africa) – Bank of England Governor Andrew Bailey moved to strengthen the case for raising interest rates, saying the central bank will “have to act” to curb inflationary forces and warning higher energy costs mean price pressures will linger. Speaking to an online panel organized by the Group of 30, Bailey said that while central banks don’t have the tools to counter supply disruptions and he still believes the recent acceleration…

Google’s Biggest Moonshot Is Its Search for a Carbon-Free Future

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LAGOS (Capital Markets in Africa) – Google Bay View, the company’s newest campus, consists of three squat buildings nestled near the San Francisco Bay shoreline a few miles east of its headquarters in Mountain View, Calif. The first things visitors notice are the roofs. They curve down gently from pinched peaks, like circus tents, sloping almost to the ground. Each roof is blanketed with overlapping solar panels that glisten with a brushed metal sheen on…

Bitcoin Rallies After Weekend Tumble as ETF Anticipation Builds

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LAGOS (Capital Markets in Africa) – Bitcoin rallied early Monday after falling over the weekend, ahead of an anticipated U.S. exchange-traded fund approval. The largest cryptocurrency gained as much as 5.5% and was trading at about $61,975 as of 10:21 a.m. in London. It fell both Saturday and Sunday to nearly $59,000. Bitcoin is in focus as the first futures ETF tied to the token may debut Monday, according to a filing. Major levels being watched include…

Tunisia Reaches Out to Gulf Nations as Economic Woes Deepen

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TUNIS (Capital Martkets in Africa) – Tunisia is in “very advanced discussions” with Saudi Arabia and the United Arab Emirates for sorely needed financial aid and talks with the IMF are ongoing, a central bank official said, as the nation’s political crisis weighs on already dire economic ills. An agreement with the two Gulf states may be reached soon, the head of financing and foreign transactions at the Tunisian regulator, Abdelkarim Lassoued, said Saturday in…

Egyptian President Calls for Revamp of Costly Subsidy System

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CAIRO (Capital Markets in Africa) – Egypt’s president on Saturday said a revamp of the nation’s bloated and costly subsidy system was necessary, amid a broader push by the government to ensure that such aid reaches the neediest segment of the population. Speaking at the inauguration of a state housing project, Abdel-Fattah El-Sisisaid that the lack of sufficient digitization of data in Egypt has, over the years, opened the door to a misallocation of state resources….

Nigeria Awaits Supply of 30 Million Paid-for Covid-19 Vaccines

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LAGOS (Capital Markets in Africa) – Nigeria is yet to receive supplies of 30 million coronavirus vaccines that it ordered and paid for, the country’s finance minister said Friday. “We have paid for vaccines, the supplies are not coming,” Minister of Finance Zainab Ahmed said in a Bloomberg TV interview. “The donations that have been pledged to us are trickling in.” Africa’s most populous country has only been able to give the Covid-19 jabs to 4 million…

UN Withdraws Offer of African Envoy Post to Matt Hancock

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LONDON (Capital Markets in Africa) – Former U.K. Health Secretary Matt Hancock’s appointment to a United Nations special envoy role has been scrapped. “Mr. Hancock’s appointment by the UN Economic Commission for Africa is not being taken forward,” UN spokesperson Stephane Dujarric told PassBlue, a news website that specializes in UN coverage, on Friday, adding “ECA has advised him of the matter.” In an appointment letter to Hancock, Vera Songwe, executive secretary of the ECA, lauded the “success…

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