The Editorial Team

India to Resume Exports of Covid-19 Vaccines Starting Next Month

LAGOS (Capital Markets in Africa) – India will restart exports of Covid-19 vaccines for the World Health Organization’s Covax initiative from the quarter beginning Oct. 1, Health Minister Mansukh Mandaviya says, days after the government pledged to first focus on meeting local requirements. The country will also begin shipments as part of its vaccine donation program, the federal minister told reporters Monday. He did not give any details. Home to the world’s largest vaccine-manufacturing industry,…

BP Oil Trader Says He Was Fired Over Nigeria Bribe Concerns

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LAGOS (Capital Markets in Africa)- BP Plc fired an ex-oil trader because he voiced concerns about bribes being paid in Nigeria to secure local contracts, according to a sprawling London employment suit that sheds light on the energy giant’s lucrative trading floor. Jonathan Zarembok, who traded on BP’s West Africa desk, said that the company paid an “abnormally large” fee to a local agent to participate in a state oil tender. He alleged that BP’s…

US Fed Seen Announcing Bond Taper in November, Rate Liftoff in 2023

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NEW YORK M(Capital Markets in Africa) – The Federal Reserve will probably hint at its meeting next week that it is moving toward scaling back monthly asset purchases and make a formal announcement in November, according a Bloomberg survey of economists. The survey of 52 economists also predicted the U.S. central bank would hold interest rates near zero through 2022 before delivering two quarter-point increases by the end of the following year. The Federal Open…

Egypt Keeps Interest Rate on Hold With an Eye on Fed Tapering

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CAIRO (Capital Markets in Africa) – Egypt left interest rates unchanged Thursday as authorities weigh the potential impact of U.S. Federal Reserve tapering on the local debt market. The central bank maintained the benchmark deposit rate at 8.25% and the lending rate at 9.25%, the Monetary Policy Committee said in a statement. All 13 economists surveyed by Bloomberg predicted what is Egypt’s seventh consecutive hold, after combined cuts of 400 basis points last year. The…

MTN, Wendel Say IHS Towers Kickstarts Second Attempt at IPO

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JOHANNESBURG (Capital Markets in Africa) – IHS Holding Ltd. shareholders said the pan-African telecom-tower company has revived plans for an initial public offering, almost a year after abandoning a previous effort. MTN Group Ltd., Africa’s largest wireless carrier, and French investment firm Wendel SE both said Friday that IHS has filed a registration statement relating to a potential New York IPO. The timing, number of shares to be offered and price range haven’t been determined, Johannesburg-based MTN…

‘Mortal Combat’ Faces Standard Bank in Pursuit of Rich Africans Big

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JOHANNESBURG (Capital Martkets in Africa) – Standard Bank Group Ltd.’s goal of adding at least 10 millioncustomers ahead of a 2025 deadline has set the stage for a tug-of-war over Africa’s wealthiest clients. The biggest lender in Africa, with a 160-year history on the continent and a presence in 20 countries, has the advantage of scale over its peers as it looks to grow its customer base to more than 25 million. But persuading the most…

Mining Dealmaker Sees Battery Metals as Third Pillar of Profit

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JOHANNESBURG (Capital Markets in Africa) – Sibanye Stillwater Ltd. Chief Executive Officer Neal Froneman expects battery metals to contribute about a third of the world’s biggest platinum miner’s earnings within four years as the transition to a greener economy spurs demand. Since its formation in 2013, after Gold Fields Ltd. spun off its oldest South African gold mines, Froneman has transformed Sibanye through the acquisition of platinum-group metals assets from Montana to Zimbabwe. This year, his focus…

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