The Editorial Team

Bank of England Weighs When to Taper Its Stimulus as U.K. Economy Rebounds

LONDON (Capital Markets in Africa) — The U.K.’s economic rebound from the pandemic is already fueling speculation that Bank of England policy makers this week will start discussing how and when they can ease their foot off the stimulus pedal. The nine-member Monetary Policy Committee will maintain its target for 150 billion pounds ($209 billion) of bond purchases this year, a survey of economists shows. Some investors expect officials to slow the pace of buying…

Boris Johnson Predicts Lockdown Ending June 21 as He Seeks Votes

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LONDON (Capital Markets in Africa) — British Prime Minister Boris Johnson said coronavirus lockdown rules are set to be scrapped in seven weeks’ time, as he hailed the U.K.’s successful vaccine rollout ahead of key elections this week. On the campaign trail, Johnson said the pandemic data was likely to allow people in England to stay overnight with friends or relations, with indoor hospitality able to reopen from May 17. Remaining social distancing rules are also likely…

Bill and Melinda Gates to Divorce With $146 Billion at Stake

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LAGOS (Capital Markets in Africa) — Bill and Melinda Gates, who for decades have overseen one of history’s greatest fortunes and philanthropic operations, said they plan to divorce. The announcement Monday that the couple is splitting after 27 years of marriage has the power to ripple through the technology industry, a vast portfolio of business and real estate holdings and into the realms of global health, climate change policy and social issues including equality for…

Pandemic Offers Africa a Chance to Boost Sukuk Sales

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LAGOS (Capital Markets in Africa) — The financing required to rebuild economies in African nations following the coronavirus pandemic gives the continent an opportunity to boost its share of Islamic financing. Sub-Saharan Africa Islamic finance assets are forecast to grow as much as 25% this year to return to the pre-pandemic level as governments reopen their economies, said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance. Sharia-compliant assets in…

Climate Crisis Can’t Be Solved Without Africa: Mark Buchanan

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LAGOS (Capital Markets in Africa) — The Biden administration’s plan to pursue a 50% reduction in U.S. greenhouse gas emissions by 2030 is hugely encouraging. It’s already spurred other nations, including Canada and Japan, to adopt more aggressive plans of their own. But global progress in the coming decades will hinge on what happens in developing nations, especially India and China, now the biggest emitters of greenhouse gases. There’s another looming problem, too. In a…

Nigeria’s Central Bank Removes Board of Third-Largest Lender

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank removed the boards of FBN Holdings Plc and its main subsidiary First Bank Nigeria Ltd. for appointing a new chief executive officer without regulatory approval. The Central Bank of Nigeria ousted Gbenga Shobo as CEO of First Bank Nigeria and reinstated former head, Adesola Adeduntan, a day after it queried the appointment, Governor Godwin Emefiele said at a media briefing on Thursday. First Bank, Nigeria’s oldest lender…

U.K.’s ‘Sleaze’ Scandal: How Bad Can It Get for Boris Johnson?

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LONDON (Capital Markets in Africa) — U.K. Prime Minister Boris Johnson has been forced to deny he broke the law, as a series of rows from lobbying to what the opposition has dubbed “sleaze” threaten to engulf his government. The Electoral Commission opened a probe into whether funding arrangements for the refurbishment of his apartment breached election legislation last year. The inquiry could last months. With more claims likely to emerge from disillusioned former aide Dominic Cummings…

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