The Editorial Team

Absa’s CEO Exit Creates More Than Just One Headache for Lender

JOHANNESBURG (Capital Markets in Africa) — Absa Group Ltd.’s parting of ways with Chief Executive Officer Daniel Mminele following a boardroom bust up leaves the future of South Africa’s third-largest bank up in the air. Chairman Wendy Lucas-Bull has said the board must move quickly to bring about stability, but the to-do list for interim head Jason Quinn and whoever fills the role permanently is lengthy. The company is about three years into a new era as a freshly…

Big Oil Sees Cash Rolling In, But Investors Won’t Get It Yet

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LONDON (Capital Markets in Africa) — After one of the most difficult years in the oil industry’s history, crude prices have recovered and major producers are finally generating spare cash. Investors really want to get their hands on it, but most are likely to be disappointed. That’s because the pandemic has created a legacy of debt for the world’s biggest international oil companies, many of which borrowed to fund their dividends as prices crashed. For Exxon…

Biden’s 1970s-Era Taxes on Rich Collide With GOP and SALT Rebels

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NEW YORK (Capital Markets in Africa) — President Joe Biden is poised to unveil a plan that would raise taxes on the income, investments and estates of the wealthiest Americans to levels not seen in more than four decades, a move that will trigger intense debate in Congress about whether and how to address income inequality. Biden’s “American Families Plan,” itself featuring the biggest expansion of federal support for lower-income and middle-class Americans in decades,…

JPMorgan Is Preparing to Offer a Bitcoin Fund to Wealthy Clients

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NEW YORK (Capital Markets in Africa) — JPMorgan Chase & Co. is preparing to offer a Bitcoin fund to wealthy clients, the latest sign that Wall Street is warming to the largest cryptocurrency after it soared in recent months. The actively managed fund will be available as soon as this summer, CoinDesk reported Monday, citing sources familiar with the plans. NYDIG will be the custody provider, a person with knowledge of the situation said, asking…

Vodafone, MTN Groups Bid for Telecom Licenses in Ethiopia

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ADDIS ABABA (Capital Markets in Africa) — MTN Group Ltd. and a consortium led by Vodafone Group Plchave bid for telecommunications licenses in Ethiopia, as wireless service providers look to tap the last remaining large market in the world. Ethiopia will take a few days to review the technical offer and then open the financial bids, said Brook Taye, an adviser in the Finance Ministry. Earlier on Monday, Kenya’s largest telecommunications provider Safaricom Plcsaid it was…

Ghana Drugmakers Approach AstraZeneca on Vaccine Production

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ACCRA (Capital Markets in Africa) — Ghana’s pharmaceutical industry has approached AstraZeneca Plc about acquiring the rights to manufacture the U.K. company’s vaccine locally, a move that could boost supplies and speed up the inoculation program in the country. The West African nation has to date received 966,850 doses of the inoculations from sources including the Covax initiative, which aims to ensure equitable access to Covid-19 shots, and has been allocated about 1.4 million more….

Egypt Says Hopes to End $900 Million Tussle Over Suez Ship Soon

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CAIRO (Capital Markets in Africa) — Egypt said it hopes to soon end a dispute over compensation regarding the huge container vessel that blocked the Suez Canal last month. The Suez Canal Authority, which claimed $916 million in damages from the Ever Given’s owners, is “eager” to reach a settlement amenable to all parties, Chairman Osama Rabie said in a statement. The 400-meter-long vessel, owned by Japan’s Shoei Kisen Kaisha Ltd., blocked the vital waterway for six…

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