The Editorial Team

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

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…

Total Suspends Mozambique LNG Temporarily on Security Threat

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MAPUTO (Capital Markets in Africa) — French energy giant Total SE suspended its $20 billion liquefied natural gas project in Mozambique indefinitely due to an escalation of violence in the area, including a March attack by Islamic State-linked militants. The decision is a blow to Total, which bought an operating stake in the project for $3.9 billion in 2019, hoping to start exporting the super-chilled fuel by the end of 2024. The first phase of…

Nestle Urges Covid Shot Delivery to Poorer Nations Amid Upswell

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LAGOS (Capital Markets in Africa) — Nestle SA, the world’s largest food company, warned the gap in access to Covid-19 vaccines threatens the global recovery from the pandemic as India and Brazil face a virus resurgence. The Swiss firm pledged more than 6 million francs ($6.6 million) to accelerate the delivery of shots to under-served communities around the world and partnered with the International Federation of Red Cross and Red Crescent Societies. The World Health…

Greensill Lobbied BOE for $28 Billion Support as Covid Hit

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LONDON (Capital Markets in Africa) — Former Prime Minister David Cameron helped Lex Greensill lobby the Bank of England to make as much as 20 billion pounds ($28 billion) of funding available to companies as part of the financier’s campaign to get access to the government’s coronavirus assistance programs. As Cameron made “persistent” calls to Treasury officials as the firm sought to get access to financing from the Bank of England, he also contacted officials…

U.K.’s $904 Billion Climate Push to Bring Bigger Economic Boost

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LONDON (Capital Markets in Africa) — The U.K. estimated that delivering on its ambitious targets to slash greenhouse gas emissions by the middle of the century will cost 651 billion pounds ($904 billion), but the benefits of protecting the environment will be far greater. The government’s official impact assessment of a target to cut emissions by 78% by 2035 indicates that action will generate a boost to the economy of about 918 billion pounds. That’s…

Biden Aims at Top 0.3% With Bid to Tax Capital Like Wages

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NEW YORK (Capital Markets in Africa) — President Joe Biden wants to end the preferential U.S. tax treatment of investment income that has benefited the nation’s wealthy as he seeks to fund a sweeping new social-spending program. But he will need to overcome a major political hurdle in Congress to do so. The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6%, according…

Bitcoin Tests $50,000 Threshold With Market Technicals in Focus

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LONDON (Capital Markets in Africa) — Bitcoin headed for its worst week in almost two months as a proposed capital-gains tax increase for wealthy Americans intensified the volatility whiplashing the world’s largest cryptocurrency. A fresh bout of selling on Friday drove Bitcoin down as much as 7.9% to $47,525 — below its 100-day moving average — as it continued to take out key technical levels. Wall Street analysts warn of further losses for the notoriously…

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