Getting Back to Work: How U.K. Banks Plan to Revive the Office

Getting Back to Work: How U.K. Banks Plan to Revive the Office

LONDON (Capital Markets in Africa) — As the U.K. inches out of its third Covid lockdown and leads the way in vaccinations, some financial firms are starting to entice employees back to deserted offices. Others are doubling down on the lure of living rooms. Goldman Sachs Group Inc. invited London employees back starting March 29, the day the U.K.’s blanket “stay home” mandate was lifted. Standard Chartered Plc is embracing a hybrid working model, mapping out strategies to…

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U.K. Is Not Structurally Racist, Report Ordered by Johnson Says

U.K. Is Not Structurally Racist, Report Ordered by Johnson Says

LONDON (Capital Markets in Africa) — The U.K. is not a “post-racial” society but issues around race and racism are becoming less important as opportunities improve, a report commissioned by the government after the Black Lives Matter protests found. When the death of George Floyd last year prompted riots in the U.S., mirror protests took place around the U.K. against perceived police racism and the poorer life chances for ethnic minorities. The report by the Commission on…

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Boris Johnson Distances Himself from Race Report After Backlash

Boris Johnson Distances Himself from Race Report After Backlash

LONDON (Capital Markets in Africa) — Prime Minister Boris Johnson sought to distance himself from a report into U.K racial inequalities that drew an angry backlash after suggesting the history of slavery could be taught from a different perspective than one of only pain and suffering. “There are some interesting things in it, I’m not going to say we agree with every word, but we’re going to be responding in due course,” Johnson told reporters…

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Biden $2.25 Trillion Jobs Plan Squeezed By All Sides in Congress

Biden $2.25 Trillion Jobs Plan Squeezed By All Sides in Congress

 NEW YORK (Capital Markets in Africa) — President Joe Biden laid out what he called a “bold” plan to rebuild U.S. infrastructure, but now needs an equally ambitious effort to wrangle it through Congress in the face of Republican opposition and criticism from within his Democratic Party. Biden, in a speech Wednesday in Pittsburgh, invoked the great public investments of the past — the transcontinental railroad, the interstate highway system and the space program —…

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NIGERIA INSIGHT: Recovery Continues, But Economy Remains Fragile

NIGERIA INSIGHT: Recovery Continues, But Economy Remains Fragile

LAGOS (Capital Markets in Africa) — Nigeria has managed to get the virus under control, for now at least, enabling the government to lift most lockdown restrictions. This, together with easing OPEC production cuts, has supported a gradual pick-up in output. The recovery, however, remains fragile, with uncertainty around the vaccine rollout and ongoing foreign exchange restrictions posing downside risks. We now expect the economy to rebound 2.4% this year, with GDP growth expanding by…

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Nigeria Lender Sees More Naira Devaluation Boosting Profits

Nigeria Lender Sees More Naira Devaluation Boosting Profits

LAGOS (Capital Bloomberg) — A widening gap between the spot and forward rates of the naira signals further devaluation of the currency, an official of Nigerian lender FCMB Group Plc said at an investor call. The bank is projecting a boost in profits due to a weaker naira in 2021 as it did in the previous year when foreign currency earnings rose more than two-fold to 10 billion naira ($24.5 million) from 3.5 billion naira,…

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There’s a Trillion Dollar Invasions Threat to the Global Economy

There’s a Trillion Dollar Invasions Threat to the Global Economy

NEW YORK (Capital Markets in Africa) — Invasive species have got a lot of damage to answer for over the last 50 years — roughly in the order of $1 trillion. Now, scientists are warning there’s even more to come. From ruining crop yields to wreaking havoc on human health, invasive species have been responsible for an array of global maladies over the past half century that have cost the world $1.28 trillion, researchers said…

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