Features | - Part 175

Gigaba in `Hard Place’ With South Africa’s $2.9 Billion Tax Hole

JOHANNESBURG (Capital Markets in Africa) – South African Finance Minister Malusi Gigaba faces a gaping budget hole — and will have to consider cutting spending, raising taxes and selling state assets if he wants to avoid further ratings downgrades. The economy he oversees is hampered by a deteriorating growth outlook, partly stemming from a battle for control of the ruling party that’s stoked political uncertainty and deterred hiring and investment. Gigaba will outline policy changes in his first mid-term budget…

Hurricane Mayhem May Give Boost to Dampened Reinsurer Earnings

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – While this year’s hurricanes will cost reinsurers billions of dollars in claims, they may eventually bring some relief to the industry’s lackluster earnings. In the German spa town of Baden-Baden, reinsurance executives are this week meeting up with brokers and clients to renegotiate contracts due for renewal in January. Many of them are arguing that the expected damages from hurricanes Harvey, Irma and Maria — as well as earthquakes…

Ramaphosa Damns South African Graft Amid Rumors He’ll Be Fired

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South African Deputy President Cyril Ramaphosa said mounting allegations that the state has been “captured” by private business interests is damaging the nation’s international reputation, as rumors swirled that he’s about to be fired amid a battle for control of the ruling party. “Our state, comrades, is now being talked about in the most negative terms all over the world,” Ramaphosa said Friday in a speech to members of the National…

Merkel Upends United Kingdom Skeptics and Comes to May’s Aid on Brexit

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – German Chancellor Angela Merkel offered Theresa May the political cover she’s been asking for to take further steps in Brexit talks, calling on both sides to move so that a deal can be reached by year-end. The U.K. prime minister, who was upbeat about the prospect of reaching a good deal, offered a shade more clarity on the divorce bill and said negotiating teams would continue to hash out the details. “We’re going…

United Kingdom Lawmakers Bemoan BOE’s Lack of Diversity in Top Roles

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – A lack of diversity at the top levels of the Bank of England has drawn the ire of U.K. lawmakers. Nicky Morgan said the Treasury Committee that she chairs is concerned about imbalances at the BOE’s most senior levels. Silvana Tenreyro, who appeared before the legislators on Tuesday for her appointment hearing, is the only woman on the nine-member Monetary Policy Committee that sets interest rates. The Financial Policy Committee, responsible for financial stability,…

BT Chairman Pushes for Brexit Transition Deal of Up to a Decade

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Prime Minister Theresa May is struggling to make headway in Brussels securing a two-year trade transition after Brexit. Now, she faces a call to push for as much as a decade. Two years isn’t enough to transpose legislation and regulation from the European Union and negotiate new treaties, BT Group Plc Chairman Mike Rake said Friday in an interview on Bloomberg TV. Businesses need five to 10 years access to the single market and customs union,…

Dos Santos Says Sonangol Turnaround May Not Finish on Her Watch

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Isabel Dos Santos, Africa’s richest woman, said work to get Angola’s state-owned oil producer Sonangol back on track won’t necessarily be completed during her term as chairwoman. Dos Santos is the 44-year-old daughter of former President Jose Eduardo dos Santos, who stepped down as head of state in September after ruling the energy-rich country since 1979. Her team was brought in to improve efficiency and profitability at Sonangol, which…

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