Features | - Part 176

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

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

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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…

Liberia Vice President, Ex-Football Star Head to Runoff Vote

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MONROVIA (Capital Markets in Africa) – Liberia’s soccer star turned politician George Weah and Vice President Joseph Boakai will face each other in a runoff vote for the presidency next month after neither candidate secured a majority needed for an outright win. Weah had 38.4 percent of the votes in the Oct. 10 election, while Boakai got 28.8 percent with all ballots counted, Jerome Korkoya, chairman of the National Elections Commission, told reporters on Thursday in the capital, Monrovia….

One of the Biggest ICOs Plummets as Manager Spat Heats Up

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Tezos, the startup which raised $232 million in a July initial coin offering, plunged on derivative exchanges after revealing a management spat and little progress in developing its product. Derivatives on Tezos tokens fell as much as 31 percent, according to exchange HitBTC. On BitMEX, December futures on the tokens plunged 58 percent as traders unwound bets the project would be launched before the end of the year. The…

Heineken Congo Cuts Jobs as It Blames High Taxes, Economic Slump

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – Bralima SA, Heineken NV’s subsidiary in the Democratic Republic of Congo, said it’s carrying out a reorganization to cut costs because of the country’s high taxes and continuing economic slump. The restructuring, which will include dismissals, was announced in a letter Bralima Director-General Marinus Maria Kruijt sent to employees on Oct. 11 that was seen by Bloomberg and verified by the company. The cost-cutting follows the closure of two of its…

In Ghana, Collecting Tax Starts With Distributing Addresses

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – In a country where most households and businesses either don’t know their address or claim not to have one, Ghana’s government is starting afresh to compile a database that will not only make it easier to locate people, but also boost the collection of taxes. Ghana is planning to identify and register every household and business, and give them an address, President Nana Akufo-Addo said in an emailed statement on Wednesday. While…

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