Features

LONDON(Capital Markets in Africa) — European soccer is embroiled in an escalating multi-billion-euro battle for control of the continent’s most prestigious club competition after a dozen teams declared themselves founding members of a breakaway league. The announcement of the 4 billion-euro ($4.8 billion) defection financed by JPMorgan Chase & Co. prompted an outcry from fans, governments and UEFA, European soccer’s governing body. In response, UEFA is now exploring a 6 billion-euro financing proposal from U.K.-based asset manager Centricus to fund a revamped Champions League,…

LONDON(Capital Markets in Africa) — U.K. consumers aren’t the only ones who have seen a sharp rise in excess savings during the pandemic. Corporates have had a similar experience and are sitting on a cash pot of 130 billion pounds. The big difference for companies is that debt has risen sharply, too. As a result, we expect capital spending to recover more slowly as the economy reopens. Reduced uncertainty, higher confidence and, most importantly, the…

(Bloomberg) — The Democratic Republic of Congo’s prime minister formed a new government, marking a shift in the balance of power from former President Joseph Kabila to his successor, Felix Tshisekedi, three years after elections. The slate of ministers was announced Monday on national television by Tshisekedi’s spokesman, Kasongo Mwema Yamba Yamba. The president began advocating for a new so-called “sacred union” coalition last year after his policy reforms were blocked by Kabila allies who…

ACCRA (Capital Markets in Africa) — Twitter Inc. is planning to hire its first product and engineering team in Africa, an effort to expand its workforce in emerging markets where the social-media company hopes to attract new users. Kayvon Beykpour, Twitter’s head of product, announced the plans in a blog post, calling the effort an “exciting” part of the company’s growth strategy. “To truly serve the public conversation, we must be more immersed in the rich…

LAGOS (Capital Markets in Africa) — African nations aim to double funding for climate change adaptation projects to $25 billion over five years as they look to foster a green recovery from the economic damage wrought by the coronavirus pandemic. The continent most vulnerable to environmental shifts has already secured $12.5 billion from the African Development Bank for a newly launched Africa Adaptation Acceleration Program and expects to secure the balance at the next two…