LAGOS (Capital Markets in Africa) — Chad has only had one ruler since Idriss Deby came to power in an uprising 30 years ago. His death at the age of 68 from injuries the army says were sustained in a rebel attack has cast the West Africa nation into political limbo, with a military junta planning to hold power until well into next year. These are the key issues at play: 1. How will the…
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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,…
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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…
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MAPUTO (Capital Markets in Africa) — One of the world’s poorest countries could be transformed by Africa’s biggest-ever private investment splurge, but there’s a problem. Increasingly brazen attacks by Islamist insurgents are threatening plans to tap huge natural gas deposits found off Mozambique’s northern coast a decade ago. More than 2,600 people have died and over 700,000 have been displaced since the violence began in 2017. The country’s export ambitions are linked to giant projects…
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JOHANNESBURG (Capital Markets in Africa) — South Africa is facing delays to coronavirus-vaccine supplies because of “unreasonable terms” being demanded by manufacturers including Johnson & Johnson in return for delivering millions of much-needed doses, Health Minister Zweli Mkhize said. The government has been notified by J&J that the company won’t sign off on the order agreed last month until it receives greater assurance of support from the state, Mkhize told lawmakers Wednesday, without being more…
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(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…
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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…
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