Features

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…

NEW YORK (Capital Markets in Africa) — The U.S. Securities and Exchange Commission obtained an asset freeze to halt an alleged $690 million Ponzi scheme operated by a Los Angeles actor who lied about having deals to sell films to Netflix Inc. and HBO. Zachary Horwitz and his company, 1inMM Capital LLC, claimed he was raising money to buy movies that he intended to resell, the SEC said in a Tuesday statement. In reality, he had…

JOHANNESBURG (Capital Markets in Africa) — South Africa should prioritize economic growth-enhancing reforms to enlarge its tax base, create jobs in the private sector that reduce the reliance on social welfare and ease the strain on public finances, a local commerce group said. A business confidence index compiled by the South African Chamber of Commerce and Industry fell to 94 in March from 94.3 the previous month, according to an emailed statement Wednesday. While the…

LAGOS (Capital Markets in Africa) — Oil rebounded, mirroring a broader rally in commodities, ahead of talks on reviving the Iranian nuclear accord. West Texas Intermediate rose 2.3%, with most other commodities also climbing. Crude had plunged on Monday amid a resurgence in Covid infections in Europe and an imminent increase in OPEC+ supplies, which could swell further with an agreement with Iran. Multiparty negotiations take place in Vienna later on Tuesday, though the chances of a breakthrough are seen by analysts…

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…

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…

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…