Features

ADDIS ABABA (Capital Markets in Africa) — Long-simmering tensions between Ethiopia’s federal government and the northern state of Tigray have escalated to the verge of all-out conflict. Ethiopian Prime Minister Abiy Ahmed on Nov. 4 ordered the military to respond to an alleged raid on an army camp in the restive region and placed it under a six-month state of emergency. Tigrayan leaders responded by banning flights and warned they’ll respond to any acts of…

ADDIS ABABA(Capital Markets in Africa) — Ethiopia’s leader replaced key security officials as fighting in the country’s northern Tigray region entered the sixth day. Prime Minister Abiy Ahmed appointed General Birhanu Jula, the No. 2 military official, as chief of staff, replacing General Adem Mohammed. He also named Veteran Foreign Minister Gedu Andargachew as a national security adviser, and his job was handed to Deputy Prime Minister Demeke Mekonnen. “It is a leadership shuffle aimed…

LAGOS (Capital Markets in Africa) — The emerging-market bargain-buyers are in celebration mode. And the party’s not over yet. The prospect of a Joe Biden presidency checked by a divided Congress has gotten everyone from Eaton Vance Corp. to Medley Global Advisors predicting a fresh boost for risk assets, just a week after the stocks, currencies and bonds of developing nations hit the buffers as the U.S. election approached. BlackRock Inc. says developing-nation assets, which look more…

LAGOS (Capital Markets in Africa) — Citigroup Inc. plans to deepen its corporate banking presence in developing countries from Russia to South Africa even as some rivals decamp to focus on their home markets. The lender has overhauled its business in eastern Europe, the Middle East and Africa to focus on emerging economies. The third-largest U.S. bank is betting unprecedented deal opportunities will follow the economic slump caused by the coronavirus pandemic, weak oil prices…

LAGOS (Capital Markets in Africa) — Nigeria has been rocked in October by some of the biggest protests since military rule ended in 1999, resulting in dozens of deaths and rattling what had been considered a virtually unassailable political establishment. Thousands of youths have taken to the streets to vent their anger about police brutality by marching, barricading roads and bridges and setting buildings and vehicles alight. The authorities initially struck a conciliatory tone and…

LAGOS (Capital Markets in Africa) — Liquid Telecom has raised $307 million through a rights issue to fund a rapid expansion of its data center business across Africa. The rights issue included an additional $40 million from U.K. development finance institution CDC Group Plc, the group said in a statement. Africa’s largest fiber-network operator is planning to expand its data center unit in five of the continent’s fastest-growing countries including Egypt and Nigeria, aid Stephane Duproz,…

GUINEAN (Capital Markets in Africa) — Guinean President Alpha Conde led the vote count in half of the nation’s 38 districts amid clashes between opposition supporters and security forces that have left at least nine people dead. Conde garnered the most ballots in 14 areas, while opposition leader Cellou Dalein Diallo obtained a majority in six, Kabinet Cisse, the head of the electoral commission, said on state television late Wednesday. Election officials expect to complete the count…