Features

LONDON (Capital Markets in Africa) – The U.K. government is battling criticism of a coronavirus plan that blends blunt talk of the pandemic’s toll with modest steps that fall far short of measures taken in other countries. Patrick Vallance, the chief scientific adviser, said in broadcast interviews Friday that the infection rate could hit 60% of the British population, after Prime Minister Boris Johnson warned that “many more” families will lose loved ones. The approach is aimed…

LONDON (Capital Markets in Africa) – U.K. authorities have abandoned efforts to contain the spread of coronavirus and will focus on delaying the worst of the outbreak, as officials said as many as 10,000 Britons may be infected. Prime Minister Boris Johnson warned “many more” families will lose loved ones and advised everyone with any symptoms of the virus, including a cough or a fever, to stay at home for seven days. Schools will not…

LAGOS (Capital Markets in Africa) – The Nigerian central bank will be unable to maintain the naira’s value for much longer as a slump in oil prices drains foreign reserves, according to a Bloomberg survey of investors and analysts. Seven of 16 respondents expect the currency to be devalued in the third quarter, while four forecast a downward adjustment as early as the second quarter. Another three foresee a devaluation in the fourth quarter and…

NAIROBI (Capital Markets in Africa) – Kenya’s Treasury opposed a plan by lawmakers in East Africa’s biggest economy to securitize the country’s stock of pending bills for supplies and services rendered, saying it will only inflate debt costs. Treasury Secretary Ukur Yatani said the proposal to convert all pending bills of more than 500 million shillings ($4.88 million) into long-term instruments was “a weird idea.” In the fiscal year through June 2019 the state owed suppliers 190…

LAGOS (Capital Market in Africa) – The prevalence of malaria in Africa could complicate the diagnosis of novel coronavirus in the continent, said the epidemiologist leading the fight against the new disease in Nigeria. Nigerian health officials are racing to prevent the spread of coronavirus after the first case of the illness in sub-Saharan Africa was identified last week in Lagos, the nation’s business hub. Since then only three more cases have been identified in…

LAGOS (Capital Market in Africa) – Netflix Inc. sees the opening of new crime-drama series Queen Sono as the first of many original African TV series that will win the U.S. giant a bigger slice of a market still dominated by satellite TV. The tale of a South African secret agent seeking to uncover the truth behind the death of her freedom-fighter mother will be followed by a Zambian animation series, a Cape Town-set mystery-thriller and…

JOHANNESBURG (Capital Markets in Africa) – SAP SE’s Africa head said the German software company is battling to complete investigations following allegations its employees paid kickbacks for government business in East and southern Africa. SAP suspended executives in South Africa after reports that the Walldorf-based company had dealings with the country’s corruption-linked Gupta family, and in 2018 said $11 million had been improperly paid to win contracts at the state power and transport companies. Then…