Features

NAIROBI(Capital Markets in Africa) – Kenyan President Uhuru Kenyatta made changes to his cabinet that include the dismissal of a key member considered an ally of his estranged deputy while placating his voter base by announcing a raft of economic policy changes. Kenyatta dropped Agriculture Secretary Mwangi Kiunjuri, who is said to side with Deputy President William Ruto. He confirmed Ukur Yatani as Treasury Secretary, effectively sacking former finance chief Henry Rotich, who is facing graft charges in court. Ruto’s…

TRIPOLI (Capital Markets in Africa) – Talks to end Libya’s civil war broke down after the commander leading the assault on the capital rejected a proposed truce agreement, throwing open the door to a possible renewal of fighting and deeper foreign intervention. The president of Turkey, which had co-sponsored the talks along with Russia, delivered a menacing message to military leader Khalifa Haftar, who left Moscow before dawn on Tuesday without signing the deal. President Recep…

NEW YORK (Capital Markets in Africa) – Donald Trump’s impeachment trial is expected to begin next week, but the president has yet to settle on either his defense strategy or the team that will represent him in the Senate. Trump has sent conflicting signals about key aspects of the Senate trial, including how long it should last and whether witnesses should testify. He is still considering whether to make additions to his defense team, which…

JOHANNESBURG (Capital Markets in Africa) – A South African court ruled that Old Mutual Ltd. doesn’t have to give fired Chief Executive Officer Peter Moyo his job back, clearing the way for the insurer to find a replacement. The stock rose. The High Court in Johannesburg on Tuesday upheld an appeal by the 175-year-old insurer against a judgment delivered in July last year to temporarily reinstate the CEO. “It confirms that Old Mutual acted properly,” spokeswoman Tabby…

ADDIS ABABA (Capital Markets in Africa) – Ethiopia’s prime minister asked South Africa’s president to intervene in the Nile dam deadlock between Egypt and his country.   The three countries and neighboring Sudan are being hosted by the U.S. Treasury for negotiations in Washington on Monday.   Last week Ethiopia said broader talks had reached a deadlock following Egypt’s introduction of new proposals to fill the dam in 12 to 21 years.   “We are willing to…

TRIPOLI (Capital Markets in Africa) – Libya’s feuding leaders are holding talks in Moscow on Monday to sign a more lasting truce agreement after Russia and Turkey seized the initiative to try to end a conflict that was rapidly devolving into a proxy war. The country’s United Nations-backed prime minister, Fayez al-Sarraj, and eastern military commander Khalifa Haftar are at the negotiations held under the auspices of the foreign and defense ministers of Russia and…

LONDON (Capital Market in Africa) – What’s behind the ongoing move from globalization to localization? Continued automation, national security concerns, nationalist political pressures, tariff walls, and diminished tax arbitrage, recovering the tacit/embedded knowledge in outsourced supply chains, the heavy carbon footprint of traded goods/services, flattening transport costs, the reduced provision of trade finance, and the tendency of aging societies to consume services. The “trade/tech war” only exacerbates this trend. 1) We think EMs – the…