Features

LAGOS (Capital Markets in Africa) – Kristalina Georgieva, in her first major address as head of the International Monetary Fund, painted a downbeat picture of the world economy and said a more severe slowdown could require governments to coordinate fiscal-stimulus measures. In a speech that sets the tone for next week’s annual meeting of the IMF, Georgieva said the fund will cut its growth forecast for both 2019 and 2020 in its next World Economic…

NEW YORK (Capital Markets in Africa) – These are uneasy times for hedge fund billionaire Glenn Dubin. His latest investment firm, the $1 billion Engineers Gate, has struggled to keep up with the market since its founding in 2014. Then in August, a bombshell hit: the money manager and his wife were very publicly drawn into the scandal surrounding Jeffrey Epstein. Now, a toxic mix of lackluster investment returns, a restive key client and unwanted notoriety has…

LAGOS (Capital Markets in Africa) – The British prime minister is optimistic he’s finally got enough support from Tory hardliners to win the backing of lawmakers in Westminster. In Brussels, however, officials said Johnson’s proposals are still unacceptable and there’s little chance of a deal by Oct. 31 unless the U.K. makes significant additional concessions. The EU’s base case is now that Brexit has to be delayed again, even though Johnson has vowed not to…

LAGOS (Capital Markets in Africa) – Nigeria is a laggard in a region that accounts for half of the world’s 866 million mobile banking and payment accounts. Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in Lagos, spends as much as a quarter of her salary sending money to pay for diabetes drugs to her mother 430 miles away in Abia Ohafia, a small agricultural village. It isn’t easy. First Abel, 35, has…

LUSAKA (Capital Markets in Africa) – Zambian Finance Minister Bwalya Ng’andu plans to obtain almost 10% of the southern African nation’s total income next year from undisclosed sources, raising concerns about the accuracy and sustainability of government spending plans for 2020. The budget, which Ng’andu presented to lawmakers on Sept. 27, contains 6.75 billion kwacha ($515 million) of “exceptional revenue” that could further stretch the finances of Africa’s second-biggest copper producer if it doesn’t materialize. Government debt has…

JOHANNESBURG (Capital Markets in Africa) – In order to provide young energy professionals with the tools and experience to become future leaders across the industry, the African Energy Chamber is launching its first Fellowship Program in 2020. Applications are open throughout October 2019, for a one-year program that will start in January 2020. In line with its growing international cooperation, the African Energy Chamber will be welcoming young professionals from across Africa, North and South…

LONDON (Capital Markets in Africa) – This week had seen some hints that there might be a way to get a deal. Tory MPs who refused to vote for the agreement that May negotiated suggested they could be persuaded to back a deal to avoid losing Brexit altogether. The Democratic Unionist Party — a key ally from Northern Ireland — has been publicly supportive of Johnson and his negotiating efforts. Johnson said at an event…