Finance

LAGOS (Capital Markets in Africa) – Microsoft Corp.’s new multifunction goggle system for the U.S. Army shows promise, but the $22 billion program isn’t yet ready for combat deployment, according to the Pentagon’s test office. Despite progress since the contract was awarded in 2018, the system “has not yet demonstrated the capability to serve as a fighting goggle,” according to a non-public assessment by the Pentagon’s director of operational testing that was sent to the…

LAGOS (Capital Markets in Africa) – Pfizer Inc. said it is starting a study of a Covid-19 vaccine that targets the omicron variant, exploring its use in previously vaccinated younger and middle-aged adults as well as those who haven’t received another coronavirus shot.  The New York-based drugmaker and its German partner, BioNTech SE, said in a statement on Tuesday that they had enrolled the first participants in a 1,420-person clinical trial that will evaluate the shot’s…

LAGOS (Capital Markets in Africa) — Microsoft Corp. in its planned purchase of Activision Blizzard Inc. will take on a company with a troubled reputation surrounding its workplace culture, but the risks stemming from those problems are far from insurmountable, deals experts said. Microsoft’s announcement this week that it intends to purchase the videogame company in a $75 billion all-cash deal came after Activision experienced a spate of bad news over the past six months,…

LAGOS (Capital Markets in Africa) – A Nigerian court will hear Royal Dutch Shell Plc’s appeal to overturn an almost $2 billion award against the company for allegedly spilling oil in the West African country.The energy giant is challenging a November 2020 judgment in favor of community members claiming a leak from a company pipeline damaged their land and waterways. A federal court of appeal in the city of Owerri is scheduled to consider applications…

JOHANNESBURGH (Capital Markets in Africa) – The World Bank approved the South African government’s request for $750 million to support efforts to offset the impact of the coronavirus pandemic. The loan was agreed almost two years after the National Treasury first approached the Washington-based lender for help financing a 500 billion-rand ($33 billion) relief package after the onset of the pandemic. The low-interest loan “will contribute towards addressing the financing gap stemming from additional spending…

NAIROBI (Capital Markets in Africa) The International Monetary Fund approved a disbursement of $258.1 million for Kenya after completing a second review under a 38-month program to address debt vulnerabilities, the Covid-19 response and enhancing governance. The delivery of IMF funds brings total disbursements to $972.6 million out of a total $2.34 billion available under the country’s program approved in April, the IMF said in a statement late Friday. Kenyan authorities have kept up a…

CAIRO (Capital Markets in Africa) – Egypt is joining the Middle East’s push to adopt electric cars, tasking a state-owned company to build affordable vehicles with a Chinese firm while taking advantage of its renewable energy boom to power them. Authorities are in contact with three potential companies as they seek a partner for El Nasr Automotive Manufacturing Co. on the project that’ll see 2 billion pounds ($127 million) invested, Public Enterprise Minister Hisham Tawfik said in…