Finance

NEW YORK (Capital Markets in Africa) — President Joe Biden is voicing support for organizing efforts at an Amazon.com Inc. warehouse in Alabama, saying workers should be able to make their own choice about whether to join a union, free from pressure and threats from the company. “Let me be really clear: It’s not up to me to decide whether anyone should join a union. But let me be even more clear: It’s not up to an employer to…

LAGOS (Capital Markets in Africa) — Weeks before the White House said it would keep tariffs in place on more than $350 billion in Chinese goods, Katherine Tai previewed the bad news to a group of U.S. business leaders. Tai, who is President Joe Biden’s pick for U.S. Trade Representative, told executives at a private meeting hosted by the Business Roundtable last month that lobbying for the duties to be removed wouldn’t work, according to people familiar with…

GABON (Capital Markets in Africa) — Gabon is finalizing a plan to reorganize its debt as the effects of the coronavirus and last year’s crude-price slump weigh on the oil-reliant economy. The central African government “has been working for some time with advisers handling its operations on financial markets,” Economy Minister Nicole Roboty Mbou said in an emailed response to questions. Until then, it will “continue to honor its commitments in spite of the impact…

LUSAKA (Capital Markets in Africa) — Zambia’s Eurobonds surged to their highest since March, when the government signaled it would restructure external debts, after Barclays Plc economists predicted holders might face losses much smaller than reflected in market pricing. The southern African nation’s $1 billion in notes due 2024 advanced as much as 2.2% to 58 cents on the dollar, extending their gains this month to 8.8%. Zambia became the first African defaulter of the…

NAIROBI (Capital Markets in Africa) — Kenya plans to take advantage of lower sovereign yields in the international bond markets to refinance a 10-year $2 billion Eurobond by the end of June. The measure is “part of proactive debt management to improve debt sustainability liquidity indicators,” such as the debt service-to-revenue and external debt service-to-export ratio, over the medium term, the National Treasury said in an emailed response to questions. The refinancing of the securities…