Finance

ACCRA (Capital Markets in Africa) — A former Goldman Sachs Group Inc. banker was sued by U.S. regulators for allegedly orchestrating a bribery scheme that helped a client win a government contract to build a power plant in the Republic of Ghana. Asante Berko, 46, arranged for a Turkish energy company to funnel at least $2.5 million through a Ghana-based intermediary to government officials, the Securities and Exchange Commission said in a Monday statement. Berko hid his misconduct from Goldman…

LONDON (Capital Markets in Africa) — A U.K. gourmet popcorn manufacturer can attest to why few small businesses are getting the financial aid the government is advertising. Adam Sopher, the co-founder of Joe & Seph’s, said one of the banks he’s applied to for a loan is asking him to provide a personal guarantee. That’s even after the U.K. Treasury loosened the terms of its headline aid package so that such a step wouldn’t be necessary….

LAGOS (Capital Markets in Africa) — As many as 45pc of Britons continued to visit their “workplaces” in the last few days compared to the same time a month ago, according to a vast new data set made public by Google that tracks movement on billions of people around the world. The internet search giant published data showing how people around the world are moving amid the coronavirus crisis. The Google COVID-19 Mobility Report, launched…

LONDON (Capital Markets in Africa) — Ryanair Holdings Plc predicted a 300 million-euro ($325 million) hit for the fiscal year that just ended because of costs arising from fuel hedges. Before the extra costs, profit for the year ended March 31 will come in as low as 950 million euros, the bottom end of its previous estimate, the Irish low-cost carrier said Friday. With its planes mostly grounded for April and May, Ryanair said it’s impossible to…

LAGOS (Capital Markets in Africa) — As countries around the globe try to contain the spread of the novel coronavirus, nowhere is the task more challenging and the risk greater than in the developing world. From Southeast Asia to South America, governments are struggling to enforce severe China-style lockdowns. They lack the resources to deploy the testing-heavy, tech-driven measures used by wealthier countries like Singapore and South Korea, which have had more success in keeping…

NEW YORK (Capital Markets in Africa) — Negative yields in the $17 trillion Treasury market is a step closer to reality after the Federal Reserve eased banking capital requirements. The move by the Fed allows banks to take on more leverage so they can absorb a lack of liquidity for Treasuries, following a turbulent few weeks. Two-year yields touched the lowest level since 2013 after the announcement, and are hovering just over 20 basis points…

JOHANNESBURG (Capital Markets in Africa) — As if an all-but-dead economy wasn’t enough, South African banks must now navigate a downgrade in the nation’s credit rating to junk just as the coronavirus sinks any chance of recovery. Banking stocks slid with the rand and local bonds on Monday after the continent’s most industrialized economy lost its last investment-grade rating from Moody’s Investors Service, which maintained a negative outlook. The coronavirus pandemic means the country, already…