Finance

LAGOS (Capital Markets in Africa) – Aliko Dangote, the richest person in Africa, is looking to expand cement capacity on the continent by 29% to 62 million tons, entrenching his flagship company’s position as the continent’s biggest producer of the construction material. The billionaire plans to add six million tons in Nigeria next year, taking volume in Dangote Cement Plc’s home market to 35 million tons, he said in an interview on Bloomberg Television. The…

LONDON (Capital Markets in Africa) – The World Trade Organization cut its global trade growth forecast for this year to the weakest level in a decade, warning that further rounds of tariffs in an environment of heightened uncertainty could spark a “destructive cycle of recrimination.” The volume of merchandise trade will increase by 1.2% this year and 2.7% next year, after a 3% advance in 2018, the WTO said in a report published Tuesday. The outlook marks…

LONDON (Capital Markets in Africa) – U.K. Chancellor of the Exchequer Sajid Javid says he plans to change the government’s fiscal rules to allow spending on an “infrastructure revolution” and that the time is right to take advantage of low-interest rates. Speaking on Sky News Monday, Javid indicated he’s ready to relax the existing framework, which limits structural borrowing to 2% of gross domestic product. The comments came before the chancellor’s speech at the Conservative…

JOHANNESBURG (Capital Markets in Africa) – South African bank workers were blocked from participating in what would have been the industry’s biggest strike in almost a century as labor unions protest against job losses. Unions failed to comply with rules allowing demonstrations and those who down tools will have no protection, Judge Hilary Rabkin-Naicker said in her ruling in the Johannesburg-based Labour Court on Thursday. The Congress of South African Trade Unions, the nation’s largest labor federation, and…

LONDON (Capital Markets in Africa) – The man who runs Hong Kong’s stock exchange fleshed out his vision for combining with its London counterpart, saying the marriage could funnel Chinese cash to the U.K. capital and make it the world’s dominant financial center long after Brexit. “In 20 years, together, this city is going to be the renminbi, dollar, and euro center — the center of everything,” Charles Li said at a conference in London….

Biggest endowment struggled to unload a troubled investment NEW YORK (Capital Markets in Africa) – Colin Butterfield was frantic. The Harvard University endowment executive wanted to unload a disastrous $270 million investment in Brazilian farmland. But the school had no takers, and it was burning through millions of dollars. “Why I’m freaking out is that we’re running out of money,” Butterfield said in a November 2017 conference call, referring to the project, not the college. “We have no more money.”…

LONDON (Capital Markets in Africa) – The U.K.’s top judges inflicted an unprecedented legal defeat on Prime Minister Boris Johnson, branding his controversial decision to suspend Parliament unlawful and calling on lawmakers to return to Parliament as soon as possible. The unanimous landmark decision by the 11 judges Tuesday is a boost for MPs seeking to prevent Johnson pulling the country out of the European Union by Oct. 31 without a deal. By limiting the prime…