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Beyond May—The Tory Rivals Jostling to Be U.K. Prime Minister

LONDON (Capital Markets in Africa) – Prime Minister Theresa May’s decision to step down on June 7 has fired the starting gun for a Conservative Party leadership race that could redefine Britain’s exit from the European Union. Here’s a look at some of the possible candidates in what could be a bitter and dramatic contest. Boris Johnson—The Favorite Boris Johnson, or “Boris” as he’s known to just about everyone in politics, as a child wanted to be…

U.K. Unveils Post-Brexit Immigration Plan, Angering Business

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The U.K. published its long-awaited immigration plan for life outside the European Union, to end freedom of movement from the bloc and prioritize skilled workers regardless of nationality. Home Secretary Sajid Javidsaid the aim was to bring net migration down to “sustainable levels.” Reducing immigration has been a major issue for British voters and was a key motivation for many who chose to leave the EU in the 2016 referendum….

Corbyn Says Queen’s Offshore Investments Should Be Probed

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – U.K. opposition Labour Party leader Jeremy Corbyn said an inquiry into offshore investments and tax evasion that he’s calling for should also cover Queen Elizabeth II’s holdings. The monarch found her financial arrangements splashed over British newspaper front pages Monday after leaked information, known as the Paradise Papers, from Bermuda law firm Appleby Group Services Ltd. showed she had made a series of investments in a Cayman Islands fund through the British Royal Family’s private…

May Seeks Transition Deal as Part of All-in-One Brexit Package

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – United Kingdom Prime Minister Theresa May wants to bundle talks about the transition period she’s seeking after Brexit into trade negotiations, her spokesman said on Monday. That’s not what businesses want to hear. “Everybody has always been clear that we are looking to wrap all this up in one single go, everything will be agreed at the same time” May’s spokesman James Slack told reporters. “The point of an implementation period is it’s…

Ryanair Pilots Step Up Pressure With Demand to Double Pay Rise

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Ryanair Holdings Plc’s pilot uprising shows little signs of abating, with an ad-hoc group demanding that a wage increase turned down by London Stansted crews be doubled and extended across the budget airline’s European bases. The unofficial European Employee Representative Council made the proposal to pilots after cockpit crews at Ryanair’s biggest base rejected the existing offer, according to a document sent to pilots on Sunday and seen by Bloomberg….

United Kingdom Manufacturing Sums Up Interest-Rate Dilemma for the BOE

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – For a picture book example of the dilemma facing Bank of England policy makers, look no further than the U.K. manufacturing industry. On the downside for the economy, demand and confidence at factories is declining and investment is weakening, according to a survey from the Confederation of British Industry. But, in a sign of a potential squeeze that could intensify price pressures, the percentage of firms operating below capacity is the…

Spire Rejects Bid From Holder Mediclinic for Rest of Shares

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Spire Healthcare Group Plc rejected a takeover proposal from its biggest shareholder Mediclinic International Plc, saying an offer that values the U.K. private hospital operator at 1.2 billion pounds ($1.6 billion) “significantly undervalues Spire and its prospects.” South Africa’s Mediclinic, which owns almost a third of Spire, approached the company with an offer that valued its shares at 298.6 pence apiece in cash and stock, Spire said in a statement on Monday. That…

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