Nigeria Plans to Approve Covid-19 Vaccine Early Next Year

Nigeria Plans to Approve Covid-19 Vaccine Early Next Year

LAGOS (Capital Markets in Africa) — Nigeria expects to license by April one of the vaccines under development globally for Covid-19, the West African nation’s drugs regulator said. “We are looking at the end of the first quarter of next year or the beginning of the second quarter” to approve a shot for use in Nigeria, National Agency for Food and Drug Administration and Control Director-General Mojisola Adeyeye said in an interview on Wednesday. Africa’s…

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Terror Risks Escalate in Africa; Covid Could Make it Worse

Terror Risks Escalate in Africa; Covid Could Make it Worse

LAGOS (Capital Markets in Africa) — Terror groups are expanding operations and scaling up attacks in Africa, straining governments ill-prepared to battle extremism as the coronavirus pandemic drains much-needed resources, Verisk Maplecroft said. Rising violence has made sub-Saharan Africa home to seven of the 10 riskiest countries in the world, according to the risk consultancy’s quarterly Terrorism Intensity Index published Friday. Nations including Ivory Coast, Tanzania and Mozambique saw the biggest decline in the index,…

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Morocco Raises $3 Billion in Record Foreign Bond Sale

Morocco Raises $3 Billion in Record Foreign Bond Sale

CASABLANCA (Capital Markets in Africa) — Morocco returned to international capital markets with a record foreign bond offering to shore up finances battered by the coronavirus. The government’s $3 billion bond offering included dollar-denominated seven-, 12- and 30-year securities, according to a person familiar with the matter who asked not to be identified. The deal priced at 175 basis points over U.S. Treasuries for $750 million of the shortest-duration notes, 200 basis points for $1…

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Central Banks Step Up $5.6 Trillion Bond Binge Despite Doubts

Central Banks Step Up $5.6 Trillion Bond Binge Despite Doubts

LONDON (Capital Markets in Africa) — Global central banks are embarking on fresh waves of bond-buying to fight the fallout from the pandemic, despite mounting claims that the once-mighty policy is losing its power to boost the economy. The U.S. Federal Reserve, Bank of England, Bank of Japan and the European Central Bank have splurged $5.6 trillion this year alone on quantitative easing, according to Bloomberg Economics. The ECB is expected to increase its own purchase plans by…

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U.K. Urged to Levy $350 Billion Wealth Tax to Pay for Pandemic

U.K. Urged to Levy $350 Billion Wealth Tax to Pay for Pandemic

LONDON (Capital Markets in Africa) — A one-off 5% tax on wealth in the U.K. could rise more than 260 billion pounds ($348 billion) to help fix the coronavirus-hit public finances, according to a panel of experts. In a report published Wednesday, the independent Wealth Tax Commission called for a charge of 1% a year for five years on individual assets above 500,000 pounds. About 8 million residents would be affected. The debate over wealth…

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Trump Set Record Sanctions Use That Biden Is Likely to Maintain

Trump Set Record Sanctions Use That Biden Is Likely to Maintain

LONDON (Capital Markets in Africa) — The Trump administration has imposed sanctions at a record-shattering pace of about three times a day during the president’s time in office: a slew of measures targeting companies, individuals and even oil tankers tied to Iran, North Korea, China, Venezuela and Russia. President-elect Joe Biden’s team is promising a top-to-bottom review of sanctions operations, but don’t expect a significant slowdown on his watch. About seven weeks before the inauguration, Biden’s…

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White House Return to Stimulus Talks Boosts Chance of a Deal

White House Return to Stimulus Talks Boosts Chance of a Deal

NEW YORK (Capital Markets in  Africa) — Treasury Secretary Steven Mnuchin made a surprise re-entry into talks on a 2020 pandemic-relief package with a $916 billion proposal that opened a potential new path to a year-end deal despite objections from Democrats over elements of the plan. After largely leaving the task to Senate Majority Leader Mitch McConnell since Election Day, Mnuchin pitched a $916 billion stimulus plan to House Speaker Nancy Pelosi in a Tuesday afternoon telephone call, more…

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