The Editorial Team |

U.K. Companies Can’t Afford to Top Up Furloughed Workers’ Pay

LONDON (Capital Markets in Africa) — A quarter of firms using the U.K. government’s furloughing plan can’t afford to take on any of the cost of paying their workers, the Institute of Directors think tank says. Chancellor of the Exchequer Rishi Sunak has promised to announce details of how he plans to taper the program — which is currently paying 80% of the wages for 8.4 million jobs — this week. The changes are set to allow…

Keep Cummings and Carry On: How Johnson’s Bet Could Backfire

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) — An hour into his grilling on a video call with Parliament’s most senior interrogators, Prime Minister Boris Johnson broke into a fit of coughing. It was a brief reminder that he had been through worse times in recent weeks, surviving a severe bout of Covid-19 that had put him in intensive care. Yet the current row over claims that his closest aide flouted the government’s own lockdown orders may still…

Boris Johnson Asks U.K. to ‘Move On’ from Aide Lockdown Row

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LONDON (Capital Markets in Africa) — Boris Johnson appealed to the U.K. to “move on” from the controversy over claims that his top adviser broke lockdown rules, as the prime minister tried to fight off a growing revolt from within his own party. Johnson said he was “sorry” for the “pain” and “anguish” the public had suffered since March, when he ordered sweeping restrictions on individual freedoms during the coronavirus pandemic. But he refused to…

U.S. Move on Hong Kong Leaves Trump With Tough-or-Gentle Options

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NEW YORK (Capital Markets in Africa) — The U.S. finding that China has effectively stripped Hong Kong of its political autonomy leaves President Donald Trump with a difficult choice about how harshly to penalize Beijing. He could take a lighter touch with modest sanctions aimed at putting China on notice. Or he could unleash a far harsher approach that would curtail the former U.K. colony’s special trading status with the U.S., potentially imperiling its position…

Nigeria Kicks Off Power Sector Revamp Agreement With Siemens

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LAGOS (Capital Markets in Africa) — Nigeria President Muhammadu Buhari has kicked off the next phase of a deal with Siemens AG to upgrade the nation’s dilapidated power infrastructure. The government of Africa’s largest economy and the German engineering firm signed an agreement last July to rehabilitate and then expand the country’s electricity grid. Only about 60% of residents have access to power and even those who do are plagued by regular blackouts. Buhari directed…

Kenya Central Bank Holds Key Interest Rate After Four Cuts

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NAIROBI (Capital Markets in Africa) — Kenya’s central bank maintained its benchmark interest rate to allow the effects of four consecutive cuts filter to the economy. The monetary policy committee retained the rate at 7%, Governor Patrick Njoroge said in an emailed statement Wednesday. That matched the projection of one of the three economists in a Bloomberg survey. The panel has reduced the rate by 200 basis points since November. Key Insights: The decision was a “surprising…

Carlyle Spins Out African Team as It Ends Plans for New Fund

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JOHANNESBURG (Capital Markets in Africa) — Carlyle Group Inc. is spinning out its sub-Saharan African team to a new company formed by the managers of its $700 million regional fund, according to a person with direct knowledge of the matter. The alternative asset manager is hiving off the fund after deciding against raising a follow-on fund to the one it closed in 2014, most of which has been invested, the person said, asking not to…

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