The Editorial Team |

South Africa’s Handling of Virus Exposes Divisions in Government

JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa has won praise for his response to the coronavirus outbreak. Now, he’s risking a public backlash after members of his cabinet reversed some of his measures and made racially charged statements. South Africa identified its first case of the virus on March 5 and imposed a stringent lockdown three weeks later, shutting schools and businesses and confining everyone but essential workers to their homes….

Nigeria’s Buhari Calls for Debt Pardon by Multilateral Lenders

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LAGOS (Capital Markets in Africa) — Nigerian President Muhammadu Buhari urged international financial institutions to cancel the debt obligations of member states to help them withstand the fallout of the coronavirus pandemic. In a meeting with other heads of state from the Non-Aligned Movement, Buhari urged official lenders to help cushion the pandemic fallout with “outright debt cancellation,” according to a statement sent by his office. Nearly half of Nigeria’s outstanding external debt is with…

African Executives Urge Rethink of Free-Trade Pact Delay

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LAGOS (Capital Markets in Africa) – The delayed implementation of an African free-trade agreement is a missed opportunity as the pact offers “probably the best form of stimulus” for the continent to overcome the impact of the coronavirus pandemic, according to an enterprise that liaises between business and the African Union. “We, unfortunately, don’t have the ability to play with quantitative easing and the exercise of printing money,” Paulo Gomes, the vice president of the…

Investors Spell Out Hurdles to Achieving Global Debt Relief Plan

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LAGOS (Capital Markets in Africa) — Private creditors have articulated the problems that will have to be overcome if a plan to ease the debt burden of the world’s poorest nations as they counter the coronavirus pandemic is to get their support. Legal and financial limitations will probably force investors to waive debt payments case by case, the Washington-based Institute of International Finance said in a letter to the leaders of the International Monetary Fund, the World…

Dettol Flies Off Shelves; Chemicals Feel the Heat: Earnings Wrap

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LAGOS (Capital Markets in Africa) — The second busy week of Europe’s earnings season is highlighting the haves and have-nots of the pandemic, with some industries struggling to reach suppliers and others busier than before as they navigate through the crisis. Reckitt Benckiser Group Plc, the maker of Lysol and Dettol, posted its strongest start to a year in recent memory as hygiene-conscious customers loaded up on cleaning supplies. U.K. retailer J Sainsbury Plc said grocery sales…

FDA Moving at ‘Lightning Speed’ on Gilead Virus Drug, Hahn Says

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NEW YORK (Capital Markets in Africa) — The Food and Drug Administration is moving at “lightning speed” to review data on Gilead Sciences Inc.’s experimental Covid-19 treatment remdesivir, Commissioner Stephen Hahn said, after encouraging results emerged from a key U.S. trial. “We’re working with the company to emphasize the necessity of speed while at the same time to understand the data,” Hahn said in an interview. “There will be a lot of factors that go…

U.S. Stocks Sink on Economic Outlook; Oil Jumps: Markets Wrap

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NEW YORK (Capital Markets in Africa) — U.S. and European stocks slumped amid dire economic warnings, more dismal data and corporate results that showed the coronavirus’s toll on businesses. Oil extended a rebound after an early-week tumble. Banks led the S&P 500 Index lower as the latest U.S. unemployment figures showed a larger-than-expected jump in new benefit claims and European Central Bank President Christine Lagarde said the euro-area economy could shrink 12% this year. The…

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