The Editorial Team |

LAGOS (Capital Markets in Africa)- Spain’s Grifols family has prospered with storefront collection centers across U.S. Harry Lee Armstrong is almost broke. But he’s found a quick way to make a little cash. It’s called “plassing.” Laid off from his construction job, Armstrong has driven to a storefront donation center where a valuable global commodity — the golden plasma in human blood — is harvested seven days a week. Wedged between a dental office and a liquor…

Trump’s $4.8 Trillion Budget Would Increase Debt, Cut Safety Net

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NEW YORK (Capital Markets in Africa) – President Donald Trump’s $4.8 trillion budget for the upcoming fiscal year proposes billions more in funding for defense and a U.S. mission to Mars but would bring steep cuts to social programs despite almost $1 trillion in deficit spending. The proposal, scheduled to be unveiled on Monday, is an election-year embodiment of many of the policy priorities Trump has championed over his first three years in office. He…

Powell Says Risks to Outlook Remain as Fed Monitors Coronavirus

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NEW YORK (Capital Markets in Africa) – Federal Reserve Chairman Jerome Powell said the U.S. central bank is keeping a close eye on fallout from the deadly coronavirus outbreak in China, singling it out among risks threatening the U.S. and world economy. “In particular, we are closely monitoring the emergence of the coronavirus, which could lead to disruptions in China that spill over to the rest of the global economy,” Powell said in prepared remarks he’s scheduled…

Johnson Backs HS2 U.K. Rail Plan Amid Rising Costs and Tory Rage

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LONDON (Capital Markets in Africa) – U.K. Prime Minister Boris Johnson committed tens of billions of pounds for a controversial new high-speed rail line linking London with cities to the north, despite soaring costs and mounting anger from his own Conservative Party colleagues. The High Speed 2 (HS2) development will become Europe’s largest infrastructure project but it has suffered delays and criticism of its management, with spiraling costs estimated to rise potentially to more than…

EU Slaps Down U.K. Calls for Permanent Banking ‘Equivalence’

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LONDON (Capital Markets in Africa) – The European Union swiftly rebuffed calls from the U.K. government that London’s financial services firms should enjoy continued access to the single market even if the country breaks away from the bloc’s rules after Brexit. The U.K. Treasury had included the demand for so-called permanent equivalence in a draft of its opening positions for next month’s trade negotiations with the EU — some of which were revealed in a document that…

Jumbo Europe Borrowers Add Pound Bonds on Brexit Cost Drop

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LAGOS (Capital Markets in Africa) – More jumbo bond sellers in Europe may include sterling tranches as a Brexit-fueled decline in borrowing costs bolsters the appeal of a diversified investor base. Siemens AG is marketing a benchmark five-year pound bond on Tuesday, together with a four-part euro benchmark offering. LVMH Moet Hennessy Louis Vuitton SE and Comcast Corp. also sold pound notes alongside euro tranches last week, following a decline in sterling bond yields caused by expectations for an interest-rate cut. On…

Benin Plans Eurobond Sale as Demand for African Debt Soars

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BENIN (Capital Markets in Africa) – Benin is considering to again sell euro-denominated bonds in 2020 as the West African nation seeks to benefit from strong demand for the continent’s high-yielding foreign-currency debt, according to people familiar with the matter. The $10-billion economy, which sold a debut offshore bond of 500 million euros ($548 million) in March, will probably sell a bigger amount of debt in an issuance that would probably take place in the second…

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