The Editorial Team |

U.K. Steps Up Brexit Preparedness for Firms as Deadline Looms

LONDON (Capital Markets in Africa) – British exporters are to be enrolled in a key customs system so they can trade with the European Union after Britain’s scheduled departure on Oct. 31. The U.K. tax authority will automatically issue more than 88,000 companies with an Economic Operator Registration and Identification number over the next two weeks, the Treasury said in a statement on Wednesday. Without it, the firms would no longer be able to trade…

EU Rebuffs Johnson Bid to Reopen Brexit Deal as Deadlock Remains

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LONDON (Capital Markets in Africa) – The European Union poured cold water on Boris Johnson’s attempt to renegotiate the Brexit deal, saying the so-called backstop to prevent a hard Irish border — which the British prime minister wants scrapped — was a vital part of the divorce agreement. It means that with just over two months to go until Johnson has said the U.K. will leave the bloc “do or die,” the two sides are completely deadlocked — with Britain…

Why Johnson’s Brexit Path Can’t Avoid Irish Border: QuickTake

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LONDON (Capital Markets in Africa) – It was the boundary between the Republic of Ireland and Northern Ireland that sank former U.K. Prime Minister Theresa May’s efforts to engineer an orderly exit from the European Union. Now her successor, Boris Johnson, is bumping up against the same challenge — how to manage a historically fraught border when it becomes the dividing line between the U.K. and the EU. Johnson has made clear his willingness to do what May balked at: crash…

The Most Important Brexiter Isn’t Johnson: Therese Raphael

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LONDON (Capital Markets in Africa) – Dominic Cummings is hell-bent on pushing through a no-deal Brexit and ignoring parliament. His plan for what comes after is even more radical. In the highly entertaining Channel 4 drama about the 2016 referendum campaign “Brexit: The Uncivil War,” Benedict Cumberbatch, playing the mastermind of the Vote Leave campaign, is sometimes found crouched in the narrow pantry where he retreats to think. It’s not hard to picture the real…

Zimbabwe’s Ncube Lays Out Economic Recovery Plan Amid Protests

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HARARE (Capital Markets in Africa) – Zimbabwe’s government said it’s ready to settle with global lenders, sell assets and make the difficult spending decisions needed for financial recovery. But with opposition protests against plunging living standards scheduled in cities nationwide, it’s in a race against time. In an exclusive interview with Bloomberg News on Thursday, Finance Minister Mthuli Ncube dismissed rapidly accelerating inflation as “wage compression” and warned the country will have to endure four more months…

Bitcoin Drop Not Likely Triggered by Scam Dump, Researcher Says

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LAGOS (Capital Markets in Africa) – The liquidation of cryptocurrencies tied to an alleged ponzi scheme has been among the assorted reasons cited by market pundits for this week’s slide in digital assets. A closer looks suggests that may not be the case. Speculation mounted that the supposed coin dump was the catalyst mounted when Bitcoin and a slew of other coins suddenly crashed around midday Wednesday in New York. Crypto influencer Dovey Wan tweeted that participants in a…

Goldman Asset Keeps Faith in Stocks in `Overdone’ Bond Rally

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LAGOS (Capital Markets in Africa) – It’s hard enough to find a stock bull these days. But one sanguine enough about the economic outlook to forecast just one more rate cut this year? That’s a contrarian. That’s Goldman Sachs Group Inc.’s investment management unit, which oversees about $1.7 trillion. While it’s still waiting for better entry levels to buy the dip, it continues to favor equities and credit over government bonds in a rejection of…

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