The Editorial Team

How China’s Deal With the U.S. Helped Avert COP26’s Collapse

LONDON (Capital Markets in AfricaIt was Day 13 of the COP26 summit, and even the trees inside the Glasgow venue were beginning to wilt. With the meeting running almost 24 hours over its scheduled time and the final outcome hanging in the balance, U.S. climate envoy John Kerry and his Chinese counterpart, Xie Zhenhua, huddled together deep in conversation. At one point Kerry grasped Xie’s shoulder, while China’s lead negotiator nodded and smiled as he enumerated points on…

U.K.’s Johnson Calls COP26 Climate Agreement ‘Game Changing

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LONDON (Capital Markets in Africa) – The agreement reached Saturday at global climate talks in Glasgow will be pivotal in the fight to stop global warming, U.K. Prime Minister Boris Johnson said. The conference hosted by the U.K. produced a “game-changing agreement that the world needed to see,” Johnson said at a press conference in London on Sunday. Negotiators from almost 200 countries clinched a deal that broke new ground in the fight against climate…

BOE’s Haskel Signals Caution in Debate About Raising U.K. Rates

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LONDON (Capital Markets in Africa) – Bank of England policy maker Jonathan Haskel injected a note of caution into the debate about whether to raise interest rates in the U.K. Speaking at a Resolution Foundation event, Haskel said the economy was “firing on two cylinders” and that it’s “too early to declare success” in getting those on furlough back into work. While Haskel said he wasn’t commenting on monetary policy, the remarks highlight the case…

Nigerian Tech Startup TeamApt Targeting $1 Billion Valuation

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LAGOS (Capital Markets in Africa) – Nigerian tech startup TeamApt Ltd. is in the market raising its third round of funding at a value of more than a $1 billion, which will result in the banking software firm joining a spate of Africa-tech companies to become so-called unicorns. The Lagos-based company is targeting to raise about $150 million, said founder and Chief Executive Officer Tosin Eniolorunda in an e-mailed response to queries. TeamApt is getting…

Inflation Is Killing the Dollar Carry Trade in Emerging Markets

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LAGOS (Capital Markets in Africa) – A short-lived reprieve for emerging-market carry trades funded in dollars looks to be over, with an upsurge in U.S. inflation making the outlook increasingly treacherous. A Bloomberg index of these bets has dropped more than 4% in the past two months, the biggest slide since March 2020 for a strategy of borrowing in the greenback and investing in developing-nation currencies. The quickest U.S. inflation in three decades is putting pressure on the Federal Reserve to…

E-Naira Lures About Half a Million People Weeks After Its Launch

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LAGOS (Capital Markets in Africa) – Nigerian central bank’s digital currency has lured about half a million users three weeks after it was introduced in a move to entice people away from crypto currencies. Adoption rate for the Central Bank of Nigeria digital currency called eNaira “has been excellent,” according to Osita Nwanisobi, spokesman for the Abuja-based lender. More than 488,000 people have downloaded the consumer wallet — that’s needed to transact eNaira — while about 78,000…

Vodacom Considers South Africa Financial Services Unit IPO

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JOHANNESBURG (Capital Markets in Africa) – Vodacom Group Ltd. may consider a separate listing of its financial services business in South Africa to unlock value, seeking to address what Chief Executive Officer Shameel Joosub says is a stockmarket discount to the carrier’s sum-of-parts worth. The overall company, which also includes operations in Tanzania and Mozambique, trades in Johannesburg and could look at whether a carve out of the financial services unit makes sense, he said…

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