The Editorial Team

US House Democrats Float 26.5% Top Corporate Rate in Tax Blueprint

NEW YORK (Capital Markets in Africa) – House Democrats on Monday released a package of tax increases that falls short of President Joe Biden’s ambition, an acknowledgment of how politically precarious the White House’s $3.5 trillion economic agenda is for party moderates. The Democratic proposal from the Ways and Means Committee would raise the top corporate tax rate from 21% to 26.5%, less than the 28% Biden had sought. The top rate on capital gains would rise…

Why the U.S. Navy Is Hunting Pirates in Africa: James Stavridis

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LAGOS (Capital Markets in Africa) – The Hershel “Woody” Williams, a massive warship the U.S. Navy calls an “expeditionary sea base,” is now off the west coast of Africa as part of a multinational exercise in countering piracy. Nearly 800 feet long and topped with a flight deck for helicopters, the Williams can provide tremendous logistical support — fuel, stores, spare parts — while remaining at sea almost indefinitely, because it has two separate crews…

BMW, JPMorgan Urge U.K. to Ease Covid Limits on Southern Africa

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JOHANNESBURG (Capital Markets in Africa)- Dozens of companies appealed to U.K. Prime Minister Boris Johnson to ease restrictions on travel from southern Africa that are hampering trade. The limits on movement are jeopardising the competitive advantage the U.K. has, which stem from its historical, cultural and economic links with Africa, the businesses said in a letter sent Monday by lobby group Business Leadership South Africa. The South African units of companies including BMW AG, JPMorgan…

Tanzanian President Strengthens Her Hand With Cabinet Reshuffle

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DAR ES SALAAM (Capital Markets in AfricA) -Tanzanian President Samia Suluhu Hassan appointed key allies to her cabinet in a reshuffle that may help her push through long-awaited energy industry reforms. In the second change to the administration since she came to power in March, Hassan appointed January Makamba to the influential post of energy minister. Makamba, a 47-year-old former cabinet minister who has had presidential ambitions, will oversee the development of Tanzania’s huge natural-gas discoveries by companies…

Angola State Oil Firm Posts $3 Billion Loss in ‘Abnormal’ 2020

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LAUANDA (Capital Markets in Africa) – The state energy company of Angola, Africa’s second-biggest oil producer, posted a $3 billion loss last year after demand cratered following coronavirus-induced lockdowns across the world. The loss, the biggest in at least 10 years, compares with a net income of $125 million in 2019. The company had a “drastic reduction in revenue from sales of crude oil,” Sonangol, as the firm is called, said in a statement on its website. The…

Biden Aide Sees Manchin Open to Persuasion on $3.5 Trillion Bill

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NEW YORK (Capital Markets in Africa) – A senior White House adviser expressed confidence that a key Democratic senator who raised objections to President Joe Biden’s $3.5 trillion tax and spending package can eventually be persuaded to give his backing. Senator Joe Manchin, who last week demanded a “strategic pause” in Biden’s economic agenda, should be “very persuadable” by the argument that the package as envisaged “adds nothing to the debt,” White House chief of staff Ron…

UAE to Grow Asia, Africa Trade, Seek $150 Billion Investment

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L;AGOS (Capital Markets in Africa) – The United Arab Emirates plans to deepen its trade ties in fast-growing economies in Asia and Africa, and draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance. The UAE — which has been the Middle East’s commercial capital for more than a decade and has been facing growing regional competition from Saudi Arabia — will work on…

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