The Editorial Team

Judge Says Giant Ship That Blocked Suez Can’t Leave Canal Yet

CAIRO (Capital Markets in Africa) — An Egyptian court upheld a ruling preventing the giant container ship that blocked the Suez Canal from leaving the country, after authorities sought more than $900 million in compensation from the owners. The decision was announced Tuesday by a court in the canal-side city of Ismailia, following a legal appeal. The 400-meter-long Ever Given is owned by Japan’s Shoei Kisen Kaisha Ltd. and was being chartered by Taiwan’s Evergreen Line when…

Nigeria’s Spending Structure Unsustainable, Budget Head Says

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LAGOS (Capital Markets in Africa) — Nigeria’s current trend of spending more money on running the government than on building new infrastructure is unsustainable, the country’s top budget oversight official said. Low revenue collection and high recurrent costs have resulted in actual capital expenditure below two trillion naira ($4.88 billion) a year for a decade, Ben Akabueze, director-general of the Budget Office, said Tuesday in a virtual presentation. “Hence, the investments required to bridge the infrastructure…

Bank of England Weighs When to Taper Its Stimulus as U.K. Economy Rebounds

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LONDON (Capital Markets in Africa) — The U.K.’s economic rebound from the pandemic is already fueling speculation that Bank of England policy makers this week will start discussing how and when they can ease their foot off the stimulus pedal. The nine-member Monetary Policy Committee will maintain its target for 150 billion pounds ($209 billion) of bond purchases this year, a survey of economists shows. Some investors expect officials to slow the pace of buying…

Boris Johnson Predicts Lockdown Ending June 21 as He Seeks Votes

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LONDON (Capital Markets in Africa) — British Prime Minister Boris Johnson said coronavirus lockdown rules are set to be scrapped in seven weeks’ time, as he hailed the U.K.’s successful vaccine rollout ahead of key elections this week. On the campaign trail, Johnson said the pandemic data was likely to allow people in England to stay overnight with friends or relations, with indoor hospitality able to reopen from May 17. Remaining social distancing rules are also likely…

Bill and Melinda Gates to Divorce With $146 Billion at Stake

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LAGOS (Capital Markets in Africa) — Bill and Melinda Gates, who for decades have overseen one of history’s greatest fortunes and philanthropic operations, said they plan to divorce. The announcement Monday that the couple is splitting after 27 years of marriage has the power to ripple through the technology industry, a vast portfolio of business and real estate holdings and into the realms of global health, climate change policy and social issues including equality for…

Pandemic Offers Africa a Chance to Boost Sukuk Sales

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LAGOS (Capital Markets in Africa) — The financing required to rebuild economies in African nations following the coronavirus pandemic gives the continent an opportunity to boost its share of Islamic financing. Sub-Saharan Africa Islamic finance assets are forecast to grow as much as 25% this year to return to the pre-pandemic level as governments reopen their economies, said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance. Sharia-compliant assets in…

Climate Crisis Can’t Be Solved Without Africa: Mark Buchanan

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LAGOS (Capital Markets in Africa) — The Biden administration’s plan to pursue a 50% reduction in U.S. greenhouse gas emissions by 2030 is hugely encouraging. It’s already spurred other nations, including Canada and Japan, to adopt more aggressive plans of their own. But global progress in the coming decades will hinge on what happens in developing nations, especially India and China, now the biggest emitters of greenhouse gases. There’s another looming problem, too. In a…

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