Features

DAKAR (Capital Markets in Africa) — Days of protests in Senegal that were triggered by the main opposition leader’s arrest showed no signs of abating, with rights group Amnesty International putting the death toll in violent clashes between police and demonstrators at eight. Ousmane Sonko, who came third in 2019 presidential elections, was released on bail Monday as he awaits trial on charges of rape. Sonko, 46, was accused of the assault last month by…

JOHANNESBURG (Capital Markets in Africa) — Steinhoff International Holdings NV is in talks with the providers of director liability insurance policies about help settling legal claims resulting from a 2017 accounting crisis that took the South African retailer to the brink of collapse. An agreement with the insurers would be of similar magnitude to what the company concluded with Deloitte & Touche LLP two weeks ago, Chief Financial Officer Theodore de Klerk said in an interview Monday….

LONDON (Capital Markets in Africa) – Bond markets were once again the centre of attention last week, with government bond yields continuing their upward climb. 10-year yields in the UK and US rose another 0.10%-0.15% to end the week at 0.86% and 1.45% respectively. UK gilt yields have now risen 0.62% since the start of the year or, to put it in more sensationalist (but less meaningful) terms, they have more than tripled in the…

LAGOS (Capital Markets in Africa) — Former President Donald Trump stopped a hair short of declaring himself a candidate for 2024 on Sunday, but told a conference of conservative supporters he’s already laying the groundwork for a third presidential campaign. Bookending a 90-minute campaign-style speech with not-so-subtle hints of his future plans, Trump reassured the Conservative Political Action Conference that he had no plans to go away or to start a third party. Trump’s central…

JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa eased coronavirus restrictions as the rate of new infections dropped, scrapping most limits on alcohol sales, shortening a night-time curfew, and permitting larger public gatherings. The move to virus alert level 1, from level 3, comes a year after the first Covid-19 case was detected in the country, and will remove most remaining shackles on the struggling economy, Ramaphosa said in a televised address to the…

CAIRO (Capital Markets in Africa) — Egyptian billionaire Nassef Sawiris agreed to accept a sweetened $4.7 billion takeover offer for Signature Aviation Plc, a step toward ending the fight for control of the private-jet company. NNS, the investment vehicle of Sawiris, is set to sell its 7.42% stake to a bidding consortium led by Blackstone Group Inc. and Global Infrastructure Partners, according to a statement Monday that confirmed an earlier Bloomberg News report. Sawiris is Signature’s third-biggest…

ALGIER (Capital Markets in Africa) — Algeria replaced its energy minister as part of a cabinet reshuffle that President Abdelmajid Tebboune pledged to restore calm as discontent over the OPEC member’s economic plight grows. Mohamed Arkab will succeed Abdelmajid Attar, who became energy minister in mid-2020. Tebboune also named Mohamed Bacha as industry minister, according to a statement from the presidency. The change comes days after Tebboune decided to dissolve parliament and free dozens of members of the…