Features

BURUNDI (Capital Markets in Africa) — Burundian ruling party candidate Evariste Ndayishimiye won the nation’s presidential election, which was marred by violence and health concerns because of the coronavirus outbreak. The outcome was immediately rejected by the opposition. Ndayishimiye won with 68.7% of the ballots cast on May 20, according to the Independent National Electoral Commission. His main rival, Agathon Rwasa, got 24.2%, the commission announced on Monday. Rwasa’s National Freedom Council rejected the results, alleging…

LAGOS (Capital Markets in Africa) — To hear jihadist militants tell it, the coronavirus is an opportunity not to be missed. With governments worldwide focused on the crisis, Islamist groups insist the time is ripe for increased attacks, and they say their followers are getting the message, especially in fragile African countries. Islamic State has dubbed the outbreak “the crusader’s worst nightmare,” urging adherents to take up arms. The leader of Nigeria’s Boko Haram terrorist…

NEW YORK(Capital Markets in Africa) — Moderna Inc. plans to raise as much as $1.3 billion through a sale of shares to fund the manufacturing of a coronavirus vaccine seen as one of the frontrunners in the race for immunization against the widening pandemic. The U.S. biotechnology firm will sell 17.6 million shares priced at $76 apiece, according to a statement Tuesday. The price represents a 5% discount to Monday’s closing price. Morgan Stanley is…

LONDON (Capital Markets in Africa) — Prime Minister Boris Johnson came up against increasing pressure over his handling of the coronavirus crisis just as the British economy recorded its largest monthly contraction on record. Chancellor of the Exchequer Rishi Sunak warned on Wednesday the U.K. faces a significant recession after gross domestic product fell almost 6% in March. “We’ve got a very sharp move into recession, and it was quite sudden, which is what we’ve all observed from the…

JOHANNESBURG (Capital Markets in Africa) — Creditors of the biggest lender to South African farmers picked Rand Merchant Bank as a financial adviser after it missed a loan repayment that triggered a cross-default on a 50 billion rand ($2.7-billion) bond program, according to people familiar with the matter. The Johannesburg-based investment bank has been tasked with coming up with cash-flow projections for the Land and Agricultural Development Bank, the people said, asking not to be identified as an…

JOHANNESBURG (Capital Markets in Africa) — The coronavirus outbreak in South Africa has hit hardest in the Western Cape, home to the city of Cape Town. The province now has more than half of the 12,074 confirmed cases nationwide and in recent days contributed about 90% of new infections recorded by the Health Ministry. Contrary to initial projections, infections and deaths have increased at a much slower rate in the economic hub of Johannesburg in…

JOHANNESBURG (Capital Markets in Africa) — MTN Group Ltd. reduced spending plans for the full year to focus on preserving cash and maintaining networks as Africa’s biggest wireless carrier by sales navigates the Covid-19 pandemic. The Johannesburg-based company will invest 21 billion rand ($1.1 billion) to 22 billion rand in 2020, compared with earlier guidance of 28.3 billion rand, it said in a statement on Thursday. The group stuck with a medium-term growth forecast and…