Finance

LONDON (Capital Markets in Africa) – The U.K. government is asking world leaders to pledge to halt deforestation by 2030. But Brazil — home to the Amazon rainforest — has yet to sign, raising questions about how effective it can be. The European Union, Indonesia and Democratic Republic of Congo are among those who have already agreed to support the Glasgow Leaders’ Declaration on Forests and Land Use, according to people familiar with the matter….

LONDON (Capital Markets in Africa) – U.K. Chancellor of the Exchequer Rishi Sunak said he was alive to the danger accelerating inflation poses to the cost of servicing the national debt, hinting at fiscal restraint when he unveils his budget and spending review on Wednesday.“The risk of inflation and interest rates is one that we can see already today, and there might be other things that we don’t know about,” Sunak told Times Radio, one…

LONDON (Capital Markets in Africa) – We’re all going to a dear green place for the sake of averting climate change. The place is Glasgow, host city for the fast-approaching Conference of the Parties 26. The parties are the countries that have signed the United Nations Framework Convention on Climate Change, which came into force in 1994. This will be the 26th UN climate change conference. And I can promise that it will be both…

NEW YORK (Capital Markets in Africa) – Tesla Inc. reported third-quarter revenue that fell short of Wall Street estimates but managed to beat profit projections, overcoming a semiconductor shortage and supply-chain challenges that have stymied competing automakers. The results mark the ninth straight quarter of profit for the 18-year-old electric carmaker and came despite obstacles that included backups at ports and even rolling blackouts in China that made it tough to keep factories operating at…

CHAD (Capital Markets in Africa) – A unit of Exxon Mobil Corp. has temporarily shut in production in Chad after its facilities were attacked over ongoing talks to sell the business to London-based Savannah Energy. Workers have been protesting while in negotiation with the leadership of Esso Exploration and Production Chad Inc. about their remuneration package ahead of the proposed sale, Tchad Infos reported Wednesday. “For the safety and security of our employees and contractors,…

HARARE (Capital Martkets in Africa) – Zimbabwe’s state electricity utility is in talks to invest in hydropower plants in the Democratic Republic of Congo and Mozambique, or alternatively buy their output to ease crippling energy shortages. The southern African nation has an installed generation capacity of 2,100 megawatts, but on average generates less than two two-thirds of that. While it already imports electricity from neighboring countries, outages remain commonplace. Zimbabwe Electricity Supply Authority “is pursuing opportunities…