Finance

LONDON (Capital Markets in Africa) – Jeremy Corbyn is a controversial leader even in his own party. The man seeking to dethrone Boris Johnson as U.K. prime minister has been criticized for failing to tackle racism in the Labour Party and for moving it too far to the left. He has also won support for radical plans to combat climate change and a raft of populist policies, some a throwback to 1970s-style socialism, including re-nationalizing…

LONDON (Capital Markets in Africa) – A few hours in the genteel English countryside next week could be the biggest risk to Boris Johnson in the final stretch of his election bid.   The British prime minister will interrupt his campaign to briefly host NATO leaders at a luxury resort with a golf course and spa. Despite the tranquil surroundings, those close to Johnson fear the gathering at the Grove Hotel in Hertfordshire could turn into a…

LONDON (Capital Markets in Africa) – A leading U.K. think tank offered a damning analysis of both the Conservatives’ and Labour’s election pledges, and warned voters to expect higher taxes than either party has outlined. In a brutal assessment of both manifestos for the Dec. 12 vote, the Institute for Fiscal Studies said that “neither is a properly credible prospectus.” Prime Minister Boris Johnson’s Conservatives and Jeremy Corbyn’s Labour have outlined vastly different offerings for voters. While Corbyn is…

LONDON (Capital Markets in Africa) – British automakers warned that the next U.K. government needs to deliver a “world-beating Brexit trade deal” to bolster their competitiveness and safeguard jobs following a split from the European Union. Carmakers need a frictionless border free of tariffs and customs, regulatory alignment and access to talent, the Society of Motor Manufacturers and Traders lobby group said ahead of the country’s general election on Dec. 12. A victory for Prime…

LONDON (Capital Markets in Africa) – Global central banks are approaching the end of the year with a collective shudder at the risky behavior that their low interest-rate policies are encouraging. Policymakers from European Central Bank and the Federal Reserve are among those raising cautionary flags at potentially unsafe investing stoked by their efforts to flood economies with ultra-cheap money. Stock indexes from the U.S. to India are at records, and low sovereign bond yields…

NAIROBI (Capital Markets in Africa) – Daniel Mwangi’s construction company in Nairobi is battling to stay afloat and has fired about 1,000 workers in the past year as Kenya’s government struggles to pay contractors. The 36-year-old Nyoro Construction Co., where Mwangi serves as director, is just one of many Kenyan firms that have fallen victim to a funding crisis exacerbated by a weak tax take, rising debt and a public wage bill that eats up more than a third…

JOHANNESBURG (Capital Markets in Africa) – Johann Rupert, the billionaire who controls luxury-goods giant Richemont, is considering selling stakes in two South African fiber networks valued at as much as $1.5 billion, people with knowledge of the matter said. The tycoon is working with an adviser to gauge interest from potential investors in buying stakes in Vumatel Pty and Dark Fibre Africa Pty, according to the people, who asked not to be identified because the information is private….