Finance

MAPUTO (Capital Markets in Africa) – At least two former Credit Suisse Group AG bankers will testify for the U.S. at a federal trial this week, describing their roles in what the Justice Department says was a $2 billion kickback scam in Mozambique. Andrew Pearse, who headed the global financing group in the bank’s London office, will be one of the government’s first witnesses at the trial of Jean Boustani, a former executive at the…

NAIROBI (Capital Markets in Africa) – Kenya plans to borrow 422 billion shillings ($4.1 billion) from external lenders after lawmakers approved the government’s proposal to increase its debt limit. The government of the East African nation is negotiating or about to sign 44 loan agreements with 15 lenders including the African Development Bank, China, Japan and the World Bank, parliament documents show. The lawmakers last week approved the National Treasury’s proposed debt limit of 9…

LAGOS (Capital Markets in Africa) – Nigeria began preliminary talks with international oil companies to settle a dispute over revenue. The government, citing a 2018 Supreme Court ruling, says it’s entitled to $62 billion from the companies after they failed to comply with a 1993 law that hands the state a greater share of income when oil exceeds $20 a barrel. The companies are challenging the claim. “We have opened up a process of engagement between the…

NEW YORK (Capital Markets in Africa) – In a promotional video, Amazon.com Inc. says its Cloud Cam home security camera provides “everything you need to monitor your home, day or night.” In fact, the artificially intelligent device requires help from a squad of invisible employees. Dozens of Amazon workers based in India and Romania review select clips captured by Cloud Cam, according to five people who have worked on the program or have direct knowledge of it. Those…

NEW YORK (Capital Markets in Africa) – The Trump administration is moving ahead with discussions around possible restrictions on portfolio flows into China, with a particular focus on investments made by U.S. government retirement funds, people familiar with the internal deliberations said. The efforts are advancing even after American officials pushed back strongly against a Bloomberg News report late last month that a range of such limits was under review. Trump officials last week held meetings on…

LAGOS (Capital Markets in Africa) – Nigeria and other members of OPEC are ready to cut crude supplies further if prices continue to tumble, according to the country’s oil minister. “Everybody agrees in OPEC that we need to stabilize the market. We cannot allow prices just to plummet,” Nigerian Minister of State for Petroleum Resources Timipre Sylva said in a Bloomberg TV interview Friday. The country is committed to complying fully with its new production quota of 1.774 million barrels a…