Day: May 11, 2020
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The Bondholders’ View of the African Debt Crisis
The ongoing debt crisis in Zambia and several other African countries is proving to be much more difficult to resolve than in previous years because of the expanded role of both Chinese lenders and bondholders. Both of these creditors have starkly ...
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Critical Zambian Bondholder Vote to Take Place Today
A coalition of Zambian bondholders is expected to cast their votes today (Wednesday) to decide on whether or not to grant the government a six-month repayment holiday on $3 billion of Eurobond notes, according to sources quoted by Bloomberg. Results are scheduled to ...
COVID Vaccine Narrative Battles Intensify Following Pfizer Announcement
A narrative battle over COVID-19 vaccines is emerging in the aftermath of this week's announcement by Pfizer that its vaccine is reportedly 90% effective. That news also coincided with an interruption of a Chinese-made COVID vaccine clinical in Brazil ...
COVID-19 Tops the Agenda at China-Gulf Countries Foreign Minister Meeting
Chinese Foreign Minister Wang Yi met with six of his counterparts from the Gulf Cooperation Council on Tuesday for a virtual conference, where COVID-19 was atop the agenda. The ministers focused on access to a future C19 vaccine as well as PPE and other pandemic mitigation resources. ...
All This Talk About Vaccines Gives a Desperately-Needed Boost to Two of Africa’s Largest Oil Producing Countries
The prices for Nigerian Bonny Light and Angolan Cabinda crudes have regained some lost ground in November thanks to the Pfizer vaccine news and the U.S. elections. Given that both countries face enormous debt servicing challenges, these higher oil prices will help to replenish government coffers. China ...
Imported sulphur is seen at a port in Nantong, Jiangsu province, China March 22, 2018. Picture taken March 22, 2018. REUTERS/Stringer
By Andy Home The Iran war has already caused turmoil in the global aluminum market, but now the fallout is spreading to both copper and nickel supply chains. The conduit is sulfur, a by-product of the Gulf's oil ...
Many of Washington’s Top Africa Experts Participate in All-Day Hearing on the State of U.S.-China-Africa Relations
Nine of the top Africa experts in Washington testified in an all-day hearing on Friday organized by the congressionally-mandated U.S.-China Economic and Security Review Commission (USCC). The hearing, entitled "China’s Strategic Aims in Africa," coincided with this ...
China’s Subtly Revising the Narrative of the Origin of Its “Miscommunication” With Nigerians and Other Africans in Guangzhou
Confronted with overwhelming criticism in Africa following widespread reports of maltreatment of and discrimination against African residents in the southern Chinese city of Guangzhou last month, the Chinese government has been trying (largely unsuccessfully) to reshape the narrative according to their interpretation of the events.
How the U.S. is Catching Up With China in the PR Battle Over COVID-19 Relief in Africa
Although U.S. stakeholders have given a lot more money to COVID-19 relief in Africa than those from China, the Chinese have done much better on the PR side. But Judd Devermont, Director of the Africa Program at the ...
165 Kenyan Evacuees Return Home From China
165 Kenyans stranded in China arrived in the early hours Sunday morning at Jomo Kenyatta International Airport. Kenyan ambassador to China, Sarah Serem, helped to coordinate the charter flight from Guangzhou back to Nairobi and was at the airport in southern ...
Moody’s Warns That Kenya’s High Borrowing Costs Could Prompt a Downgrade
The global credit rating agency Moody's is becoming increasingly concerned that Kenya will not be able to keep up with the payments on its comparatively expensive loan portfolio. Moody's adjusted Kenya's rating from B2 stable to B2 ...