The Editorial Team |

Goldman Pandemic Loans Spur Scrutiny From Senate’s Brown, Warren

LAGOS (Capital Markets in Africa) — The Senate Banking Committee is questioning whether Goldman Sachs Group Inc. paid dividends at the expense of lending to businesses and households during the pandemic as lawmakers take a broad look at the support big banks offered clients to get through the economic slump. Committee Chairman Sherrod Brown and fellow Democrat Elizabeth Warren sent Goldman Chief Executive Officer David Solomon a letter late last week, asking how its banking…

What’s India’s Beef With Bitcoin, Really?: Andy Mukherjee

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LAGOS (Capital Markets in Africa) — Contradictory statements and media leaks are making it impossible to get a handle on India’s soon-to-be-unveiled cryptocurrency policy. The uncertainty is throwing young blockchain firms and programmers into a paroxysm of anxiety: Should they leave or stay? If they hang back, should they do something else with their lives? On Sunday, the global crypto industry heaved a sigh of relief when Finance Minister Nirmala Sitharaman categorically ruled out a…

Bitcoin Steadies Near $56,000 After Weekend Rally Evaporates

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LAGOS (Capital Markets in Africa) — Bitcoin has given up all the gains made over the weekend when prices reached a record $61,000. Prices for the largest cryptocurrency shot up on Saturday, only to quickly retreat in the following days. The largest cryptocurrency sank almost 7% on Monday and was little changed on Tuesday, trading around $55,900 during the London morning. The volatility is due to investors taking some profit after Bitcoin’s recent run, said Vijay Ayyar, head…

Court Orders Maduro Financier Be Released by Cape Verde

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LAGOS(Capital Markets in Africa) — A West African court ordered Cape Verde’s government to free Alex Saab, a Colombian businessman close to Venezuelan President Nicolas Maduro, and halt plans to have him extradited to the U.S. The Economic Community of West African States Court of Justice found the authorities on the Atlantic Ocean island nation carried out Saab’s arrest before a so-called Red Notice had been issued by Interpol. “We found his arrest by the…

Kenyan Treasury Allays Fears of Losing Port Over China Rail Loan

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NAIROBI (Capital Markets in Africa) — Kenya’s National Treasury moved to allay fears that the nation could lose ownership of its busiest seaport in case of failure to repay a loan from China to build a railway. “There is absolutely no risk of China or any other country taking over the Port of Mombasa,” Treasury Secretary Ukur Yatani said in a statement Monday. The government “cannot and has not pledged public assets as security for…

Absa Breaks With South African Rivals on Dividends – For Now

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JOHANNESBURG (Bloomberg) — Absa Group Ltd. has opted to break with most of its South African rivals and keep preserving capital at the expense of paying dividends — but pledged to look at ways to make up for the pause when appropriate. South Africa’s third-largest bank expects to gradually resume dividends from the first half of 2021, unlike peers who have already resumed payouts. Should loan growth fail to take off as hoped, excess capital…

Lendable Plans as Much as $180 Million of Fresh Lending in 2021

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LAGOS (Capital Markets in Africa) — Lendable Ltd. is raising funds to enable fresh loans of $120 million and $180 million this year to customers in Africa, South East Asia and Latin America, according to co-founder and Chief Executive Officer Daniel Goldfarb. The London-based lender, whose financiers include New York investment firm Waterfall Asset Management LLC, is seeking $15 million to $25 million in combined debt and equity and separately expects “a larger transaction for a…

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