The Editorial Team |

Gabon to Meet Bond Payments While Considering Options on Debt

GABON (Capital Markets in Africa) — Gabon is finalizing a plan to reorganize its debt as the effects of the coronavirus and last year’s crude-price slump weigh on the oil-reliant economy. The central African government “has been working for some time with advisers handling its operations on financial markets,” Economy Minister Nicole Roboty Mbou said in an emailed response to questions. Until then, it will “continue to honor its commitments in spite of the impact…

South Africa Court Postpones Ex-President Zuma’s Trial to May 17

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) — Former South African President Jacob Zuma’s trial on corruption, money laundering, and racketeering charges that date back to the 1990s will begin on May 17, after the courts rejected his repeated applications to have the case dismissed. The case against the 78-year-old resumed briefly in the High Court in the eastern town of Pietermaritzburg on Tuesday, where the trial date was set. A successful conviction would be a boon…

Bank Dividend Reprieve Comes With Warning in South Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — South Africa’s banking regulator eased guidance to lenders that they shouldn’t pay dividends and executive bonuses — though warned that protecting cash reserves must still take priority amid ongoing uncertainty from the Covid-19 pandemic. Where boards approve such payouts, they should be “prudent and commensurate with the assessment of current conditions and potential future uncertainty,” Prudential Authority Chief Executive Officer Kuben Naidoo said in a note to the industry. Banks should also…

Top Africa Iron Ore Miner Extends Life of Giant Mine to 2040

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Anglo American Plc’s South African iron ore unit said it plans to spend 3.6 billion rands ($246 million) to extend the life of its giant Sishen open pit operation to 2040 through the use of new technology. The sprawling Sishen operation in South Africa’s Northern Cape province would continue to mine for the next two decades as the company improves efficiency and deploys new technology through its high-density media…

Cryptocurrency’s Popularity Fuels Global Tax Crackdown

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Financial transactions involving virtual money are on the rise, and tax authorities in the U.S., EU, and Asia are stepping up efforts to grab their share of potentially billions of dollars in lost tax revenue from unreported gains. Tracking anonymous virtual currency trades remains a major challenge—especially as cryptocurrency becomes more mainstream. Central banks, global services like PayPal Holdings Inc., and financial firms like Fidelity Investments are among the…

Bitcoin Slumps Below $50,000 as Caution Sweeps Over Crypto Rally

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Bitcoin slid Tuesday after a bout of volatility highlighted lingering doubts about the durability of the token’s mesmerizing rally. The cryptocurrency fell as much as 12.5% to $48,071 and was trading below $50,000 as of 8:16 a.m. in London. At one point Monday it plunged 17% before paring the slide. Bitcoin is still up some 390% in the past year. Treasury Secretary Janet Yellen and Microsoft Corp. co-founder Bill Gates were the latest to weigh into a…

Elon Musk Loses $15 Billion in a Day After Bitcoin Warning

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on Monday, wiping $15.2 billion from his net worth. Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message — via his favored medium of Twitter — came two weeks after Tesla announced it added $1.5 billion…

« 1 … 108 109 110 111 112 … 1,067 »