The Editorial Team |

Tesla Recalls 135,000 Cars After U.S. Finds Screens to Be Faulty

NEW YORK (Capital Markets in Africa) — Tesla Inc. will recall about 135,000 Model S and X vehicles in the U.S. after a months-long investigation by the nation’s auto-safety regulator concluded their touch screens are defective. Tesla equipped certain Model S sedans from 2012 to 2018 and Model X crossovers from 2016 to 2018 with Nvidia Corp. processors that are prone to wearing out, Tesla said in a recall report. The flaw can lead to…

Biden Plans to Roll Back Trump’s Refugee, Asylum Crackdowns

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NEW YORK(Capital Markets in Africa) — President Joe Biden will sign a trio of executive orders on Tuesday to reverse Donald Trump’s crackdown on asylum seekers and refugees, continuing his push to loosen his predecessor’s strict immigration policies. Biden will direct the Department of Homeland Security to conduct a broad review of asylum programs that were targeted by the Trump administration, asking his administration to rescind proclamations, rules, and guidance documents intended to curb the…

Reddit Trades Crumble as GameStop, AMC and Silver Plunge

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NEW YORK (Capital Markets in Africa) — The wild run-up of trades popular with Reddit crowds is starting to come crashing down. GameStop Corp. sank 44% in U.S. pre-market trading, extending a 31% plunge on Monday. AMC Entertainment Holdings Inc. slid 32% and Express Inc. lost 22%. Silver tumbled more than 5% after surging to an eight-year high. The speculative activity hatched online has captivated global markets, drawing attention from U.S. politicians and overwhelming brokerages around…

Nigeria’s Commercial Hub Begins Clinical Trial of Ivermectin

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LAGOS (Capital Markets in Africa) — Lagos State, which includes Nigeria’s commercial hub and biggest city, approved clinical trial of the drug Ivermectin to assess its effectiveness against Covid-19. Ivermectin is an FDA-approved broad-spectrum anti-parasitic agent that has been shown to have anti-viral activity against a broad range of viruses including SARS-CoV-2 and potentially cut the risk of Covid-19 deaths by as much as 75%, according to researchers at the University of Liverpool. “While this…

Nigeria’s Heirs to Revive $800 Million Shell Oil Block

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LAGOS (Capital Markets in Africa) — Nigerian independent producer Heirs Oil & Gas Ltd. plans to restore an oil block acquired from Royal Dutch Shell Plc to its former output levels to make it one of the country’s biggest local operators. Heirs finalized last month its purchase of an operating stake in a permit known as Oil Mining Lease 17 in a deal worth more than $1 billion. The transaction is the latest in which…

For Shrinking Greylock, a $100,000-a-Month Rent Proved Too Much

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MAPUTO (Capital Markets in Africa) — Argentina, Mozambique, Barbados and the Republic of Congo have two things in common: They’ve all restructured their debt, and they’ve all tangled with Greylock Capital Management. Now Greylock, one of the best-known hedge funds in emerging markets investing, finds itself at a similar crossroads. Some 25 years after its founding, the firm — its assets headed to a mere $350 million or so by the end of March —…

MTN Hires Citi, Standard Bank for South African Towers Deal

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JOHANNESBURG (Capital Markets in Africa) — MTN Group Ltd. appointed Citigroup Inc. and Standard Bank Group Ltd. to advise on a sale and lease back of some of the carrier’s South African telecom towers, according to people familiar with the matter. Africa’s largest mobile-phone company by sales is looking to raise between 5 billion rand ($333 million) and 10 billion rand from the deal, said the people, who asked not to be identified as the…

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