The Editorial Team |

Harvard Was ‘Freaking Out’: How a $270 Million Brazil Bet Tanked

Biggest endowment struggled to unload a troubled investment NEW YORK (Capital Markets in Africa) – Colin Butterfield was frantic. The Harvard University endowment executive wanted to unload a disastrous $270 million investment in Brazilian farmland. But the school had no takers, and it was burning through millions of dollars. “Why I’m freaking out is that we’re running out of money,” Butterfield said in a November 2017 conference call, referring to the project, not the college. “We have no more money.”…

KENYA INSIGHT: Nairobi Slows as Urbanization Engine Stutters

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NAIROBI (Capital Markets in Africa) – Kenya’s capital city Nairobi is being outperformed by semi-urban areas and smaller cities, such as Kiambu and Nakuru, according to data on regional economic activity. There’s some evidence to suggest this may become an emerging trend across Africa with a different pattern of urbanization providing the engine of growth. Nairobi had the weakest GDP per capita growth of all Kenya’s 47 counties. This chimes with World Bank research showing…

Bitcoin Drops as One-Day Futures Make Debut in Light Trading

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LAGOS (Capital Markets in Africa) – The first Bitcoin futures contracts that settle in the digital currency debuted Monday in thin trading, starting a new chapter in the coin’s tumultuous 10-year history. As of 11 a.m. in New York, 38 of the futures contracts offered on the Intercontinental Exchange Inc.’s Bakkt platform had changed hands. The price of Bitcoin slumped 2.4% to $9,892. The initial federally regulated market to buy and sell Bitcoin could entice conservative investors who have…

U.K. Court Calls Johnson’s Parliament Suspension ‘Unlawful’ (2)

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LONDON (Capital Markets in Africa) – The U.K.’s top judges inflicted an unprecedented legal defeat on Prime Minister Boris Johnson, branding his controversial decision to suspend Parliament unlawful and calling on lawmakers to return to Parliament as soon as possible. The unanimous landmark decision by the 11 judges Tuesday is a boost for MPs seeking to prevent Johnson pulling the country out of the European Union by Oct. 31 without a deal. By limiting the prime…

South Africa Lines Up Rare Eurobond as Concern Over Eskom Grows

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JOHANNESBURG (Capital Markets in Africa) – South Africa is back in the Eurobond market for the first time since May last year, looking to offer securities with returns that compensate investors for mounting fiscal woes. The government is marketing 10- and 30-year dollar securities with yields of between 5% to 5.125% and about 5.875% respectively, according to a person familiar with the transaction who asked not be identified because they are not authorized to speak about it….

South African Banks Prepare for Biggest Strike in 99 Years

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JOHANNESBURG (Capital Markets in Africa) – South African banks are urging clients to use digital channels as the industry prepares for what could be its biggest strike since 1920. “Banks will be operating as usual on the day,” the Banking Association South Africa said in an emailed statement on Monday. Lenders “are taking the necessary precautions to minimize disruption” related to the proposed protest action on Friday by the South African Society of Bank Officials and the…

Egypt Assets Extend Declines After Anti-Government Protests

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CAIRO (Capital Markets in Africa) – Egyptian stocks extended losses and dollar bonds fell after small but rare anti-government protests over the weekend. The EGX 30 dropped 1.5% on Monday, extending losses to 6.7% since rallies in several cities over the weekend evoked memories of the instability that followed the 2011 uprising and ouster of former President Hosni Mubarak. The country’s $1.75 billion of bonds due 2029 headed for the biggest decline in over a month as of 9:03…

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