The Editorial Team

Wall Street Is Betting That Microsoft-Activision Deal Will Fail

NEW YORK (Capital Markets in Africa) – Even if Activision Blizzard Inc. shareholders approve a $69 billion sale to Microsoft Corp on Thursday, Wall Street is betting that Biden antitrust enforcers could unravel one of the largest mergers in U.S. history. Shares of the gaming juggernaut are trading 25% below Microsoft’s $95 offer, indicating investors see risk the buyout won’t close as planned. This risk premium is more than double that of Twitter Inc. following Elon Musk’s offer,…

U.S. Economy Posts Surprise Contraction, Belying Solid Consumer

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NEW YORK (Capital Markets in Africa) – The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to solid consumer demand. While the surprise contraction adds to political headaches for President Joe Biden, it’s unlikely to dissuade the Federal Reserve from hiking interest rates aggressively to combat inflation.Gross domestic product fell at a 1.4% annualized rate in the first quarter following a 6.9% pace at the end of last year, the Commerce…

Twitter Sales Miss Estimates as Musk Poised to Take Control

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LAGOS (Capital Markets in Africa) – Twitter Inc., in one of its last earnings reports before Elon Musk takes the company private, reported revenue that missed analysts’ estimates, reflecting a slowdown in advertising. Revenue rose to $1.2 billion in the first quarter, the social media company saidon Thursday. That compared with the average forecast for $1.23 billion, according to data compiled by Bloomberg. The 16% gain in sales was the worst pace of growth in six…

Most New Crypto Is Underwater Relative to Bitcoin Within a Year

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LAGOS (Capital Markets in Africa) – About 80% of freshly minted cryptocurrencies are underwater and their average returns are close to zero relative to Bitcoin within a year, according to a Jump Crypto analysis. While there are a few high-profile outliers, the majority of new coins were underperforming within the first month, the public-facing crypto brand for Jump Trading Group found, after analyzing 3,759 tokens — excluding assets like stablecoins — that were listed on CoinGecko and…

Support for Glencore’s Climate Plan Ebbs After Advisory Push

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LAGOS (Capital Markets in Africa) – Shareholder support for Glencore Plc’s climate change strategy has weakened and the world’s top coal shipper will now have to consult with investors as it looks to defend one of its most profitable businesses. The company secured about 76% support for its climate progress report at its annual general meeting on Thursday, significantly less than the 94% backing it received last year. Influential advisory firms, including Glass Lewis &…

Algeria Tells Spain Not to Re-Export Gas Amid Spat With Morocco

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ALGIERS (Capital Markets in Africa) – Algeria threatened to cut natural gas flows to Spain if it re-exports Algerian supplies to other countries, amid rising diplomatic tensions over Morocco.The warning came after Spanish Energy Minister Teresa Ribera said Madrid would start sending gas, albeit of non-Algerian origin, to Morocco via the Maghreb-European pipeline.Spain has discussed the use of the pipeline, known as MEG, with Algeria in recent months and its decision was communicated on Wednesday, according to…

Botswana Central Bank Hikes Key Rate in Policy Overhaul

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GABORONE (Capital Markets in Africa) – Botswana increased its revamped interest rate to counter inflationary pressures stemming from Russia’s war with Ukraine. The central bank’s policy committee raised the yield on the main monetary operations instrument by 51 basis points to 1.65%, Governor Moses Pelaelo told reporters in the capital, Gaborone, on Thursday.The bank in February said it would shift to using the yield on the seven-day Bank of Botswana certificate, known as the monetary policy rate,…

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