The Editorial Team

Tesla Falls as Twitter Users Back Musk Selling $21 Billion Stake

NEW YORK (Capital Markets in Africa) – Tesla Inc. declined after Elon Musk’s Twitter followers voted in favor of selling 10% of his stake in a poll set up by the electric-car chief. A majority of 3.5 million Twitter users — 58% — said they’d support such a sale in a Twitter poll that Musk ran during the weekend. The stake would be valued at about $21 billion based on 170.5 million Tesla shares he…

Crypto World Hits $3 Trillion Market Cap as Ether, Bitcoin Gain

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LONDON (Capital Markets in Africa) – The cryptocurrency market is now worth more than $3 trillion. As of 7:38 a.m. in London, the overall market cap of cryptocurrencies hit $3.01 trillion, according to CoinGecko pricing. The third- and fourth-biggest tokens, Binance Coin and Solana, have added more than 20% in the past seven days; all of the seven biggest coins are up over the last week. Bitcoin rose as much as 5.5% on Monday to $66,339,…

West African Bloc Sanctions Mali’s Transitional Leaders

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ACCRA (Capital Markets in Africa) – The Economic Community of West African States on Sunday imposed sanctions on Mali’s transitional leaders after they informed the regional bloc they would not be able to hold elections in February to return to democratic rule. The sanctions include travel bans and a freeze on financial assets, on all members of the transitional authority and their families, ECOWAS said in a statement after a summit in Ghana’s capital, Accra….

MTN Makes Takeover Approach for South Africa’s Telkom

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. recently made a takeover approach for Telkom SA SOC in a deal that would’ve combined South Africa’s second and third largest telecommunications operators, according to people familiar with the matter. Telkom has so far shown no interest in a sale, said the people, who asked to remain private as the talks are confidential. It remains unclear whether the larger rival will continue its pursuit, the people…

One of World’s Poorest Countries Found Better Way to Do Stimulus

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LOME (Capital Markets in Africa) -Atani Bamaze was working his small plot of land, scything weeds down to the rust-colored soil, when he received a lifeline in the form of a text message. It was late 2020, and though Bamaze still didn’t know anyone sickened by Covid-19, the pandemic had disrupted his life all the same. The village in Togo where he lives with his wife and infant daughter relied on trade and travelers from…

Women Are Taking Over Top Nigerian Banks That Favor Male Clients

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LAGOS (Capital Markets in Africsa) – Tomi Somefun still recalls the shock in 2015 when she was summoned to meet the board of Unity Bank Plc and offered the position of chief executive officer. That made her the only female CEO of a Nigeria-based lender — the second woman to occupy the top position. But she’s no longer an outlier. Women now make up almost one-third of the CEOs of Nigeria’s commercial banks, well ahead of African peers…

South Africa’s Godongwana Faces Policy Tightrope in First Budget

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JOHANNESBURG (Capital Markets in Africa) – Finance Minister Enoch Godongwana faces the challenge of presenting a clear strategy to revive South Africa’s torpid economy and return public finances to a sustainable path when he presents his first mid-term budget on Thursday. Key metrics in the spending plan for the next three years will benefit from windfall mining revenue and upward revisions to gross domestic product, with the budget deficit likely to narrow faster than previously expected. Still, the country…

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