The Editorial Team

Yellen Expects High Inflation Through Mid-2022 Before Easing

NEW YORK (Capital Markets in Africa) – Treasury Secretary Janet Yellen said she expects price increases to remain high through the first half of 2022, but rejected criticism that the U.S. risks losing control of inflation. Inflation is expected to ease in the second half as issues ranging from supply bottlenecks, a tight U.S. labor market and other factors arising from the pandemic improve, Yellen said on CNN’s “State of the Union” on Sunday. The…

Ending Climate Change Will Cost a Fortune: Niall Ferguson

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LONDON (Capital Markets in Africa) – We’re all going to a dear green place for the sake of averting climate change. The place is Glasgow, host city for the fast-approaching Conference of the Parties 26. The parties are the countries that have signed the United Nations Framework Convention on Climate Change, which came into force in 1994. This will be the 26th UN climate change conference. And I can promise that it will be both…

Tesla Shows Progress on Profit as Investors Seek Perfection

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NEW YORK (Capital Markets in Africa) – Tesla Inc. reported third-quarter revenue that fell short of Wall Street estimates but managed to beat profit projections, overcoming a semiconductor shortage and supply-chain challenges that have stymied competing automakers. The results mark the ninth straight quarter of profit for the 18-year-old electric carmaker and came despite obstacles that included backups at ports and even rolling blackouts in China that made it tough to keep factories operating at…

Thiel Says He Was ‘Underinvested’ in Bitcoin, Price May Rise

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NEW YORK (Capital Markets in Africa) – Peter Thiel, the technology billionaire and conservative political donor, praised cryptocurrencies and slammed central banks during an appearance on Wednesday. “You’re supposed to just buy Bitcoin,” he joked to an assembled crowd in Miami. “I feel like I’ve been underinvested in it.” Thiel said his only hesitation about investing was that he thought “the secret was already known by everybody.” He concluded that “I think the answers are…

Crypto Market Tops $2.7 Trillion as Rally Reaches Beyond Bitcoin

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LAGOS (Capital Markets in Africa) – Optimism about digital assets stoked by Bitcoin’s run to a record high has helped push the overall value of cryptocurrencies to an all-time peak of more than $2.7 trillion. That’s a climb of about $200 billion from the last high in May for a sector that now spans almost 10,000 coins, according to data from tracker CoinGecko. The ascent shows how bets on cryptos are spreading beyond Bitcoin amid enthusiasm about…

Credit Suisse to Pay $475 Million to Settle Mozambique Case

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MAPUTO (Capital Markets in Africa) – Credit Suisse Group AG agreed to pay almost $475 million to resolve multiple investigations into its role in a fundraising scandal that saw hundreds of millions looted from Mozambique and tipped the country into economic crisis. The Zurich-based bank said it expects to take a $230 million charge in the third quarter as a result of the settlement, a further hit for shareholders after the bank was buffetted by…

Ghana Bonds Punished With Traders Fretting Over Debt Levels

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ACCRA (Capital Markets in Africa) – Ghana’s credit-risk premium has soared to the highest since the start of the pandemic ahead of next month’s budget. It may widen further if Finance Minister Ken Ofori-Atta fails to convince investors that West Africa’s second-biggest economy has a handle on servicing its sky-high debt — a task made all the more difficult by sluggish economic growth. That raises questions about debt sustainability, according to Ernest Addison, governor of the Bank of…

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