The Editorial Team

Zimbabwe Asked to Settle $70 Million Debt After Legal Loss

HARARE (Capital Markets in Africa) – Zimbabwe has been asked to settle a $70 million debt after it lost an international arbitration case over canceled nickel and platinum ventures between a private company and the state miner more than a decade ago. Companies linked to Amaplat Mauritius Ltd. made the proposal in a Sept. 15 letter to Zimbabwe’s Secretary for Finance and Economic Development, George Guvamatanga, seen by Bloomberg. The alternative is having the assets of…

Zambia May Owe Chinese Lenders Double What Government Disclosed

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LUSAKA (Capital Markets in Africa) – Zambia may owe Chinese creditors almost double the amount the government has previously disclosed, complicating restructuring negotiations, a study found. The Johns Hopkins’ China Africa Research Initiative estimates the nation’s total liabilities to Chinese lenders at $6.6 billion and spread across at least 18 creditors, according to a report published Tuesday. That compares with an official figure of $3.4 billion. The finding doesn’t mean that Zambia’s total external public…

Ultra-Rich Boom Is Fueling an M&A Frenzy for Wealth Advisers

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LAGOS (Capital Markets in Africa) – Almost from the day he started his wealth-management firm in 2014, Russ Charvonia would get unsolicited emails offering to buy the company. He’d send them directly to his trash folder. But like hundreds of other managers this year, Charvonia eventually took the plunge. Last month, his Ventura, California-based Channel Islands Group and its $277 million in client assets under advisement officially became part of Mariner Wealth Advisors, for an undisclosedsum.The sale…

China Bans Crypto Transactions, Vows to Stop Illegal Mining

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LAGOS (Capital Markets in Africa) – China banned all crypto transactions and vowed to stop illegal crypto mining, delivering the toughest blow yet to the trillion-dollar industry. Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated. It’s the harshest step yet that China’s taken against…

Bitcoin, Ether Tumble as China Intensifies Crackdown on Crypto

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LAGOS (Capital Markets in Africa) – Bitcoin, Ether and other digital tokens tumbled as China intensified its push to rein in crypto speculation and mining. Bitcoin fell 7.8% to $41,220 as of 7:41 a.m. in New York. The losses were more severe in other coins, with Ether, EOS, Litecoin and Dash all falling more than 7%. Crypto-related stocks also came under pressure, with Marathon Digital Holdings Inc. tumbling 6% in U.S. pre-market trading. China’s central bank…

Amazon Working on Large Wall Echo, Sound Bar and New Auto Device

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LAGOS (Capital Markets in Africa) – Amazon.com Inc. is developing a bevy of new devices and services as it delves into additional markets, including a larger Echo with a wall-mountable screen, a TV sound bar, more advanced car technology and wearable gear. The tech giant is working on the initiatives at its Lab126 division, which created hit products like the original Echo and the Alexa voice assistant. The Seattle-based company is holding a launch event…

U.S. Stocks See Worst Outflow Since 2018 as Fed, China Top Risks

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NEW YORK (Capital Markets in Africa) – U.S. stocks had their worst weekly outflow in more than three years as investors turned to more defensive assets amid mounting risks from tapering and China Evergrande Group’s debt crisis. Traders pulled $28.6 billion from U.S. equity funds in the week through Sept. 22, the largest redemption since February 2018, according to a Bank of America Corp. note, which cited EPFR Global data. Instead, they piled about $40…

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