The Editorial Team

Angola State Oil Firm Posts $3 Billion Loss in ‘Abnormal’ 2020

LAUANDA (Capital Markets in Africa) – The state energy company of Angola, Africa’s second-biggest oil producer, posted a $3 billion loss last year after demand cratered following coronavirus-induced lockdowns across the world. The loss, the biggest in at least 10 years, compares with a net income of $125 million in 2019. The company had a “drastic reduction in revenue from sales of crude oil,” Sonangol, as the firm is called, said in a statement on its website. The…

Biden Aide Sees Manchin Open to Persuasion on $3.5 Trillion Bill

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NEW YORK (Capital Markets in Africa) – A senior White House adviser expressed confidence that a key Democratic senator who raised objections to President Joe Biden’s $3.5 trillion tax and spending package can eventually be persuaded to give his backing. Senator Joe Manchin, who last week demanded a “strategic pause” in Biden’s economic agenda, should be “very persuadable” by the argument that the package as envisaged “adds nothing to the debt,” White House chief of staff Ron…

UAE to Grow Asia, Africa Trade, Seek $150 Billion Investment

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L;AGOS (Capital Markets in Africa) – The United Arab Emirates plans to deepen its trade ties in fast-growing economies in Asia and Africa, and draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance. The UAE — which has been the Middle East’s commercial capital for more than a decade and has been facing growing regional competition from Saudi Arabia — will work on…

Aluminum Jumps as Guinea Coup Attempt Fuels Supply Concerns

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CONAKRY (Capital Markets in Africa) – Aluminum climbed to the highest in more than a decade as political unrest in Guinea fueled concerns over supply of the raw material needed to make the metal.A unit of the military seized power and suspended the constitution, with head of special forces, Colonel Mamady Doumbouya, urging the army to back him. That rattled global aluminum markets Monday — prices in London notched a fresh 10-year high and futures…

BOE Has a Powerful Tool to Tighten Policy Without Raising Alarm

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LONDON (Capital Markets in Africa) – Inaction could be a powerful option for Bank of England officials looking to scale back stimulus for the economy and shrink their swollen balance sheet. In a surprise move, Governor Andrew Bailey last week indicated that a “modest tightening” for monetary policy is likely in the next few years. When the time comes, it will begin with halting reinvestment of cash that comes from maturing investments in the BOE’s…

Bitcoin’s Rebound to 3-Month High Has Bulls Eyeing $50,000 Again

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LAGOS (Capital Markets in Africa) – Bitcoin surged Monday to a nearly three-month high as policy makers hashed out last-minute compromises over how to tax crypto assets. The largest digital coin rose as much as 5.4% to reach $46,245 during New York-trading hours. The rally is a continuation of recent momentum — the coin is up roughly 17% over the past week. Peer coins also benefited, with Dash, Ether and Litecoin, among others, each up…

Why Methane Is Climate’s Low-Hanging Invisible Fruit: QuickTake

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LAGOS (Capital Markets in Africa) – Methane is the second-largest contributor to global warming after carbon dioxide. But new and better techniques to spot major emitters of the odorless, colorless gas have pushed curbing it up climate to-do lists. Scientists view reducing methane emissions from the fossil fuel industry as the cheapest and easiest way to hold down global temperatures in the near term. That could counterbalance the initial warming effect from declining use of…

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