Features | - Part 166

South Africa’s Economic Heartland Backs Ramaphosa in ANC Race

JOHANNESBURG (Capital Markets in Africa) – South African Deputy President Cyril Ramaphosa won the backing of African National Congress members in the nation’s economic heartland and extended his early lead in the nomination process to succeed President Jacob Zuma as head of the ruling party this month. Ramaphosa won the endorsement for the ANC presidency from 374 branches in Gauteng, tallies released Saturday at a party meeting in Pretoria, the capital, show. That’s the fourth province to back him. His…

Rio Tinto Picks Thompson for Chairman as Investors Seek Discipline

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JOHANNESBURG (Capital Markets in Africa) – Rio Tinto Group named industry veteran Simon Thompsonas chairman after shareholders rejected a plan to install a renowned dealmaker — reinforcing an industry-wide investor drive for higher returns and caution over project spending. Thompson, 58, a Rio director since 2014 and previously an executive director at Anglo American Plc, will succeed Jan du Plessis from March 5, London-based Rio said Monday in a statement. Du Plessis, who’s held the post since 2009, is stepping down after taking up…

Zimbabwe’s President Names Cabinet, Shuns Opposition

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HARARE (Capital Markets in Africa) – Zimbabwe’s new president appointed a cabinet that sees Patrick Chinamasa return as the southern African nation’s finance minister and the opposition excluded as the government returned party loyalists to power along with generals weeks after a military coup. President Emmerson Mnangagwa appointed Winston Chitando as mines minister, Major General Sibusiso Moyo, who announced the coup on national television, will lead foreign affairs and Ziyambi Ziyambi will take on the justice portfolio, Cabinet Chief Secretary…

Facilitating Cross-Border Capital Flows to Grow the China Green Bond Market

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LONDON/SHANGHAI: Climate Bonds Initiative and the Lujiazui Green Finance Development Committee will today launch. This groundbreaking new report explores the challenges of increasing inter-country capital flows into China’s green bond market and puts forward potential measures and solutions to facilitate capital investment that supports the expansion of green finance and the green bond market. Produced in partnership with China Chengxin Credit Rating Group (CCX) and with the support of the Foreign and Commonwealth Office (FCO)…

Bitcoin Haters Don’t Get Its Gold-Like Qualities, Goldman Says

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LAGOS (Capital Market in Africa)- Bitcoin is a commodity with many similarities to gold, and the volatility that has sparked investor concern stems mainly from its lack of liquidity, said Jeff Currie, global head of commodities research for Goldman Sachs Group Inc. “I don’t see why there is all this hostility to it,” Currie said in an interview on Bloomberg Television. Bitcoin is “not much different than gold” because it doesn’t have liability attached to it by…

Glencore, Chad Are Said to Deadlock on $1 Billion Debt Deal

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JOHANNESBURG (Capital Markets in Africa) – Talks between Chad, Glencore Plc and a group of banks to restructure more than $1 billion in debt have stalled after the African nation rejected the commodities trader’s latest proposal to delay repayment of an oil-for-cash loan, according to people familiar with the negotiations. The negotiations reached a stalemate after five months of on-and-off talks, with both sides rejecting the other’s offers and counter offers, said the people, who asked not…

Novogratz Says Crypto Will Be Biggest Bubble of Our Lifetime

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LAGOS (Capital Markets in Africa) – One of the biggest bitcoin bulls on Wall Street says cryptocurrencies are in a massive bubble. He’s still starting a $500 million fund to invest in them. “This is a bubble and there is a lot of froth. This is going to be the biggest bubble of our lifetimes,” hedge fund manager Mike Novogratz said at a cryptocurrency conference Tuesday in New York. Novogratz, who’s says he began investing in…

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