Features | - Part 189

Zuma’s Fight to Avoid Trial Goes to South Africa’s Appeals Court

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Supreme Court of Appeal will consider a case Thursday that may determine whether President Jacob Zuma should stand trial on graft charges that were dropped by the prosecutors eight years ago. Prosecutors probed allegations that Zuma took 4.07 million rand ($310,000) in bribes from arms dealers and brought 783 charges of fraud, corruption and racketeering against him. They scrapped the case a month before he became president in May…

UK New immigration check requirements on banks and building societies: are you prepared?

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – From 1 January 2018, banks and building societies will be required to undertake quarterly immigration status checks on all existing customer current accounts. Following this, the Home Office may then require the bank (or building society) to close any accounts or products operated by or for a person who does not have leave to remain in the UK. Those subject to the requirements should act now to ensure that…

Kenyan Opposition Says Rerun Delay May Resolve Vote Concerns

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s opposition presidential candidate said the electoral authority should consider delaying the rerun of last month’s annulled presidential vote until the end of October to ensure it’s organized in a credible manner. The date for the election could be adjusted within the 60-day period stipulated by the law to give the electoral body enough time to prepare a fair vote, Raila Odinga, leader of the opposition National Super Alliance, said in…

Matt Levine’s Money Stuff: Bitcoin Doubts and Buffett Criticisms

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon doesn’t like bitcoin, which he says is “a fraud” and a bubble that “won’t end well”: Do we have traders who trade it? If we had a trader who traded Bitcoin I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous. I’m going to be really clear in this one. Forget the blockchain,…

Mauritius Attorney General Quits Over Money-Laundering

Posted on by The Editorial Team

PORT LOUIS (Capital Markets in Africa) – Mauritian Attorney General Ravi Yerrigadoo stepped down to allow an investigation into allegations of money laundering, Prime Minister Pravind Jugnauth said. Yerrigadoo quit at Jugnauth’s request to “ensure the investigation is conducted in a transparent manner,” the premier told reporters Wednesday in the capital, Port Louis. Le Defi, a Port Louis-based newspaper, reported that an affidavit was submitted to Mauritius’s Supreme Court on Tuesday alleging that Yerrigadoo helped set…

Campaign for More Diamond Ads Wins Support From India’s Gem Hub

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The push for bigger diamond advertising campaigns and marketing to wealthy millennials has won support from a key part of the industry: India’s manufacturers and retailers. India’s Gem & Jewellery Export Promotion Council, which represents almost 6,000 diamond companies, has agreed to contribute $2 million to the Diamond Producers Association, a group designed to promote gems and backed by miners, according to executives from both organizations. India is the…

South Africa’s Richest Man Calls President Zuma’s Policy `Theft’

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa’s richest man Johann Rupert said “radical economic transformation,” the policy championed by the country’s President Jacob Zuma to reduce racial inequality, is no more than theft. “Radical economic transformation is just a code word for theft,” Rupert said on the sidelines of Richemont’s annual general meeting in Geneva on Wednesday. “That’s what’s happening there. They’re raiding the state’s coffers. And it’s public knowledge.” South Africa’s former graft ombudsman alleged in…

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