Finance | - Part 109

Woolworths Falls as Retailer Revalues Australia’s David Jones

JOHANNESBURG (Capital Markets in Africa) – Woolworths Holdings Ltd. plunged the most in almost two years after South Africa’s largest food and clothing retailer said profit will be hurt by a revaluation of its David Jones business in Australia. Earnings per share are expected to be more than 20 percent lower, in part because of the Australian review, the Cape Town-based company said in a statement on Monday. Revenue increased by 2.5 percent in the 26-week period…

These Digital Coins Soar (or Fall) With Bitcoin: QuickTake Q&A

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LAGOS (Capital Markets in Africa) – It was astounding enough when bitcoin soared more than 14-fold over the course of 2017 to reach a peak of more than $19,000 on Dec. 16, giving it a total market cap of $329 billion — greater than the gross domestic product of South Africa or Ireland. Equally astounding, perhaps, is that bitcoin’s value has now been eclipsed by the combined market caps of the next biggest four cryptocurrencies,…

Metals Power Higher as Sickly Dollar Spurs Copper-to-Gold Rally

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LAGOS (Capital Markets in Africa) – Copper jumped by the most in two months and zinc hit a fresh decade-high as base metals rallied on a potent combination of a softer dollar, dwindling inventories and continued robust outlook for demand. Palladium rallied to a new record as all precious metals climbed. Copper surged as much as 2.1 percent, the most since Nov. 13, to $7,262 a metric ton on the London Metal Exchange. All metals climbed as the Bloomberg…

Why South Africa’s Steinhoff Could Be Next Enron: QuickTake Q&A

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JOHANNESBURG (Capital Markets in Africa) – It could wind up being South Africa’s version of the Enron accounting scandal. Furniture retailer Steinhoff International Holdings NVcaptivated investors by growing into a global force, latterly under its former chairman, billionaire Christo Wiese. Now it’s drawing attention for all the wrong reasons. Shares in Steinhoff crashed 80 percent in two days after the company reported accounting irregularities. Wiese stepped down, Chief Executive Officer Markus Jooste resigned and the company is looking for leniency…

Drug-Deal Bitcoins Lead to $940,000 Gain for Berlin Prosecutors

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LAGOS (Capital Markets in Africa) – Crime may not always pay for criminals, but fighting it does sometimes. Berlin prosecutors are about to make 774,000 euros ($940,000) on 64 bitcoins they seized in drug deal in April of last year. When they froze the funds last year, bitcoins changed hands for $1,348 a piece, according to a composite of prices compiled by Bloomberg. On Friday, they were worth 10 times as much, trading at $13,755. The prosecutors estimate their…

Mnuchin Says U.S. Wants G-20 Crackdown on Bitcoin Secrecy

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LAGOS (Capital Markets in Africa) – U.S. Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account. Speaking to the Economic Club of Washington on Friday, he said wants to ensure “bad people cannot use these currencies to do bad things.” Under U.S. law, “if you have a wallet to own bitcoins, that company has the…

South African Steinhoff Unit Mulls Early Redemption of Bonds

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV said one of its South African units is considering an early redemption of all notes in issue as the global retailer struggles to stay afloat amid an accounting scandal. Steinhoff Services Ltd.’s redemption of securities issued under a 15 billion-rand ($1.2 billion) bond program will require pricing supplements to be amended and restated, the Frankfurt- and Johannesburg-listed company said in a statement after the market closed on Thursday….

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