Finance | - Part 110

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

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

Posted on by The Editorial Team

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….

Congo May More Than Double Tax on Critical Cobalt Supply

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo is preparing to more than double a tax on two-thirds of global cobalt supply, potentially increasing the cost of the critical battery metal just as the world begins to embrace electric vehicles. Congo, the world’s biggest cobalt producer, will increase the royalty miners pay on exports of the metal to 5 percent from 2 percent if it opts to categorize cobalt as a “strategic substance,” Mines Minister Martin…

Dogs of High-Yield Sovereign Debt Keep Winning Streak Alive

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LAGOS (Capital Markets in Africa) – Investing in the world’s highest-yielding debt has proven a winning strategy over the past decade. Last year was no exception. An equally weighted portfolio of bonds from the six highest-yielding emerging markets would have returned 19 percent in 2017 versus a 9.3 percent return for JPMorgan Chase & Co.’s benchmark index, according to Seaport Global Holdings LLC. It marked the eighth time in nine years the “mutts,” as fixed-income…

Tullow Sees 2017 Cash Flow Beating Forecast After Oil Rally

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ACCRA (Capital Markets in Africa) – Tullow Oil Plc raised its expectation for free cash flow in 2017 as the crude-price rally offered a helping hand. The oil and gas producer expects to report $500 million of cash in its full-year results on Feb. 7, up from a previous forecast of $400 million, it said Wednesday. The company cited “rigorous cost discipline and a rising oil price” and said its West African output also beat forecasts….

Buffett Says Stock Ownership Became More Attractive With Tax Cut

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LAGOS (Capital Markets in Africa) – Warren Buffett said the U.S. tax cut will make companies more valuable by giving owners a bigger share of profits. “People who own the businesses, they now own 20 percent more of the domestic earnings,” Buffett, chief executive of Berkshire Hathaway Inc., said in an interview on CNBC Wednesday. Describing the change as a “big deal,” he gave as an example Berkshire Hathaway’s BNSF Railway. “The government doesn’t own the assets of…

OPEC’s Angola Ditches Dollar Peg as Kwanza Falls at Auction

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LUANDA (Capital Markets in Africa) – Angola devalued its currency as the OPEC member sought to revive an economy still reeling from the oil-price crash four years ago. The kwanza fell 11 percent to 187.95 per dollar by 3:35 p.m. in Luanda and depreciated 10 percent to 221.75 against the euro. The move came a day after the central bank allowed the currency to weaken in its first auction of foreign exchange since announcing it would end a dollar…

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