Finance

NEW YORK(Bloomberg) — President Joe Biden this week will reveal the scope and ambition of his plans to expand and reorient the U.S. government, setting the stage for a bitter fight on Capitol Hill that could define his presidency. Biden will unveil the framework for a major infrastructure-and-jobs program on Wednesday in Pittsburgh, and later in the week offer the first glimpse of his 2022 budget — which promises to redirect federal funds to areas…

MAPUTO (Capital Markets in Africa) — An insurgent attack on a Mozambican town near a $20 billion liquefied natural gas project that Total SE is building left dozens of people dead and state infrastructure destroyed, the government said. The attackers, who Defense Ministry spokesman Omar Saranga called terrorists, aimed to threaten the development of the energy projects, he told reporters Sunday in Maputo, the capital. Insurgents on March 24 attacked the coastal town of Palma,…

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo (DRC) saw foreign direct investment (FDI) activity reach a decade-high in 2020, countering a crunch seen across emerging markets caused by the pandemic. The country attracted 12 greenfield foreign investment projects last year, up from five in 2019, matching its decade-high seen in 2011, according to data from investment tracker fDi Markets. This increase in activity is counter to the 45% decline in greenfield FDI projects…

LONDON (Capital Markets in Africa) — An international deal to agree on new rules on corporate taxation is within reach, U.K. Chancellor of the Exchequer Rishi Sunak said, offering the prospect of fresh clarity for businesses operating digitally across borders. “Digitalization has brought enormous benefits to consumers and businesses, but it’s also highlighted that the current international tax framework just isn’t fit for purpose,” Sunak told a Bloomberg event on Tuesday alongside his Italian counterpart, Daniele…

LAGOS (Capital Markets in Africa) — Having stunned the market with its audacious bet on Bitcoin earlier this year, Tesla Inc. will now start accepting the world’s largest electronic currency as payment for its electric cars. Chief Executive Officer Elon Musk on Wednesday tweeted that “you can now buy a Tesla with Bitcoin” and that paying by Bitcoin will also be available to customers outside the U.S. later this year. He added that Tesla will only use…

LAGOS (Capital Markets in Africa) — A bond designed to raise funds to grow the population of endangered black rhinoceros in South Africa will be sold by the World Bank this year. The five-year, 670 million rand ($45 million) security will be the world’s first wildlife conservation bond and the aim is to sell it in the middle of the year. Returns for investors will be determined by the rate of growth of the populations…