Swiss Regulator Shuts Down `Fake Cryptocurrency’ Firm E-Coin

Swiss Regulator Shuts Down `Fake Cryptocurrency’ Firm E-Coin

LAGOS (Capital Markets in Africa) – Financial Market Supervisory Authority closed unauthorized providers of “fake cryptocurrency” E-Coin after the company accepted millions of francs in public deposits without holding a banking license, Finma says in statement. Finma started bankruptcy proceedings against legal entities involved Quid Pro Quo has been issuing E-Coins and ran an online trading platform together with Digital Trading AG and Marcelco Group AG The three entities accepted funds amounting to at least…

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Kinross to Invest $820 Million to Tread Water on Production

Kinross to Invest $820 Million to Tread Water on Production

LAGOS (Capital Markets in Africa) – Kinross Gold Corp. is spending more than $800 million to essentially tread water as — like many miners — it faces a future in which new gold assets are increasingly difficult to find and costly to develop. The Canadian miner said Monday it will move ahead with expansions at mines in Mauritania and Nevada as part of efforts to maintain its production and lower costs. Construction for the Phase Two…

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Equatorial Guinea, Burkina Faso Agree LNG Supply and Sales Pact

Equatorial Guinea, Burkina Faso Agree LNG Supply and Sales Pact

LAGOS (Capital Markets in Africa) – Equatorial Guinea said it signed a memorandum of understanding with Burkina Faso to supply the West African nation with liquefied natural gas and build infrastructure to import, store and transport the fuel. The initial three-year agreement compels both sides to negotiate and sign an LNG supply agreement and a terminal use deal, Equatorial Guinea’s Ministry of Mines, Industry and Energy said in an emailed statement on Monday. The countries will…

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Helios Towers Africa Considering London Stock Exchange Listing

Helios Towers Africa Considering London Stock Exchange Listing

LAGOS (Capital Markets in Africa) – Africa’s Helios Towers, the independent telecoms tower infrastructure company and its shareholders are exploring strategic options for the business to drive its long-term growth. This may include the possibility of listing on the London Stock Exchange. At this stage, no decision has been made with all options remaining open to the company. Kash Pandya, CEO, commented: “This is an exciting time for Helios Towers as we continue to execute…

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As Petrodollars Dry Up, Weary Angolans Ship BMWs to Portugal

As Petrodollars Dry Up, Weary Angolans Ship BMWs to Portugal

LUANDA (Capital Markets in Africa) – Desperate for hard currency, Angolans are coming up with new ways to convert their kwanzas into dollars and euros. Filipe Afonso got tired of waiting in line at a bank to exchange his kwanzas for greenbacks. So he bought two second-hand BMW motorcycles, shipped them to Portugal and sold them for euros to pay for his family’s expenses back home. “You do what you need to do to get…

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Ethiopia Mulls Potash Partner as Failed Deal Is Arbitrated

Ethiopia Mulls Potash Partner as Failed Deal Is Arbitrated

ADDIS ABABA ( Capital Markets in Africa) – Ethiopia is considering finding a new partner to develop a potash mine abandoned last year by Israel Chemicals Ltd., which has sought compensation at an arbitration court after accusing the government of failing to support the project. Several companies are interested in developing potash deposits in the country’s north-eastern Afar region, Mines Minister Motuma Mekassa said in an interview Wednesday in the capital, Addis Ababa. The government is eager…

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Fairfax Is Said to Back AfriSam to Clinch African Cement Deal

Fairfax Is Said to Back AfriSam to Clinch African Cement Deal

JOHANNESBURG (Capital Markets in Africa) – Fairfax Financial Holdings Ltd. is prepared to inject as much as 5 billion rand ($386 million) to pay off bank debt owed by AfriSam Group Pty Ltd. and help South Africa’s second-biggest cement producer clinch a tie-up with larger rival PPC Ltd., according to two people familiar with the matter. The money from the African unit of the Canadian insurer will be used to repay bank loans and allow AfriSam to…

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