The Editorial Team |

Bitcoin and the Planet: A look at energy consumption

LONDON (Capital Markets in Africa) – There was some snark thrown around in February when Elon Musk’s Tesla announced its purchase of $1.5 billion of bitcoin out of their corporate treasury. Musk has been outspoken on the role of fossil fuels in causing climate change. The businesses which Musk leads are explicitly tackling this challenge. To cite the company’s website: “Tesla’s mission is to accelerate the world’s transition to sustainable energy”. Not long after this…

Biden Budgets Challenge Agency That Kept Predicting Deficit Doom

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NEW YORK (Capital Markets in Africa) — President Joe Biden’s administration appears relaxed about running large budget deficits, but for one government agency that’s usually been a cue to start sounding alarms. The nonpartisan Congressional Budget Office –- whose job is to evaluate how new legislation will affect the public finances — finds itself in a tough spot as Biden prepares to announce an economic package worth as much as $3 trillion, on top of his $1.9…

Trump Ally Says Social Media Site Coming in Three to Four Months

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NEW YORK (Capital Markets in Africa) — Donald Trump’s planned social media platform “will debut in three to four months,” the former president’s one-time campaign manager and senior adviser said. “We’re going to have a platform where the president’s message of America First is going to be able to be put out to everybody,” Corey Lewandowski said on the conservative Newsmax TV network’s “Saturday Agenda.” “There’ll be an opportunity for other people to weigh in…

Shell, Nigeria’s Aiteo Locked in Legal Battle Over Loan Default

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LAGOS (Capital Markets in Africa) — Royal Dutch Shell Plc and seven banks accused one of Nigeria’s largest oil producers of defaulting on loan repayments that stand at more than $900 million and are locked in a court battle to reclaim the money, legal documents show. The previously unreported impasse stems from a deal that Aiteo Eastern E&P Co. did six years ago to purchase a major interest in one of the nation’s most prized oil blocks…

Dozens Dead After Attack Near Total Project in Mozambique

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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,…

Stuck Ship Is Refloated and Maneuvers Continue: Suez Update

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CAIRO (Capital Markets in Africa) — The container ship stuck in the Suez Canal has been refloated, and its position moved about 80%, but maneuvers will continue this morning around high tide, the Canal Authority said. It’s the first step to clearing the blockage in one of the world’s most important trade arteries. “Today we will start our plan for all the ships to cross the canal, and it could take around one week to…

Democratic Republic of Congo bucks trend with rise in FDI in 2020

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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…

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