The Editorial Team |

Deliveroo Shaves $1.3 Billion Off Valuation as Investors Revolt

LONDON (Capital Markets in Africa) — Food-delivery startup Deliveroo Holdings Plc cut the upper valuation target in its London initial public offering by about 950 million pounds ($1.3 billion), after some institutional investors balked at the company’s treatment of riders. Deliveroo set new guidance of 3.90 pounds to 4.10 pounds a share, according to deal terms seen by Bloomberg. The company initially marketed the offering at 3.90 pounds to 4.60 pounds, valuing it at as…

Biden to Reveal Major Spending Plan With Political Battle Ahead

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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…

J&J Agrees to Supply Up to 400 Million Vaccines to African Union

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LAGOS (Capital Markets in Africa) — Johnson & Johnson agreed to supply as many as 400 million Covid-19 vaccines to the African Union through the end of next year, delivering a boost to a continent trailing most of the world in the race to inoculate against the disease. The U.S. drugmaker can make available as many as 220 million doses of its single-shot candidate to the AU’s 55 member states starting in the third quarter…

Bitcoin and the Planet: A look at energy consumption

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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…

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