The Editorial Team |

Amazon to Sell Deliveroo Stake of Up to $148 Million in IPO

LAGOS (Capital Markets in Africa) — Amazon.com Inc. could raise as much as 107 million pounds ($148 million) by selling some of its stake in Deliveroo Holdings Plc in the food-delivery startup’s London initial public offering. Amazon will own 11.5% of Deliveroo following its listing, down from the 15.8% it holds now, according to the prospectus for the sale. That implies the retailer could sell as many as 23.3 million shares, which at 4.60 pounds…

Sunak Declares Global Deal on Corporate Taxation Is Within Reach

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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…

Astra’s Pain Grows as U.S. Questions Beleaguered Vaccine

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LONDON (Capital Markets in Africa) — After enduring months of public criticism, AstraZeneca Plcfinally caught a moment of reprieve for its Covid-19 vaccine this week when U.S. trial data showed the shot to be highly effective, working well in the elderly, and raising no safety concerns. The good news lasted less than a day. A group of experts meant to work hand in hand with the drugmaker on its trial safety contacted U.S. government agencies…

Tesla Now Accepts Bitcoin as Payment for Cars, Musk Says

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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…

Democrats Step Back on Vow to Bar Biden Nominees Over Diversity

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LAGOS (Capital Markets in Africa) — Two Democratic senators backed off a threat to vote against all of Joe Biden nominees who are White and heterosexual after they received assurances that his administration would bolster its efforts to select Asian-American or Pacific Islander candidates. Tammy Duckworth of Illinois was joined in the initial pledge by Senator Mazie Hirono, a Hawaii Democrat. The loss of their votes could jeopardize the confirmation of Biden nominees in an evenly divided…

Nigeria to Cushion Subsidy-Cut Impact, Buhari Adviser Says

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LAGOS (Capital Markets in Africa) — Nigeria is considering ways to cushion the impact of fuel-subsidy cuts as it weighs the possibility that the reform may stoke popular discontent, an adviser to the nation’s president said. While those policies are being formulated, the state is continuing interventions that it says cost an estimated 744 billion naira ($1.8 billion) a year from 2006 to 2019 to maintain lower gasoline prices. That’s equivalent to about 10% of…

NIGERIA REACT: CBN Holds Key Rate, Clarifies Exchange Framework

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LAGOS (Capital Markets in Africa) — The Central Bank of Nigeria kept its key policy rate unchanged at 11.5% at its March meeting, as was widely expected. The decision reflects the committee’s desire to strike the right balance between support for the economy and the need to contain the country’s rising inflation pressures. Governor Godwin Emefiele also confirmed the devaluation of the naira but rejected claims the CBN had moved to a flexible exchange rate…

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