The Editorial Team |

Bitcoin Worth $38,000 Among U.S. Government Auction of Used Cars

NEW YORK (Capital Markets in Africa) — Tucked away among the Ford, Dodge, and Chevy sedans, the 12,000-gallon storage container and the inoperable Caterpillar tractor being auctioned off by the U.S. government is an unusual item: 0.7501 of a Bitcoin. The U.S. General Services Administration typically uses its auctions to sell surplus federal equipment to the general public. With lot 4KQSCI21105001, which goes up for auction in a week, the government is offering an amount of Bitcoin worth…

Yellen Says Stimulus Unlikely to Cause Inflation Problem

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LAGOS (Capital Markets in Africa) — Treasury Secretary Janet Yellen dismissed fears that President Joe Biden’s $1.9 trillion pandemic-relief bills is so big that it will cause an inflation problem, as she seeks to push the recovery deeper into the U.S. labor market to address long-standing economic disparities. Yellen called the impact on women and minorities from Covid-19 “absolutely tragic.” She has repeatedly rejected concerns that Biden’s stimulus is excessive given the economy’s signs of…

Niger President Wins World’s Biggest Cash Prize for Leadership

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NIGER(Capital Markets in Africa) — Niger’s President Mahamadou Issoufou, who’s due to step down next month after serving two terms, was named the 2020 winner of the world’s largest leadership prize — a $5 million award made by Sudanese billionaire Mo Ibrahim’s foundation. Issoufou is the sixth winner of the Ibrahim Prize for Achievement in African Leadership since it was introduced in 2006 to promote good governance in the world’s poorest continent. Previous recipients include…

Rising Oil Prices Hold Mixed Blessings for African Currencies

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LAGOS (Capital Markets in Africa) — In a world of rising U.S. Treasury yields and a stronger dollar, higher oil prices can be a game-changer — for good or for bad. Oil exporters are the obvious beneficiaries: African crude producers including Angola, Ghana, and Nigeria had budgeted for an average price of around $40 per barrel for Brent crude in 2021, according to Rand Merchant Bank analysts. The price actually averaged closer to $60, providing…

Kenya Delays Plan to Sell Road Bonds Backed by Fuel Levy

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NAIROBI (Capital Markets in Africa) — Kenya has postponed plans to raise funds for road-building through selling bonds backed by a fuel levy, citing the need to complete ongoing works before starting new projects. The government planned to raise 30 billion shillings ($274 million) in the fiscal year ending June, by issuing debt that would be repaid through a road maintenance tax on every liter of gasoline and diesel. The securities may still be issued…

Unrest Grows in Senegal as Opposition Intensifies Protests

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DAKAR (Capital Markets in Africa) — Days of protests in Senegal that were triggered by the main opposition leader’s arrest showed no signs of abating, with rights group Amnesty International putting the death toll in violent clashes between police and demonstrators at eight. Ousmane Sonko, who came third in 2019 presidential elections, was released on bail Monday as he awaits trial on charges of rape. Sonko, 46, was accused of the assault last month by…

Steinhoff in Talks With Insurers to Help Settle Legal Claims

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JOHANNESBURG (Capital Markets in Africa) — Steinhoff International Holdings NV is in talks with the providers of director liability insurance policies about help settling legal claims resulting from a 2017 accounting crisis that took the South African retailer to the brink of collapse. An agreement with the insurers would be of similar magnitude to what the company concluded with Deloitte & Touche LLP two weeks ago, Chief Financial Officer Theodore de Klerk said in an interview Monday….

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