Author: The Editorial Team

LAGOS (Capital Markets in Africa) — Bitcoin slid Tuesday after a bout of volatility highlighted lingering doubts about the durability of the token’s mesmerizing rally. The cryptocurrency fell as much as 12.5% to $48,071 and was trading below $50,000 as of 8:16 a.m. in London. At one point Monday it plunged 17% before paring the slide. Bitcoin is still up some 390% in the past year. Treasury Secretary Janet Yellen and Microsoft Corp. co-founder Bill Gates were the latest to weigh into a…

LAGOS (Capital Markets in Africa) — Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on Monday, wiping $15.2 billion from his net worth. Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message — via his favored medium of Twitter — came two weeks after Tesla announced it added $1.5 billion…

CAIRO (Capital Markets in Africa) — Egypt is on a record borrowing spree so far this year as the Arab world’s most populous country builds fiscal room to counter the economic effects of the coronavirus pandemic. The North African nation sold $31.7 billion of debt through Feb. 17, up 19% compared with the same period last year, according to data compiled by Bloomberg. Local-currency issuance was the highest since at least 2010 when Bloomberg started…

JOHANNESBURG (Capital Markets in Africa) — A top coronavirus adviser to South Africa’s government expects a slower vaccine roll-out than what has been officially mapped out. The start of the program was delayed this month after studies showed AstraZeneca Plc’s shot, the first to arrive in South Africa, provided little protection against mild forms of the disease caused by a variant of the virus identified late last year. The government is targeting inoculating about 67%…