The Editorial Team |

Buffett’s Tone Deaf’ Annual Letter Skirts Major Controversies

LAGOS (Capital Markets in Africa) — Warren Buffett’s 15-page annual letter to shareholders on Saturday made mention of the pandemic that ravaged the globe in 2020 exactly once: One of his furniture companies had to close for a time because of the virus, the billionaire noted on page nine. Buffett likewise steered clear of politics, despite the contested presidential election and riots at the U.S. Capitol, and never touched on race or inequality even after…

Berkshire’s Busy 2020 Broke a Record Despite Lack of Major Deals

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LAGOS (Capital Markets in Africa) — Warren Buffett made no splashy deals in 2020, and he didn’t weigh in on some of the year’s most contentious topics in his much-anticipated annual letter. Behind the scenes, the 90-year old billionaire was hardly inactive. Berkshire Hathaway Inc. was firing up another engine: stocks — both buying its own and trading others. The conglomerate snapped up $24.7 billion of Berkshire shares last year, a stark record for the…

Biden Urges Amazon Workers to Vote in Alabama Unionization Drive

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NEW YORK (Capital Markets in Africa) — President Joe Biden is voicing support for organizing efforts at an Amazon.com Inc. warehouse in Alabama, saying workers should be able to make their own choice about whether to join a union, free from pressure and threats from the company. “Let me be really clear: It’s not up to me to decide whether anyone should join a union. But let me be even more clear: It’s not up to an employer to…

Trump Teases Possible 2024 Run In Speech Recalling 2016 Themes

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LAGOS (Capital Markets in Africa) — Former President Donald Trump stopped a hair short of declaring himself a candidate for 2024 on Sunday, but told a conference of conservative supporters he’s already laying the groundwork for a third presidential campaign. Bookending a 90-minute campaign-style speech with not-so-subtle hints of his future plans, Trump reassured the Conservative Political Action Conference that he had no plans to go away or to start a third party. Trump’s central…

Nigerian Central Bank Governor Suggests Naira Has Been Devalued

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LAGOS (Capital Markets in Africa) — Nigeria’s central bank governor suggested the nation’s currency has been devalued. Addressing bankers at a summit on the economy in Lagos on Friday, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. That’s 7.6% weaker than the rate of 379 published on the central bank’s website. “In order to adjust for the decrease in the supply of foreign exchange, the naira depreciated at the official…

Bitcoin’s Long-Term Value Doubted Due to ESG, Tighter Rules

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LAGOS (Capital Markets in Africa) — Bitcoin is nursing losses after its worst weekly plunge in almost a year and on one view its longer-term outlook could be even worse because of environmental concerns and tightening regulations. The sheer amount of energy needed to mine Bitcoin and the prospect that governments will create more obstacles for the largest cryptocurrency point to the token losing “most of its value over time,” BCA Research Inc. said. The expense and slowness of…

Business Leaders Sound Unfamiliar Note in Zimbabwe: Optimism

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HARARE (Capital Markets in Africa) — Business executives are sounding decidedly upbeat in Zimbabwe, a sea change from the pessimism they’ve expressed through two decades of economic mismanagement and institutional decay. The southern African nation is reaping the benefits of a commodities boom and good summer rains that are bolstering farm output. A series of reforms spearheaded by Finance Minister Mthuli Ncube is also starting to bear fruit, with the economic-growth outlook improving markedly and…

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