The Editorial Team |

Top Africa Iron Ore Miner Extends Life of Giant Mine to 2040

LAGOS (Capital Markets in Africa) — Anglo American Plc’s South African iron ore unit said it plans to spend 3.6 billion rands ($246 million) to extend the life of its giant Sishen open pit operation to 2040 through the use of new technology. The sprawling Sishen operation in South Africa’s Northern Cape province would continue to mine for the next two decades as the company improves efficiency and deploys new technology through its high-density media…

Cryptocurrency’s Popularity Fuels Global Tax Crackdown

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LAGOS (Capital Markets in Africa) — Financial transactions involving virtual money are on the rise, and tax authorities in the U.S., EU, and Asia are stepping up efforts to grab their share of potentially billions of dollars in lost tax revenue from unreported gains. Tracking anonymous virtual currency trades remains a major challenge—especially as cryptocurrency becomes more mainstream. Central banks, global services like PayPal Holdings Inc., and financial firms like Fidelity Investments are among the…

Bitcoin Slumps Below $50,000 as Caution Sweeps Over Crypto Rally

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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…

Elon Musk Loses $15 Billion in a Day After Bitcoin Warning

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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…

Biden Pleads for Democracy Over Autocracy, Repudiating Trump

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LAGOS (Capital Markets in Africa) — President Joe Biden urged U.S. allies to uphold democracy in his first major speech to an international audience on Friday, warning that the world faces an “inflection point” in history that could result in a tilt toward autocracy. “We are in the midst of a fundamental debate about the future direction of our world,” Biden said in remarks delivered remotely to the Munich Security Conference. “Between those who argue…

Egypt Floods Debt Market to Bolster State Coffers Amid Pandemic

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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…

Nigerian Court Freezes Shell Accounts in Dispute Over Oil Deal

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(Bloomberg) — A Nigerian court restricted Royal Dutch Shell Plc’s access to its bank accounts in the West African country amid a legal dispute with a local oil producer over a pipeline deal six years ago. Aiteo Eastern E&P Co. Ltd. is demanding billions of dollars in damages, claiming Shell misrepresented the condition of the pipeline and under-counted the volume of crude one of its facilities received from the Nigerian firm, according to court documents…

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