The Editorial Team |

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

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…

African Union Secures 300 Million Doses of Sputnik V Vaccine

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LAGOS (Capital Markets in Africa) — The African Union has secured 300 million doses of Russia’s Sputnik V Covid-19 vaccine. The shots will be available for 12 months starting in May, the AU said in a statement on Friday. Finance has been arranged for countries that want to purchase the vaccine. The deal adds to the 270 million doses the AU has arranged to get from Johnson & Johnson, Pfizer Inc. and AstraZeneca Plc. “African…

South Africa Vaccine Program Seen Slower After Astra Setback

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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%…

Banks, Fund Manager Push to Solve $32 Billion Eskom Debt Crisis

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JOHANNESBURG (Capital Markets in Africa) — Nedbank Group Ltd. is leading discussions to restructure South African power utility Eskom Holdings SOC Ltd.’s 464 billion ($32 billion) debt load, according to people familiar with the talks. The parties met in recent days, and one of the options is to transfer at least 100 billion rand of debt to a special-purpose vehicle that would be overseen by the Public Investment Corp., Africa’s biggest fund manager, the people said….

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