The Editorial Team |

Greylock Files for Bankruptcy After Losses Spur Withdrawals

NEW YORK (Capital Markets in Africa) — Greylock Capital Associates filed for bankruptcy protection in New York as investors pulled money from the hedge fund following three consecutive years of losses. The Chapter 11 proceedings will allow Greylock to restructure its debt and terminate its Madison Avenue office lease in Manhattan, according to a Jan. 31 filing signed by Chief Financial Officer David Steltzer. Assets under management at the emerging markets hedge fund — which more…

Just Eat Ex-CEO Backs Food Order App in Booming Egypt Market

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CAIRO (Capital Markets in Africa) — The former chief executive officer of Just Eat is putting his own money into one of Egypt’s main food-delivery apps, looking to tap growth in the nation of over 100 million people where practically everything can be ordered by a phone call. David Buttress, who led the London-based company from 2013 to 2017 before its merger with Takeaway.com, said he’s investing a “relatively significant” sum in elmenus, the Egyptian…

Zuma Defies South Africa’s Top Court, Shuns Graft Inquiry

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JOHANNESBURG (Capital Markets in Africa) — Former South African President Jacob Zuma said he will flout an order by the nation’s top court by refusing to cooperate with a judicial panel that’s probing graft during his rule, and dared the authorities to arrest him. “The Commission Into Allegations of State Capture can expect no further cooperation from me in any of their processes,” Zuma said in a statement on Monday. “If this stance is considered…

JPMorgan, BofA See Scope for Longer S. Africa Stock Rally

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JOHANNESBURG (Capital Markets in Africa) — South African stocks have made their best start to the year since 2012, even after last week’s pullback, and JPMorgan Chase & Co. and Bank of America are among those predicting further gains. A global appetite for riskier assets has propelled emerging market inflows and the Johannesburg exchange is set to benefit from its heavy weighting in mining stocks as China’s economy emerges from the pandemic. Add to this…

French Billionaire Puts Mozambique Leader at Heart of Debt Scam

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MAPUTO (Capital Markets in Africa) — Privinvest Shipbuilding SAL and its billionaire founder Iskandar Safa have placed Mozambican President Filipe Nyusi at the center of the nation’s $2 billion debt scandal. Court documents filed in London reveal that the shipbuilding company and the French-Lebanese businessman made payments to Nyusi and other senior officials after negotiating contracts for government maritime projects. They denied the remittances were bribes or illegal and said they were understood to be…

Ethiopia May Widen Debt Talks to Private Creditors After Review

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ADDIS ABABA (Capital Markets in Africa) — Ethiopia may approach private creditors for debt talks after it reviews liabilities with official lenders amid security risks that are adding to investors’ worries. The nation’s Eurobonds plunged the most on record last week after State Minister of Finance Eyob Tekalign said the government will seek to restructure its external debt under a Group of 20 debt-suspension program. With no details on how the decision would affect holders…

Libor’s Endgame in U.S. Requires Urgent Preparation: Tom Wipf

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LAGOS (Capital Markets in Africa) — With many headlines competing for the financial world’s attention already this year, it would be easy to overlook one of the most significant changes that will take place in 2021: the end of Libor in new contracts. Once dubbed “the world’s most important number,” Libor is a benchmark interest rate with mind-boggling reach, impacting trillions of dollars in business loans, student loans, mortgages and more. Although Libor’s use is pervasive,…

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