The Editorial Team |

Why the Mutated Coronavirus Variants Are So Worrisome: QuickTake

LAGOS (Capital Markets in Africa) — Viruses mutate all the time, including the novel coronavirus that’s caused the global Covid-19 pandemic. Most of the changes have no apparent effect. But recent variants that have emerged in the U.K., South Africa, and Brazil are causing particular concern. Studies suggest they are more contagious, and some evidence points to the U.K. strain being more deadly. An increase in infections has led to a surge in hospitalizations and…

Musk Says He’s a Bitcoin ‘Supporter,’ Buffeting Price Again

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LAGOS (Capital Markets in Africa) — Elon Musk once again sent ripples through the price of Bitcoin after declaring that he’s a supporter of the largest cryptocurrency. Speaking on social audio app Clubhouse, the billionaire said at this point he thinks “Bitcoin is a good thing,” adding he’s “late to the party” and should have bought the cryptocurrency eight years ago. The digital coin spiked to almost $34,500 Monday amid the comments, before easing back. It…

Greylock Files for Bankruptcy After Losses Spur Withdrawals

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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…

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