The Editorial Team |

De Beers CEO Says Latest Sale Shows Small-Gem Demand Stabilizing

JOHANNESBURG (Capital Markets in Africa) – De Beers’ Chief Executive Officer said an improvement in diamond sales demonstrates that the poor demand for smaller stones that has plagued the company and its competitors in recent months is stabilizing. Bruce Cleaver, the CEO of the world’s biggest diamond company, said the poor demand for stones valued at less than $100 a carat has been due to a surfeit of supply, currency weakness in India and the…

Currency Chaos That Felled Sudan Leader Is Lesson for Maduro

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KHARTOUM (Capital Markets in Africa) – For autocratic leaders seeking lessons from the toppling of Sudanese President Omar al-Bashir, avoiding a currency crisis may be the key to survival. It’s the same problem that did for long-standing rulers from Angola to Zimbabwe and may yet claim Venezuela’s Nicolas Maduro. Al-Bashir, who the military ousted on Thursday to end 30 years of rule, faced months of protests against the government’s economic mismanagement, repression and corruption. One of the…

Jumia Raises $196 Million in African Amazon’s New York IPO

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LAGOS (Capital Markets in Africa) – Jumia Technologies AG raised $196 million in an initial public offering in New York, as the Africa-focused online retailer and market place looks to boost its profile and expand an ever-growing customer base. Jumia sold 13.5 million American Depositary Shares at $14.50 each, in the middle of a marketing range of $13 to $16, it said in a statement on Friday. The shares will trade on the New York…

Sudan Protesters Keep Up Pressure on Army That Ousted Bashir

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KHARTOUM (Capital Markets in Africa) – Sudan began its first full day in 30 years without Omar al-Bashir in charge, as protesters in the North African nation vowed to keep up the pressure on the military that deposed him to make way for a civilian government. Demonstrators maintained an overnight sit-in outside army headquarters in the capital, Khartoum, in spite of a 10 p.m.-4 a.m. curfew imposed when the military seized power. Defense Minister Ahmed Awad Ibn…

World’s Running Out of Time to Prepare for New Libor, ISDA Warns

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LAGOS (Capital Markets in Africa) – The global financial industry must move faster and prepare for the demise of the scandal-tarred interest-rate system that underpins $370 trillion in derivative, bond and loan contracts. The London Interbank Offered Rate, or Libor, is expected to stop being the go-to benchmark by the end of 2021, Eric Litvack, chairman of the International Swaps and Derivatives Association, said on April 11 in Hong Kong. Changes needed to prepare for the deadline are…

Brimstone to Exit S. Africa Dairy Deal on Anti-Israel Pressure

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JOHANNESBURG (Capital Markets in Africa) – Brimstone Investment Corp. will exit a deal led by an Israeli company to buy South Africa’s biggest dairy producer after protests by a pro-Palestinian activist group. The investment-holding firm is in “advanced talks” with a replacement shareholder that could see it exiting its entire shareholding in Milco SA — the entity that has offered 4.8 billion-rand ($343 million) deal to buy Clover Industries Ltd. — by the end of the year, it said…

Bitcoin and TIPS: A Field Guide for Investing in an MMT World

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LAGOS (Capital Markets in Africa) – By now you’ve almost certainly heard (and heard) about Modern Monetary Theory. Opinions on the validity of MMT are a dime a dozen, but how to trade MMT has been Wall Street’s great unknown, according to Bloomberg Opinion’s Brian Chappatta. So here it is. A discussion with investors on how to allocate, invest and hedge if MMT comes to pass — assuming it hasn’t already. Prepare for MMT? It’s already here “It…

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