The Editorial Team

Trafigura Seeks Control of Zimbabwe’s Metals for Unpaid Debts

HARARE (Capital Markets in Africa) – Trafigura Group and Zimbabwe’s government have discussed a deal that would give the commodities trader control over output from some of the nation’s biggest mines as repayment for debts, documents seen by Bloomberg show. Under the agreement, Trafigura will be paid $225.6 million by nickel- and gold-mining subsidiaries of state-run Kuvimba Mining House Ltd. for fuel bills Zimbabwe owes Trafigura on contracts dating back to 2016, the documents show….

London IPOs Planned for Africa Finance’s Infrastructure Projects

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LAGOS (Capital Markets in Africa) – Africa Finance Corp. plans to sell shares of its projects on stock exchanges in London and the United Arab Emirates to raise capital and fund infrastructure development across the continent. The Nigerian banking group aims to combine assets in renewables, ports and industrial parks and offer them to investors through initial public offerings over the next three years, Chief Executive Officer Samaila Zubairu said in an interview. The value of any…

‘Dollar Is King’ Mantra Rings Across Currencies as Yen Drops

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NEW YORK (Capital Markets in Africa)- The ascendant U.S. dollar headed for its best month in a decade, as renewed yen selling cemented the greenback’s strength against major peers. A Bloomberg gauge of the greenback climbed to its highest level in nearly two years and has risen 4.5% this month, set for its best performance since May 2012. The dollar extended gains versus yen, hitting a two-decade high, after the Bank of Japan kept interest rates at…

Wall Street Is Betting That Microsoft-Activision Deal Will Fail

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NEW YORK (Capital Markets in Africa) – Even if Activision Blizzard Inc. shareholders approve a $69 billion sale to Microsoft Corp on Thursday, Wall Street is betting that Biden antitrust enforcers could unravel one of the largest mergers in U.S. history. Shares of the gaming juggernaut are trading 25% below Microsoft’s $95 offer, indicating investors see risk the buyout won’t close as planned. This risk premium is more than double that of Twitter Inc. following Elon Musk’s offer,…

U.S. Economy Posts Surprise Contraction, Belying Solid Consumer

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NEW YORK (Capital Markets in Africa) – The U.S. economy shrank for the first time since 2020, reflecting an import surge tied to solid consumer demand. While the surprise contraction adds to political headaches for President Joe Biden, it’s unlikely to dissuade the Federal Reserve from hiking interest rates aggressively to combat inflation.Gross domestic product fell at a 1.4% annualized rate in the first quarter following a 6.9% pace at the end of last year, the Commerce…

Twitter Sales Miss Estimates as Musk Poised to Take Control

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LAGOS (Capital Markets in Africa) – Twitter Inc., in one of its last earnings reports before Elon Musk takes the company private, reported revenue that missed analysts’ estimates, reflecting a slowdown in advertising. Revenue rose to $1.2 billion in the first quarter, the social media company saidon Thursday. That compared with the average forecast for $1.23 billion, according to data compiled by Bloomberg. The 16% gain in sales was the worst pace of growth in six…

Most New Crypto Is Underwater Relative to Bitcoin Within a Year

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LAGOS (Capital Markets in Africa) – About 80% of freshly minted cryptocurrencies are underwater and their average returns are close to zero relative to Bitcoin within a year, according to a Jump Crypto analysis. While there are a few high-profile outliers, the majority of new coins were underperforming within the first month, the public-facing crypto brand for Jump Trading Group found, after analyzing 3,759 tokens — excluding assets like stablecoins — that were listed on CoinGecko and…

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