The Editorial Team |

Tanzania May Renegotiate Gas Contracts It Deems Unfavorable

DAR ES SALAAM (Capital Markets in Africa) – Tanzania said it might renegotiate natural gas contracts if its review finds terms agreed as far back as two decades unfavorable to the East African nation. The assessment of 11 agreements started two months ago and is the latest in a series of measures by President John Magufuli’s government to secure more revenue from the country’s resources. Tanzania has 58 trillion cubic feet of natural gas reserves, some…

Emerging Markets Growth at 4.5% in 2019, varies across regions

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LAGOS (Capital Markets in Africa) – The International Monetary Fund projected real GDP growth in emerging markets and developing economies at 4.5% in 2019, down from its October 2018 forecast of 4.7%, and compared to growth rates of 2% for advanced economies and 3.5% for the global economy. In comparison, it estimated the emerging markets and developing economies’ real GDP growth at 4.6% in 2018. It noted that emerging markets and developing economies have faced challenging external conditions in the past few…

Brexit Barometer Hits 67-Month Low, Falls to ‘Rainy’ Territory

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LONDON (Capital Markets in Africa) – The new year was meant to be a time for final preparations for Brexit, officially slated for March 29. Instead, the U.K. Parliament has yet to approve the divorce accord that Prime Minister Theresa May brought back from Brussels. That’s caused fears of a no-deal exit to ripple dangerously through the real economy, according to the Bloomberg Brexit Barometer. The gauge’s monthly reading fell to a “rainy” minus 7.1 last…

Crypto Exchange Founder Filed Will 12 Days Before He Died

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LAGOS (Capital Markets in Africa) – Gerald Cotten, the Canadian behind cryptocurrency exchange Quadriga CX, filed a will 12 days before his death listing substantial assets, according to court documents. Cotten, whose sudden death left C$190 million ($145 million) in Bitcoin and other digital assets protected by his passwords unretrievable, signed his last will and testament on Nov. 27, 2018. He left all his assets to his wife, Jennifer Robertson, and made her the executor to…

Sell in Joburg, Buy in NYC: Foreigners’ South African Paradox

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s stock market is witnessing a paradox: foreign investors are selling in the local market but buying a U.S. exchange-traded fund that invests in the shares at the fastest pace in 11 years. On the Johannesburg exchange, foreigners sold a net 14.6 billion rand ($1.1 billion) of shares in January with 19 of the 22 trading days seeing outflows, according to JSE Ltd. During the same period, investors in NYSE…

South African Tender Bust Bolsters Ramaphosa’s Anti-Graft Fight

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JOHANNESBURGH (Capital Markets in Africa) – South Africa’s Hawks special investigative unit detained seven people on Wednesday in the first major arrests following revelations that a services company, Bosasa, looted billions of rand from the state by bribing officials. The arrests follow an investigation that found almost 1.6 billion rand ($119 million) may have been misappropriated when the Department of Correctional Services awarded prison tenders to Bosasa or its units, the Directorate for Priority Crime Investigation said…

Ex-Barclays Trader Says Bank Should Face Rate-Rigging Trial

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LAGOS (Capital Markets in Africa) – An ex-Barclays Plc trader in court on allegations that he conspired to rig a key benchmark says his former employer should be the one on trial. During the cross examination of Carlo Palombo, a prosecutor for the U.K. Serious Fraud Office said that Barclays didn’t want its traders making requests for submissions to Euribor that would benefit their own positions. “They wholly disapproved of this practice in 2019 in a courtroom,”…

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