The Editorial Team |

An Oil-Rich State Seeks Hope in Ashes of Africa’s Worst War

LAGOS (Capital Markets in Africa) – Torched homes, gutted shopfronts and fields of rotting corn greeted Laker Betty as she returned to the town in South Sudan’s breadbasket she fled in terror a year ago. She’s one of thousands of civilians tentatively returning to the East African nation after a war that at its height rivaled Syria for the dubious title of the world’s worst conflict, claiming almost 400,000 lives. As President Salva Kiirprepares to welcome rebels…

Blood Gold’ Crackdown May Imperil Small Miners It Seeks to Help

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – New rules designed to prioritize safety for many of the world’s most vulnerable gold miners may in fact put their livelihoods at risk. When his fellow miners winch him up from the hole in the desert, Keith Gushure is covered in mud. Gushure, 21, holds a pick and a hammer. For the past 18 hours he’s been trying to chip, gouge and pry gold out of the 56-foot (17-meter)…

Guinea Bauxite Miner to Build Rail, Refinery in $3 Billion Deal

Posted on by The Editorial Team

GUINEA (Capital Markets in Africa) – Societe Miniere de Boke, which mines aluminum raw material bauxite in Guinea, signed agreements with the West African nation to spend $3 billion on a railway, an alumina refinery and the development of new mining areas. The 135-kilometer (84-mile) railway, which will link mining operations to a river terminal, will cost an estimated $1.2 billion and is expected to start operations in 2022, the group said in a statement…

Battered Bitcoin Miners Seen Shutting Down as Losses Pile Up

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin miners hit hard by the cryptocurrency’s crash may be throwing in the towel. The Bitcoin network’s hash rate, one way of gauging the computing power dedicated to mining the digital currency, dropped about 24 percent from an all-time high at the end of August through Nov. 24, according to Blockchain.com. While the decline may have partially resulted from miners switching to other cryptocurrencies, JPMorgan Chase & Co. says some in…

Bitcoin’s Deepening Crash Now Approaches Its Worst Bear Markets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin broke below $4,000 and extended its 2018 crash to within striking distance of the biggest cryptocurrency’s worst bear markets. The virtual currency conceived just over a decade ago slid as much as 14 percent to $3,675 on Monday, bringing its decline from last December’s record high of almost $20,000 to about 80 percent. All nine of its largest peers tracked in real time by Bloomberg fell, with drops ranging as high as 21…

Democracy Comes to Ethiopia at Breakneck Speed: Balance of Power

Posted on by The Editorial Team

ADDIS ABABA (Capital Markets in Africa) – On a continent where true political reform often seems to be a mirage, Ethiopia is pursuing change at a breathtaking pace. Since taking over as premier in April, Abiy Ahmed has spearheaded a redistribution of power across Africa’s second-most populous nation – and its fastest-growing economy – that’s been under the iron rule of the Ethiopian People’s Revolutionary Democratic Front for a quarter-century. Vowing a crackdown on the “cancer” of corruption,…

Nigeria’s 9mobile Starts Repaying Debt After Teleology Takeover

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s fourth-biggest wireless carrier 9mobile, formerly known as Etisalat Nigeria, repaid part of a loan taken from a group of banks following its acquisition by Teleology Holdings Ltd. “The money has been distributed to the banks,” Abiola Rasaq, head of investor relations at Lagos-based United Bank for Africa Plc, one of the institutions that received a payment, said by phone. The reimbursement is expected to improve the asset quality of the…

« 1 … 416 417 418 419 420 … 1,073 »