The Editorial Team

Russia Diamond Supply Curb May Benefit Zimbabwe Miner’s Gems

HARARE (Capital Markets in Africa) – Zimbabwe’s biggest miner of rough diamonds sees Russia’s invasion of Ukraine triggering far-reaching consequences for the global gem industry and possibly lifting demand for its own stones. Russia’s Alrosa is the world’s biggest diamond producer by volume at 30% and the slightest disruption to its ability to supply distorts the market, according to Zimbabwe Consolidated Diamond Co. Chief Executive Officer Mark Mabhudhu. “It may end up creating the supply gap…

Centricus Said to Bid More Than $3.9 Billion for Chelsea FC

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LONDON (Capital Markets in Africa) – Centricus Asset Management Ltd. partnered with Cheyne Capital’s Jonathan Lourie and Talis Capital’s Bob Finch to join the bidding for Chelsea Football Club, one of European sport’s most prized assets. The offer from Centricus values Chelsea at more than 3 billion pounds ($3.9 billion), including commitments for further investment, a person familiar with the matter said, asking not to be identified discussing confidential information. Centricus co-founder Nizar Al-Bassam and…

Evraz Says Abramovich Ties Leave Bond Coupon Cash In Limbo

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LONDON (Capital Markets in Africa) – A $18.9 million coupon payment on a bond issued by Evraz PLChas been blocked due to the Russian steelmaker’s ties to sanctioned billionaire Roman Abramovich. Evraz moved the cash a week ago, but the company’s correspondent bank, Societe Generale New York, halted its transfer to paying agent BNY Mellon for compliance reasons, the steel company said in a regulatory filing on Monday. The block “has its roots in the…

Bitcoin Bulls Point to Supply at 3-Year Low as Malaise Lingers

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LAGOS (Capital Markets in Africa) – Bitcoin, in what’s become its motto of late, is starting the week on a tepid note. But crypto fans are looking at a technical signal that’s potentially pointing to a new breakout.The supply of Bitcoin in private wallets across exchanges has reached a three-year low, according to data compiled by Glassnode. Though it’s not necessarily the primary price catalyst right now, there’s logic to the idea that might mean…

China Will Work to De-Escalate War in Ukraine, Diplomat Says

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LAGOS (Capital Markets in Africa) – China’s top envoy to Washington pledged his country “will do everything” to de-escalate the war in Ukraine, but refused to condemn Russia’s attack and branded such requests “naive.” “There’s disinformation about China providing military assistance to Russia,” Ambassador Qin Gang said on CBS’s “Face the Nation” on Sunday. China isn’t sending “weapons and ammunitions to any party,” he said, calling Beijing’s “common interests” with Russia an “asset” that could help peace…

Egypt Hikes Interest Rates and Lets Pound Fall to Absorb Shocks

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CAIRO (Capital Markets in Africa) – Egypt hiked its benchmark interest rate for the first time since 2017 at an unscheduled meeting and let its currency weaken sharply as it moved to absorb shocks from global inflationary pressures. The central bank raised the deposit and lending rates by 100 basis points each to 9.25% and 10.25% respectively, the Monetary Policy Committee said Monday. A combination of soaring commodity and energy prices and a wave of global monetary…

Abu Dhabi Said to Deepen Egypt Ties With Deals Worth $2 Billion

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CAIRO (Capital Markets in Africa) – An Abu Dhabi wealth fund agreed with Egypt to invest about $2 billion by buying state-held stakes in some companies, including the North African nation’s largest listed bank, according to people familiar with the deal. Part of the agreement with ADQ involves it buying about 18% of Commercial International Bank, said the people who asked not to be identified as the talks are confidential. Along with the CIB portion, which…

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