The Editorial Team |

South Africa’s High-Speed Rail Network Seeks Cash for Trains

JOHANNESBURG (Capital Markets in Africa) – South Africa’s high-speed rail network is seeking 4 billion rand ($290 million) to increase its number of trains by 50 percent ahead of a potential expansion to other parts of Johannesburg and Pretoria. The Development Bank of Southern Africa Ltd. is leading the fundraising, a spokeswoman said in an emailed response to questions on Wednesday. Canada’s Bombardier Inc., CRRC Corp. of China and local firm Egoli Rail are among the…

Will ICOs Prevail? Let’s Give Them Five Years: Aaron Brown

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LAGOS (Capital Markets in Africa) – Despite reports of fraud, the success of initial coin offerings compares favorably to conventional technology projects and early-stage ventures. Ernst & Young recently published a damning analysis of 2017’s initial coin offerings. The odd thing is it concentrates on the financial performance of the cryptocurrency market’s equivalent to an initial public offering in the mainstream investment world since the end of 2017. That does not reflect on the competence and sincerity of their…

SEC Settles First Unregistered Crypto Securities Exchange Case

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LAGOS (Capital Markets in Africa) – The founder of cryptocurrency trading platform EtherDelta settled with the SEC for operating an unregistered national securities exchange in the agency’s first case of this kind. Zachary Coburn will pay $313,000 in disgorgement and interest and a civil fine of $75,000 to settle Securities and Exchange Commission allegations his crypto site acted as an unregistered securities exchange, the agency said Nov. 8. Coburn created his platform, EtherDelta, in 2016, the SEC…

Nigeria’s Fidelity Bank to Boost Profit by Spending More on Tech

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LAGOS (Capital Markets in Africa) – Fidelity Bank Plc of Nigeria plans to boost investment in technology as a way of cutting costs and increasing profit over the next three to four years. The Lagos-based lender already hiked spending on digitization by more than 40 percent this year, and plans to increase its outlay further still, Chief Operating Officer Gbolahan Joshua said in an interview in the West African nation’s commercial hub. Technology will allow the bank to…

Tunisia’s Ruling Party Threatens to Quit Government Over `Coup’

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TUNIS (Capital Markets in Africa) – Tunisia’s ruling Nidaa Tounes party demanded on Thursday that its members pull out of the cabinet or face suspension after Prime Minister Youssef Chahed announced a partial reshuffle without consulting President Beji Caid Essebsi. The cabinet changes strengthened Chahed’s hand but deepened a rift with Essebsi as the government seeks to shore up support to tackle strong inflation and strained finances. Both men are members of Nidaa Tounes, which has informally splintered…

Wartsila Wins Contract to Build Two Kenyan Solar-Power Farms

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NAIROBI (Capital Markets in Africa) – Wartsila Oyj’s East African unit won two engineering, procurement and construction contracts to develop grid-connected solar farms in Kenya, each with a capacity of 40 megawatts. Construction is expected to begin next year, according to George Oywer, a business development manager at Wartsila Eastern Africa Ltd. The East African nation, which has an electricity supply deficit, is boosting production from renewable sources including wind and geothermal as it cuts…

Julius Baer to Lure Wealthy South Africans With New Office

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JOHANNESBURG (Capital Markets in Africa) – Julius Baer Group Ltd. opened an office in Johannesburg as Switzerland’s third-largest wealth manager seeks to profit from a growing pool of high-net worth individuals in the country. Having a presence in South Africa is part of a long-term strategy to expand in the region, the Zurich-based company said in a statement Thursday. It will employ seven people in South Africa, five of which have been lured from local lenders…

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