The Editorial Team |

Mystery of the $2 Billion Bitcoin Whale That Fuelled a Rout

LAGOS (Capital Markets in Africa) – When Bitcoin plunged as much as 15 percent over two days last week, a theory emerged — where else? — on the Internet: a whale was on the move. Speculation mounted that a major holder of cryptocurrency with an electronic wallet that dated back to 2011 — long before anyone had heard of HODL — was moving to sell. His or her wallet had once had as many as 111,114 Bitcoins, which at their peak…

Investec Money Manager Seen as Target After Split From Bank

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JOHANNESBURG (Capital Markets in Africa) – After amassing 109 billion pounds ($143 billion) in assets within the belly of Investec Plc, Hendrik du Toit can now plot his own course as the money manager he founded splits from the banking group. For Investec Chief Executive Officer Stephen Koseff it is a bittersweet moment. He’s preparing to leave the company next month after 40 years of helping to grow a local Johannesburg financier of doctors and lawyers into a giant…

Congo Plans to Build Special Economic Zone for Cobalt Users

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo plans to establish special economic zones for companies that manufacture goods from the country’s minerals, President Joseph Kabila said. “There is a need to create special economic zones for the final users of Congolese natural resources,” Kabila said at a conference Wednesday in the south-eastern city of Kolwezi. The area will allow producers of electric vehicles, smartphones and other goods to “install themselves in the DRC,”…

Libya Said to Pump Over 1 Million B/d After Deadly Attack

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TRIPOLI (Capital Markets in Africa) – Libya’s oil production is stable above 1 million barrels a day despite a deadly Islamic State attack on the offices of the country’s state energy company, according to a person with direct knowledge of the situation. Oil fields across the OPEC member are producing as normal just two days after militants carried out an attack against the National Oil Co. headquarters in the capital Tripoli, leaving two employees dead, dozens wounded…

Mauritius to Sign Free-Trade Accord With China, Premier Says

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PORT LOUIS (Capital Markets in Africa) – Mauritius will become the first African nation to sign a free-trade agreement with China, Prime Minister Pravind Jugnauth said. The two nations are discussing the establishment of a renminbi clearing house in Mauritius, while China has agreed to purchase 50,000 metric tons of specialty sugar from the Indian Ocean island nation, Jugnauth said in remarks broadcast Wednesday by Radio Plus in the capital, Port Louis. “A memorandum of understanding has…

Kenya Central Bank Fines Lenders $3.9 Million for Youth Fund

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NAIROBI (Capital Markets in Africa) – Kenya’s central bank fined five of the country’s biggest lenders a total 392.5 million shillings ($3.9 million) after a probe showed they handled money acquired illegally from the National Youth Service. Standard Chartered Bank Kenya Ltd., Equity Bank Kenya Ltd., KCB Bank Kenya Ltd., Co-operative Bank of Kenya Ltd. and Diamond Trust Bank Kenya Ltd. handled 3.58 billion shillings, the regulator said in an emailed statement. Violations include failure…

Hurricane Florence, Trade Storm, EM Squall: Economics Week Ahead

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LAGOS (Capital Markets in Africa) – Hurricane Florence is poised to batter the Carolina coast, potentially dampening September hiring and third-quarter gross domestic product. The prospect of fresh talks between the U.S. and China raises hopes the trade storm will blow less fiercely. We think those hopes will be frustrated. Turkey’s larger-than-expected rate hike neutralized one of the policy missteps that drove the emerging market sell off. That’s good news, but structural weakness persist, and are set to increase into 2019….

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