The Editorial Team |

Kenya President Halves Fuel Tax, Proposes Austerity Measures

NAIROBI(Capital Markets in Africa) – Kenyan President Uhuru Kenyatta proposed a 50 percent reduction on an unpopular new tax on petroleum products and promised expenditure cuts across government departments. The East African state introduced the 16 percent value-added tax on gasoline on Sept. 1 that it said would help raise 35 billion shillings ($345.8 million) to plug a budget deficit of 5.9 percent of gross domestic product in the fiscal year through June 30, 2019. “I must…

Nigeria Inflation Quickens 1st Time in 19 Months on Food Prices

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s inflation rate rose the first time in 19 months as food-price growth picked up. The annual rate rose to 11.2 percent in August from 11.1 percent in July, Statistician-General Yemi Kale said in a report on Twitter Friday. Prices increased 1.1 percent in the month. The pick-up in price growth may bring interest-rate increases by the central bank closer. It’s scheduled to announce its next policy decision on Sept. 25….

MTN Is Said to Consider Jonas as Chairman to Replace Nhleko

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is considering a replacement for long-time Chairman Phuthuma Nhleko, with South Africa’s former Deputy Finance Minister Mcebisi Jonas lined up as his possible successor, according to people familiar with the matter. Africa’s biggest wireless carrier by subscribers was mulling a change before the eruption last month of a crisis in Nigeria, where authorities are demanding more than $10 billion in back taxes and funds they allege were illegally transferred, said…

Morgan Stanley Said to Prepare Bitcoin Swap Trading for Clients

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Morgan Stanley plans to offer trading in complex derivatives tied to the largest cryptocurrency, according to a person familiar with the matter, joining other Wall Street firms in creating ways for clients to play the digital currency market. The U.S. bank will deal in contracts that give investors synthetic exposure to the performance of Bitcoin, said the person, who asked not to be identified because the information is private. Investors will…

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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,”…

« 1 … 437 438 439 440 441 … 1,078 »