The Editorial Team

Why Putin’s Demand for Rubles Has Europe Scrambling: QuickTake

LAGOS (Capital Markets in Africa) – Russian President Vladimir Putin’s decree imposing a new payments system for gas supplies has placed the European Union and Russia at loggerheads, with Moscow demanding that EU companies open accounts in rubles. The issue, sparked by Russia’s war in Ukraine and the Western response to it, escalated on April 27 after Russia cut off gas sales to Poland and Bulgaria, which refused to pay in rubles. At stake is…

Musk’s Twitter Pitch Featured Job Cuts, Ways to Make Money

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NEW YORK (Capital Markets in Africa) – As he negotiated a $44 billion deal to acquire Twitter Inc., Elon Musk told bankers that he would be focused on the social-media company’s bottom line, and floated the idea of cutting both costs and jobs, according to people familiar with the matter. On calls with teams of bankers before the deal was announced, Musk fielded questions on how he would generate financial returns at Twitter. While nothing is…

Apple Warns of $8 Billion Hit From China Lockdown, Shortages

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NEW YORK (Capital Markets in Africa) – Apple Inc. predicted that supply constraints would cost $4 billion to $8 billion in revenue during the current quarter, a warning that sent the shares tumbling and cast a pall on record-setting results that the company just reported. Covid restrictions, which have swept China in recent weeks, will take a toll on the June quarter, Apple said during a conference call Thursday. The fiscal second quarter’s sales and…

Goldman Offers Its First Bitcoin-Backed Loan in Crypto Push

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NEW YORK (Capital Markets in Africa) – Goldman Sachs Group Inc. offered its first ever lending facility backed by Bitcoin, in a significant step for a major U.S. bank that accelerates Wall Street’s embrace of cryptocurrencies. The secured lending facility lent cash collateralized by Bitcoin owned by the borrower, a spokeswoman for the bank said. The deal was interesting to Goldman because of its structure and 24-hour risk management, she said in an email. Wall…

Oil Heads for Longest Run of Monthly Gains Since Early 2018

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LAGOS (Capital Markets in Africa) – Oil is poised for a fifth monthly gain after another tumultuous period of trading that saw prices whipsawed by the fallout from Russia’s war in Ukraine and the resurgence of Covid-19 in China. West Texas Intermediate futures climbed to trade near $106 a barrel on Friday and are almost 6% higher in April. The war has entered its third month despite diplomatic efforts for a cease-fire, and the European…

Nigeria Weighs Tapping Diaspora as War Widens Budget Deficit

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LAGOS (Capital Markets in Africa) – Nigeria is considering a bond sale targeted at its citizens overseas to raise funds to help Africa’s biggest economy narrow its budget deficit. The government may sell the debt after it repays $300 million of diaspora bonds maturing in June, Patience Oniha, director-general of the Abuja-based Debt Management Office said in a text message on Thursday. “We are doing both an analysis of recent research report on diaspora remittances…

Ghana Unlikely to Meet 2022 Growth Target Over Rising Inflation

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ACCRA (Capital Markets in Africa) – Ghana’s economic expansion this year will likely fall short of a government forecast as soaring inflation reduces private consumption and investment. The second-biggest West African economy will expand 5% in 2022, according to the median estimate of five economists interviewed by Bloomberg. That compares with the government’s projection of 5.8%, made in November, though it said last week that it will revise that figure. “I expect to see a…

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