The Editorial Team

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

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…

Trafigura Seeks Control of Zimbabwe’s Metals for Unpaid Debts

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HARARE (Capital Markets in Africa) – Trafigura Group and Zimbabwe’s government have discussed a deal that would give the commodities trader control over output from some of the nation’s biggest mines as repayment for debts, documents seen by Bloomberg show. Under the agreement, Trafigura will be paid $225.6 million by nickel- and gold-mining subsidiaries of state-run Kuvimba Mining House Ltd. for fuel bills Zimbabwe owes Trafigura on contracts dating back to 2016, the documents show….

London IPOs Planned for Africa Finance’s Infrastructure Projects

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LAGOS (Capital Markets in Africa) – Africa Finance Corp. plans to sell shares of its projects on stock exchanges in London and the United Arab Emirates to raise capital and fund infrastructure development across the continent. The Nigerian banking group aims to combine assets in renewables, ports and industrial parks and offer them to investors through initial public offerings over the next three years, Chief Executive Officer Samaila Zubairu said in an interview. The value of any…

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