The Editorial Team |

With Bitcoin Sinking, Cryptocurrency Miners Just Dig Deeper

LAGOS (Capital Markets in Africa) – With Bitcoin falling, you might expect mining activity to follow. That hasn’t happened. The combination of declining prices and a rising hash rate — which measures computing power — shows how complex the economics of cryptocurrency mining are. An increasing hash rate means Bitcoin mining is still profitable enough for many players to stay put, defying speculation that prices have fallen past break-even points. That may be a reflection of how…

Bitcoin Gaining Relative Value as EM Currency Diversifier

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LAGOS (Capital Markets in Africa) — Expanding utility of Bitcoin as an emerging-markets currency diversifier and store-of-value is playing out with the Turkish lira’s August swoon. Despite weakness in cryptocurrencies and gold, Bitcoin is showing resilience. It may be another failed bounce but still indicates greater integration of Bitcoin into global markets. Bitcoin, New Currency Diversifier vs. Gold Declining gold in U.S. dollar terms vs. rallying Bitcoin, coincident with the weekend plunge in the Turkish…

Delek, Noble and Egypt Said to Put Final Touches on Gas Deal

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CAIRO (Capital Markets in Africa) – The companies developing Israel’s largest natural gas fields and their Egyptian partner have finalized details of a deal that would give them control over a pipeline to Egypt, according to people familiar with the matter, a crucial step that would pave the way for a $15 billion export contract. The deal involves setting up joint venture companies in Cyprus and the Netherlands, through which Israel’s Delek Drilling LP, U.S.-based Noble Energy Inc. and…

Nigerian Credit Agency Gives $373 Million to Boost Crop Exports

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LAGOS (Capital Markets in Africa) – Nigeria’s state-owned agricultural-lending facilitator said it disbursed $373 million to farmers in the past year to help boost production of export crops. Known as Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, or Nirsal, the agency underwrites risk for credit going to farmers, part of the efforts by the oil-rich country to increase revenue from farm exports and reduce its dependence on hydrocarbons. The credit beneficiaries are mainly small-holder…

Lovelorn U.S. Bitcoin ETF Fans May Find Satisfaction in Sweden

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LAGOS (Capital Markets in Africa) – If you want to buy Bitcoin without actually buying Bitcoin, you now have another way to own the controversial digital currency. No, it’s not the U.S. exchange-traded fund investors have been touting as a catalyst for demand for the embattled virtual money. It’s an exchange-traded note, and starting Wednesday, investors can buy it more easily even though it’s technically listed and regulated in Sweden. The product, called Bitcoin Tracker One, is now…

South African Police Asked Interpol to Help With Steinhoff

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s police has asked Interpol to help investigate financial wrongdoing at Steinhoff International Holdings NV after the global retailer reported a hole in its accounts and the share price collapsed. The international organization could help connect the dots at the owner of Conforama in France and Mattress Firm in the U.S., which is being investigated by regulators in Germany and the Netherlands and a host of law enforcement agencies. At…

Moody’s Sees Slower South Africa Fiscal Progress Than State Does

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LAGOS (Capital Markets in Africa) – South Africa’s fiscal consolidation will be slower than the government estimates because of weak economic growth and a higher public-sector wage bill, Moody’s Investors Service said. Moody’s sees the country’s fiscal deficit at about 4 percent of gross domestic product in the year through March 2019, the company said in an emailed statement Wednesday. That compares with the state’s February budget forecast for a 3.6 percent gap. “Growth this…

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