The Editorial Team

Twitter Sales Miss Estimates as Musk Poised to Take Control

LAGOS (Capital Markets in Africa) – Twitter Inc., in one of its last earnings reports before Elon Musk takes the company private, reported revenue that missed analysts’ estimates, reflecting a slowdown in advertising. Revenue rose to $1.2 billion in the first quarter, the social media company saidon Thursday. That compared with the average forecast for $1.23 billion, according to data compiled by Bloomberg. The 16% gain in sales was the worst pace of growth in six…

Most New Crypto Is Underwater Relative to Bitcoin Within a Year

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LAGOS (Capital Markets in Africa) – About 80% of freshly minted cryptocurrencies are underwater and their average returns are close to zero relative to Bitcoin within a year, according to a Jump Crypto analysis. While there are a few high-profile outliers, the majority of new coins were underperforming within the first month, the public-facing crypto brand for Jump Trading Group found, after analyzing 3,759 tokens — excluding assets like stablecoins — that were listed on CoinGecko and…

Support for Glencore’s Climate Plan Ebbs After Advisory Push

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LAGOS (Capital Markets in Africa) – Shareholder support for Glencore Plc’s climate change strategy has weakened and the world’s top coal shipper will now have to consult with investors as it looks to defend one of its most profitable businesses. The company secured about 76% support for its climate progress report at its annual general meeting on Thursday, significantly less than the 94% backing it received last year. Influential advisory firms, including Glass Lewis &…

Algeria Tells Spain Not to Re-Export Gas Amid Spat With Morocco

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ALGIERS (Capital Markets in Africa) – Algeria threatened to cut natural gas flows to Spain if it re-exports Algerian supplies to other countries, amid rising diplomatic tensions over Morocco.The warning came after Spanish Energy Minister Teresa Ribera said Madrid would start sending gas, albeit of non-Algerian origin, to Morocco via the Maghreb-European pipeline.Spain has discussed the use of the pipeline, known as MEG, with Algeria in recent months and its decision was communicated on Wednesday, according to…

Botswana Central Bank Hikes Key Rate in Policy Overhaul

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GABORONE (Capital Markets in Africa) – Botswana increased its revamped interest rate to counter inflationary pressures stemming from Russia’s war with Ukraine. The central bank’s policy committee raised the yield on the main monetary operations instrument by 51 basis points to 1.65%, Governor Moses Pelaelo told reporters in the capital, Gaborone, on Thursday.The bank in February said it would shift to using the yield on the seven-day Bank of Botswana certificate, known as the monetary policy rate,…

Wealth Fund Seeks to Invest Some of Senegal Oil Windfall Abroad

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DAKAR (Capital Markets in Africa) – Senegal’s sovereign wealth fund is considering investing in neighboring countries after it starts receiving part of the oil and gas revenues from new fields in the nation. The $25 billion economy, set to start production next year, will allocate a minimum of 10% of the sector’s revenues to the fund, Babacar Gning, chief investment officer at the state-owned Sovereign Fund for Strategic Investments or Fonsis, said in an interview.“The law…

UPL Proposes Releasing Contaminated Water Into South African Sea

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JOHANNESBURG (Capital Markets in Africa) – UPL Ltd. has proposed releasing water contaminated by a pesticides spill in the eastern South African city of Durban into the sea or municipal sewers. While the Indian agro-chemical firm said experts it contracted have since late 2021 deemed the water fit for disposal using these methods, the city says that as recently as April 11 storm-water contained in a pollution control dam “remained highly toxic to the environment.”…

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