The Editorial Team

Hedge Funds Crank Up Bets on the Rand in Record Show of Support

JOHANNESBURG (Capital Markets in Africa) – Currency speculators are placing their bets on the South African rand at a record pace, even as Russia’s assault on Ukraine sends investors fleeing from most riskier assets. Hedge funds turned net long on the rand to the tune of 13,402 contracts as of March 15, swinging from a net short position of 239 contracts the previous week. The change was the biggest since the Commodity Futures Trading Commission…

Nigeria Opens Africa’s Largest Fertilizer Plant Amid Price Surge

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LAGOS (Capital Markets in Africa) – Nigeria plans to become a net exporter of fertilizer after commissioning the world’s second-biggest urea plant. The 3 million-ton facility near Lagos, the commercial hub, adds to existing output of 3.1 million tons in the West African nation, according to the central bank. The biggest plant of its kind in Africa, owned by billionaire businessman Aliko Dangote, is already shipping to the U.S., India, and Brazil. “This fertilizer plant is…

Oil Firms as NATO, EU Summits Raise Specter of New Russian Curbs

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LAGOS (Capital Markets in Africa) – Oil edged higher ahead of a flurry of high-level diplomatic activity over the month-old war in Ukraine that may see fresh curbs on Russia. West Texas Intermediate neared $110 a barrel after giving up early gains on Tuesday to end slightly lower. European Union and NATO leaders are set to gather in Brussels on Thursday to beef up their response to the crisis. Ahead of the meetings, White House National…

Nigerian Startup Raises $56 Million in Debt to Support Farming

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LAGOS (Capital Markets in Africa) – Nigerian agriculture startup ThriveAgric raised $56.4 million in fresh capital to expand to new African markets, including Ghana, Zambia and Kenya. The funding will help the company grow its base of more than 200,000 farmers, according to a statement on Tuesday. The funding follows a $9 million equity raise in 2020. While smallholders dominate farming across Africa, they are faced with significant barriers including a lack of access to…

Buffett Snubs Goldman Bankers With Quirky Takeover Price

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NEW YORK (Capital Markets in Africa) – Warren Buffett is telegraphing his disdain for Wall Street bankers with an oddball price on his latest multibillion-dollar takeover. The $848.02 for every share that Alleghany Corp. stockholders get from Berkshire Hathaway Inc. is the result of Buffett balking at the banking fee being set aside by the target company — in this case for Goldman Sachs Group Inc., which is advising the insurer. Berkshire had offered to pay $850 a share with…

Why Some Bitcoin Devs Say Lasers Can Cut Mining’s Energy Costs

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LAGOS (Capital Markets in Africa) – Bitcoin’s energy use has long been a hot-button issue. Now some developers say the solution could lie in a more energy-efficient form of computer processing that, perhaps appropriately, uses lasers. When we consider Bitcoin’s energy use, really, the discussion should focus on emissions. Industry participants have worked toward improving transparency in that category the past couple of years. If we look even further back, Hal Finney – who received…

Egypt Set to Raise Samurai Bonds Worth $500 Million This Week

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CAIRO (Capital Markets in Africa) – Egypt plans to raise the equivalent of about $500 million with its first yen bonds, according to an official, as the government seeks to diversify funding for the economy that’s under pressure from the war in Ukraine and soaring commodity prices. The government is issuing the yen-denominated five-year debt in a private placement that will probably be completed Thursday, the head of the finance ministry’s debt management unit, Mohamed…

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