The Editorial Team |

European Union Says Tariffs on U.S. Imports Will Kick In on June 22

LAGOS (Capital Markets in Africa) – The European Commission will hit $3.3 billion worth of U.S. goods including Harley Davidson motorcycles and Levi’s blue jeans with a fresh 25% tariff Friday as the trade war between Washington and its biggest global economic partners continues to escalate. Europe has brought forward its response to President Donald Trump’s decision to impose tariffs on steel and aluminium imports, the European Commission said Wednesday, and will impose its own…

Goldman Sachs Mulling Crypto Trades Beyond Futures, Solomon Says

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LAGOS (Capital Markets in Africa) – Goldman Sachs Group Inc., one of the biggest U.S. investment banks, is exploring cryptocurrency trades beyond the publicly-traded derivatives that it already handles, according to Chief Operating Officer David Solomon. “We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously,” said Solomon in an interview with Bloomberg TV in China. “We’re listening to our clients and trying to help our clients…

Cryptocurrencies Fall as Korean Exchange Says $32 Million Stolen

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LAGOS (Capital Markets in Africa) – Bithumb, ranked by Coinmarketcap.com as the world’s seventh-largest crypto exchange by traded value, said on Wednesday that hackers stole about 35 billion won ($32 million) and that Ripple was among the coins taken. The exchange halted cryptocurrency deposits and withdrawals, said it will compensate victims and moved investor assets to a so-called cold wallet, which is disconnected from the Internet and less vulnerable to theft. Bitcoin, the largest cryptocurrency, dropped as…

The Wheel Turns for South African Bonds as Sell-Off Worsens

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JOHANNESBURG (Capital Markets in Africa) – South African government bonds handed dollar investors a whopping 13 percent return in the first quarter, the best performance out of 25 major emerging markets. In the second quarter, they’ve lost it all, and then some. Rand-denominated debt has lost 17 percent since the beginning of April, the most among developing nations after Argentina and Turkey, according to data compiled by Bloomberg. That’s partly a result of the rand’s…

Libya Says Ras Lanuf Oil Storage Cut by 40% After Militia Attack

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TRIPOLI Libya said an attack on the Ras Lanuf oil terminal cut storage capacity by about 40 percent, underscoring the continued threat from armed groups for whom energy installations remain prized targets. Damage to two storage tanks at Libya’s third-largest port on Thursday reduced capacity to 550,000 barrels from 950,000 barrels, state-run National Oil Corp. said Monday. Ras Lanuf stopped loading oil for export last week after clashes erupted, taking more barrels off the market just as…

PPC Extends Slump Amid Ongoing Weak Demand for Cement in Congo

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KINSHASA (Capital Markets in Africa) – PPC Ltd. suffered its biggest two-day decline this year after reporting earnings that missed some expectations and as difficulties continue to plague the cement maker’s operations in the Democratic Republic of Congo. South Africa’s biggest producer of the building material is seeking a fresh start under Chief Executive Officer Johan Claassen after fending off a series of takeover approaches last year. The Johannesburg-based company is counting on an upturn in demand in…

Winter Downpours Help Ease Risk of Cape Town Running Dry

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JOHANNESBURG (Capital Markets in Africa) – Fears that Cape Town, South Africa’s second-biggest city and most popular tourist attraction, would run out of water have abated as good winter rains help top up dam levels and ease the worst drought on record. The six main dams supplying the city are at 38.1 percent of capacity, compared with 31.8 percent a week earlier and just 23 percent a year ago, the city said on its website on Monday. Cape…

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