The Editorial Team

Evraz Says Abramovich Ties Leave Bond Coupon Cash In Limbo

LONDON (Capital Markets in Africa) – A $18.9 million coupon payment on a bond issued by Evraz PLChas been blocked due to the Russian steelmaker’s ties to sanctioned billionaire Roman Abramovich. Evraz moved the cash a week ago, but the company’s correspondent bank, Societe Generale New York, halted its transfer to paying agent BNY Mellon for compliance reasons, the steel company said in a regulatory filing on Monday. The block “has its roots in the…

Bitcoin Bulls Point to Supply at 3-Year Low as Malaise Lingers

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LAGOS (Capital Markets in Africa) – Bitcoin, in what’s become its motto of late, is starting the week on a tepid note. But crypto fans are looking at a technical signal that’s potentially pointing to a new breakout.The supply of Bitcoin in private wallets across exchanges has reached a three-year low, according to data compiled by Glassnode. Though it’s not necessarily the primary price catalyst right now, there’s logic to the idea that might mean…

China Will Work to De-Escalate War in Ukraine, Diplomat Says

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LAGOS (Capital Markets in Africa) – China’s top envoy to Washington pledged his country “will do everything” to de-escalate the war in Ukraine, but refused to condemn Russia’s attack and branded such requests “naive.” “There’s disinformation about China providing military assistance to Russia,” Ambassador Qin Gang said on CBS’s “Face the Nation” on Sunday. China isn’t sending “weapons and ammunitions to any party,” he said, calling Beijing’s “common interests” with Russia an “asset” that could help peace…

Egypt Hikes Interest Rates and Lets Pound Fall to Absorb Shocks

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CAIRO (Capital Markets in Africa) – Egypt hiked its benchmark interest rate for the first time since 2017 at an unscheduled meeting and let its currency weaken sharply as it moved to absorb shocks from global inflationary pressures. The central bank raised the deposit and lending rates by 100 basis points each to 9.25% and 10.25% respectively, the Monetary Policy Committee said Monday. A combination of soaring commodity and energy prices and a wave of global monetary…

Abu Dhabi Said to Deepen Egypt Ties With Deals Worth $2 Billion

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CAIRO (Capital Markets in Africa) – An Abu Dhabi wealth fund agreed with Egypt to invest about $2 billion by buying state-held stakes in some companies, including the North African nation’s largest listed bank, according to people familiar with the deal. Part of the agreement with ADQ involves it buying about 18% of Commercial International Bank, said the people who asked not to be identified as the talks are confidential. Along with the CIB portion, which…

SoftBank, Chan Zuckerberg Help Kenyan Startup Apollo Raise Funds

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NAIROBI (Capital Markets in Africa) – SoftBank Vision Fund 2 led a $40 million funding round for Apollo Agriculture, a Kenyan-based technology firm seeking to expand its business of helping farmers access market and financial services. The Chan Zuckerberg Initiative, Yara Growth Ventures and Endeavor Catalyst are among other investors who participated in the round. Apollo is pushing to increase the number of clients on its platform and “invest in the products that take a…

Poorest Nations to Repay China $14 Billion in 2022, Report Says

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LAGOS (Capital Markets in Africa) – The world’s poorest nations will pay China and its lenders almost $14 billion this year in debt servicing costs, according to new research that urges Beijing to do more to support restructuring for those who need it.In total, 68 such countries will pay $52.8 billion this year in debt costs, according to a report by the Green Finance & Development Center at Fudan University in Shanghai. More than a quarter of that will…

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