The Editorial Team

What the Metaverse Is, Who’s In It and Why It Matters: QuickTake

LAGOS (Capital Markets in Africa) – The metaverse is a virtual universe that blends aspects of digital technologies including video-conferencing, games like Minecraft or Roblox, cryptocurrencies, email, virtual reality, social media and live-streaming. Quite how these pieces will fit together is a work in progress, but some tech giants already see it as the future of human communication and interaction. It’s “the next frontier,” Mark Zuckerberg said when he changed his company’s name from Facebook…

Bitcoin Tumbles Below $40,000 to Lowest Level in Five Months

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LAGOS (Capital Markets in Africa) – Cryptocurrencies sank Friday, taking Bitcoin to the lowest level in more than five months as risk aversion again swept across global markets. The largest cryptocurrency dropped as much as 7.4% to $38,261, while second-ranked Ether slid below $3,000. Digital tokens overall have shed some $1 trillion in value since a November peak, according to CoinMarketCap data. “Bitcoin and the broader crypto market remain subject to the whims of macro variables,” Fundstrat Digital…

Gloomy Britons Suggest Cost-of-Living Crisis Is Gathering Speed

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LONDON (Capital Markets in Africa) – The U.K.’s fast-approaching cost-of-living crisis is already making Britons worry about their budgets, setting up a rocky 2022 for households and businesses still reeling from the impact of the pandemic. Many people are particularly worried by both their personal finances and the general economic situation, making them reluctant to splash out on big purchases, according to a closely watched survey of consumer confidence released on Friday. Meanwhile, the arrival of the…

Netflix, Peloton Bring Pandemic-Stock Era to Shuddering Halt

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NEW YORK (Capital Markets in Africa) – The Covid-19 pandemic isn’t over yet, but the boom it helped create for stay-at-home stocks appears to be vanishing. Netflix Inc. and Peloton Interactive Inc., two of the highest-profile stars of the lockdown era, both plunged Thursday — the latest sign that investors have moved on from the so-called pandemic trade. Netflix expects to add a paltry 2.5 million users in the current quarter, well short of estimates. Peloton, meanwhile, is slashing…

Angolan Economy to Grow 2.9% This Year on Oil Gains, IMF Says

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LUANDA (Capital Markets in Africa) – Angola’s economic growth is forecast to accelerate to 2.9% this year from an estimated 0.1% in 2021, boosted by higher oil prices and a relaxation of Covid-19 restrictions, the International Monetary Fund said. “Angola’s economic performance is beginning to improve after years of recession,” the Washington-based lender said in a statement published on its website that includes a final staff report on Angola’s three-year extended arrangement. “Vulnerability remains high,…

Ghana Bonds Rally as Nation Assures Investors on Fiscal Targets

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ACCRA (Capital Markets in Africa) – Ghana’s dollar bonds rallied Thursday as the government moved to reassure investors that it is committed to fiscal targets in the budget, including expenditure cuts this year if revenue falls short.Yields on Ghana’s $1 billion of 2049 dropped 33 basis points, the most since November 2020, retreating from a near-two-year high to 12.29%. The rate on the nation’s $1 billion of 2026 securities plunged 94 basis points to 12.58%….

Shell Appeals $2 Billion Judgment in Nigeria Pollution Case

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LAGOS (Capital Markets in Africa) – A Nigerian court will hear Royal Dutch Shell Plc’s appeal to overturn an almost $2 billion award against the company for allegedly spilling oil in the West African country.The energy giant is challenging a November 2020 judgment in favor of community members claiming a leak from a company pipeline damaged their land and waterways. A federal court of appeal in the city of Owerri is scheduled to consider applications…

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