The Editorial Team |

The Best-Performing Emerging Market Readies a New Eurobond

LAGOS (Capital Markets in Africa) – Angola, whose Eurobonds have outperformed those of all its emerging-market peers this year, is readying a new dollar transaction to take advantage of higher oil prices and a new program with the International Monetary Fund. The OPEC member plans to issue at least $2 billion of debt in international markets next month, Portuguese news agency Lusa reported on April 22, citing Finance Minister Archer Mangueira, who was scheduled to meet…

Zimbabwe Massacre `Unresolved National Question,’ Biti Says

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HARARE (Capital Markets in Africa) – Zimbabwe needs to establish a system of national reconciliation to heal the wounds left by the 1980s massacre that killed 20,000 people and other violent incidents since independence if it’s to unify the southern African nation, prominent opposition leader Tendai Biti said. No one has been held to account for the massacre of members of the Ndebele minority by a North Korean-trained Zimbabwean military unit in a program known in the…

Morocco’s Wheat Outlook Is Bad News for Top Exporters of Grain

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RABAT (Capital Markets in Africa) – Morocco is poised to have a bountiful wheat harvest in 2018, and that may mean another slow year for the North African country’s top suppliers from Russia to France and Ukraine. The crop will be 7.09 million metric tons this year, the Agriculture Ministry said in a document distributed Monday. That’s after the harvest more than doubled in 2017-18 and imports dropped 23 percent, according to U.S. Department of…

Glencore’s Prize Cobalt Miner Is Bogged Down Deeper in Congo

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KINSHASA (Capital Markets in Africa) – Katanga Mining Ltd. will soon be the world’s top cobalt miner, churning out thousands of tons of metal and billions of dollars in revenue for Glencore Plc. It’s also turning into a major thorn in the commodity giant’s side. Katanga is controlled by Glencore but trades in Toronto, making it one of few options for equity investors seeking exposure to the coveted battery ingredient. Its shares surged more than 1,200…

Sweden’s Very Own Bitcoin. What Could Possibly Go Wrong?

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LAGOS (Capital Markets in Africa) – The finance industry’s attitude to automation and technical innovation resembles the old song lyric: “Everybody wants to go to heaven, but nobody wants to die.” Bank executives love to warn of robots replacing humans across the industry, but basic IT management often seems beyond them. The blockchain and digital currencies are the future, they tell us, but no-one seems quite sure what to do with them or whether they really want them….

Bitcoin’s Real Value Is $20, According to a Night of Drinking

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LAGOS (Capital Markets in Africa) – It took two economists one three-course meal and two bottles of wine to calculate the fair value of one Bitcoin: $200. It took an extra day for them to realize they were one decimal place out: $20, they decided, was the right price for a virtual currency that was worth $1,200 a year ago, flirted with $20,000 in December, and is still around $8,000. Setting …

Liberian President Weah Orders Probe of Exxon 2013 Oil Deal

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MORONVIA (Capital Markets in Africa ) – Liberian President George Weah ordered a probe into Exxon Mobil Corp.’s 2013 deal for drilling rights off the West African nation’s coast, his office said. The investigation follows last month’s report by campaign group Global Witness that Exxon purchased the rights despite knowing that the block was suspected of being partially owned by Liberian individuals who may have illegally granted it to themselves while holding public office. Exxon voiced concerns over the…

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