The Editorial Team

Microsoft’s $22 Billion Army Goggles Still Aren’t Combat-Ready

LAGOS (Capital Markets in Africa) – Microsoft Corp.’s new multifunction goggle system for the U.S. Army shows promise, but the $22 billion program isn’t yet ready for combat deployment, according to the Pentagon’s test office. Despite progress since the contract was awarded in 2018, the system “has not yet demonstrated the capability to serve as a fighting goggle,” according to a non-public assessment by the Pentagon’s director of operational testing that was sent to the…

Powell’s Legacy Is at Stake in Fed Pivot to Beat Back Inflation

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NEW YORK (Capital Markets in Africa) – Jerome Powell’s first four years as Federal Reserve chair were defined by saving the U.S. economy from the historic challenge of the pandemic. His second term — and his legacy — will be about saving the economy from overheating. Powell and his colleagues on the Federal Open Market Committee, who meet Tuesday and Wednesday, are wrestling with how to quell the highest inflation in a generation without stalling…

Pfizer, BioNTech Begin Study of Omicron-Specific Covid Vaccine

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LAGOS (Capital Markets in Africa) – Pfizer Inc. said it is starting a study of a Covid-19 vaccine that targets the omicron variant, exploring its use in previously vaccinated younger and middle-aged adults as well as those who haven’t received another coronavirus shot. The New York-based drugmaker and its German partner, BioNTech SE, said in a statement on Tuesday that they had enrolled the first participants in a 1,420-person clinical trial that will evaluate the shot’s…

MicroStrategy’s Huge Bitcoin Bet Prompted SEC to Single It Out

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LAGOS (Capital Markets in Africa) – A growing number of companies invest in Bitcoin but none to the extent of MicroStrategy Inc., which in 2021 announced that buying and holding the volatile digital asset was a core business strategy. The rare prominence of Bitcoin in the enterprise software company’s mission and the size of its holdings put the Tysons Corner, Va.-based business in a class of its own. That distinction led to the SEC singling…

‘Crypto Winter’ Fears Chill the Battered Bitcoin Faithful

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LAGOS (Capital Markets in Africa) – There are few things scarier for investors than a bear market — unless you’re involved in crypto, in which case a winter is worse. The chilling term refers to a sharp slump, followed by a drop-off in trading and months of market doldrums — a phenomenon that memorably befell the crypto market in 2018. Bitcoin’s price plunged by more than 80% to as low as $3,100 from the end…

Tax-Heavy Sudan Budget Might Spark Yet More Anti-Military Unrest

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KHARTOUN (Capital Markets in Africa) – Economists slammed as unworkable Sudan’s 2022 budget that seeks to more than double tax revenue to replace foreign aid suspended after October’s coup, saying it was likely to fuel more turmoil and anger against the ruling military. The impoverished North African country, which looked like rejoining global markets after the 2019 overthrow of dictator Omar al-Bashir, has revised down its growth target to 1.4% and is racing to find the…

Nigeria Government Wants 18-Month Delay to Gasoline Subsidy Cuts

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LAGOS (Capital Markets in Africa) – Nigeria’s government will propose that lawmakers approve shelving plans to eliminate expensive gasoline subsidies by 18 months. The administration of President Muhammadu Buhari is seeking to revise a law passed in August that provided for the full deregulation of fuel prices within six months, Minister of State for Petroleum Resources Timipre Sylva told reporters Tuesday. The decision to defer the politically thorny reform comes with presidential and legislative elections…

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