The Editorial Team |

In Nigerian `Cash-and-Carry’ Politics, Ambition Is Constant

LAGOS (Capital Markets in Africa) – At recent rallies of Nigeria’s ruling All Progressives Congress for next year’s general elections, the list of speakers is often dominated by former members of the opposition People’s Democratic Party who switched sides. Former ministers, two-term governors and other senior officials who served with the PDP during its 16-year rule take turns to denounce the “corruption and waste” of their erstwhile party while touting the virtues of President Muhammadu…

Iron Ore Imports Boom as China Mills Go Big Before Curbs End

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LAGOS (Capital Markets in Africa) – China’s just imported a gargantuan volume of iron ore. Shipments topped 100 million metric tons in January, the second-highest volume ever and a record for the month, as mills bought more cargoes amid expectations steel output will rebound when winter curbs are lifted. Purchases swelled to 100.3 million tons, 9.3 percent higher than a year ago, and well above the 84.1 million tons seen in December, according to customs data on Thursday. The…

Kenya Is Said to Pick Citi, JPMorgan to Advise on Eurobond Sale

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NAIROBI (Capital Markets in Africa) – Kenya mandated four banks including Citigroup Inc. and JPMorgan Chase & Co. to manage a sale of Eurobonds planned within the next two months, according to four people familiar with the plan. The ministry also chose Standard Chartered Bank Plc and Standard Bank Group’s Kenyan unit Stanbic Holdings to help with the sale, said the people, who asked not to be identified because the appointment hasn’t been made public…

Egyptian Billionaire’s Bank Seeks Acquisitions to Bolster Growth

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CAIRO (Capital Markets in Africa) – Beltone Financial Holding SAE, the Egyptian investment bank owned by billionaire Naguib Sawiris, is planning financial acquisitions to diversify the products it offers in frontier and emerging markets. “Beltone is in a very big growth mode,” Chief Executive Officer Bassem Azab said in an interview in Cairo. “We spent the past two years establishing and re-positioning ourselves in investment banking, asset management and brokerage. Now that we have our pillars reinforced on…

Kenya Deports Opposition Politician as Others’ Travel Barred

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NAIROBI (Capital Markets in Africa) – Kenyan authorities forced a key opposition backer to leave the country after his arrest triggered protests, as the state ordered other government opponents to surrender their passports. Miguna Miguna, an advocate and self-declared “general” of the opposition National Resistance Movement, left Kenya Tuesday, his lawyer Nelson Havi said by phone from Nairobi, the capital, on Wednesday. Miguna said by text message from Amsterdam he plans to challenge the deportation….

Egyptian Exchange EGX 30 Price Index Rises 1.7%; COMI EC Leads

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CAIRO (Capital Markets in Africa) – The Egyptian Exchange EGX 30 Price Index rose 1.7 percent to 14,972.94. The move was the biggest since rising 2.2 percent on Nov. 28 and follows the previous session’s decrease of 1.6 percent. The MSCI Emerging Markets Europe, Middle East and Africa Index advanced 1.2 percent. Commercial International Bank Egypt SAE contributed the most to the advance, rising 1.8 percent. Abou Kir Fertilizers & Chemical Industries increased 4.9 percent, the biggest gain. Telecom…

Bitcoin May Evolve Into What Everyone Fears, Mathematicians Say

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LAGOS (Capital Markets in Africa) – Prices of cryptocurrencies such as Bitcoin may never stabilize, and digital tokens risk simply ending up being the equivalent of Ponzi schemes. Using mathematical modelling and experimental economics, two University of Pittsburgh researchers tried to determine Bitcoin’s value, and concluded that it’s “an asset which has no value by traditional measures” and may be in a bubble. Its price is largely driven by the opinion of fringe buyers, often holding erroneous…

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