The Editorial Team |

Egyptian Billionaire’s Bank Seeks Acquisitions to Bolster Growth

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…

Bitcoin Above $8,000 After Regulators Spare Toughest Reprisals

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LAGOS (Capital Markets in Africa) – Bitcoin is marching toward its second day of gains as traders showed relief over comments Tuesday by U.S. securities regulators, who called for greater oversight of cryptocurrencies without proposing industry-killing measures. The largest digital token headed to its first back-to-back increase in almost two weeks, rising 4.4 percent to $8,107 by 10:49 a.m. in New York, after earlier rising above $8,600 for the first time this week, according to prices compiled by Bloomberg….

Zuma Exit Appears Step Closer as ANC Holds Transition Talks

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JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma appeared a step closer to resigning as he held crunch negotiations on the terms of his exit with the new leader of the ruling African National Congress, Cyril Ramaphosa. The talks prompted the ANC’s National Executive Committee, its top decision-making body, to postpone a special meeting called for Wednesday to decide whether to force Zuma from office. Ramaphosa said the talks about the transition of power would…

Zimbabwe Opposition Leader’s Cancer Is Said to Worsen

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HARARE (Capital Markets in Africa) – The health of Zimbabwe’s main opposition leader, Morgan Tsvangirai, has worsened with his cancer having appeared to have spread and his immediate family have been called to a hospital in South Africa, a senior party official said. Tsvangirai, 65, a former labor union leader, opposed former Zimbabwean President Robert Mugabe in every election since 2000 and won a first round presidential vote in 2008 before backing out of the second round, citing…

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