The Editorial Team |

Oil Trades Near Three-Year High as OPEC Members Reassure on Cuts

LAGOS (Capital Markets in Africa) – Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers for OPEC-led output cuts to continue, despite recent price gains. Futures were little changed in New York after rising 4.7 percent last week. The production curbs have contributed to stability in the market and should remain, Iraqi Oil Minister Jabbar al-Luaibi said Saturday. Yet Brent crude at $70 a…

Digital Signage for Businesses: Is It a Worthy Investment?

Posted on by The Editorial Team

In the world of business promotion, what matters most is the promptness, clarity and attractiveness of the message that is being relayed to the target market. Over the years, many forms of signage have been used by businesses to get their messages to potential customers. For instance, over the past centuries, several decades ago and even now, wooden boards and vinyl banners have been used. However, they have had major shortcomings in getting the message…

Why South Africa’s Steinhoff Could Be Next Enron: QuickTake Q&A

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JOHANNESBURG (Capital Markets in Africa) – It could wind up being South Africa’s version of the Enron accounting scandal. Furniture retailer Steinhoff International Holdings NVcaptivated investors by growing into a global force, latterly under its former chairman, billionaire Christo Wiese. Now it’s drawing attention for all the wrong reasons. Shares in Steinhoff crashed 80 percent in two days after the company reported accounting irregularities. Wiese stepped down, Chief Executive Officer Markus Jooste resigned and the company is looking for leniency…

Drug-Deal Bitcoins Lead to $940,000 Gain for Berlin Prosecutors

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LAGOS (Capital Markets in Africa) – Crime may not always pay for criminals, but fighting it does sometimes. Berlin prosecutors are about to make 774,000 euros ($940,000) on 64 bitcoins they seized in drug deal in April of last year. When they froze the funds last year, bitcoins changed hands for $1,348 a piece, according to a composite of prices compiled by Bloomberg. On Friday, they were worth 10 times as much, trading at $13,755. The prosecutors estimate their…

Tanzania’s Tough Stance on Banks to Stoke Consolidation: Moody’s

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DAR ES SALAAM (Capital Markets in Africa) – Central bank’s revocation of five lenders’s licenses and their subsequent liquidation last week signals willingness to let ailing banks fail, which will lead to industry consolidation and smaller number of larger, stronger banks, Moody’s Investors Service says in an emailed note. Move will lead to struggling small banks merging with each other, being acquired by larger competitors or finding strategic shareholders Contagion risks remain for smaller lenders…

Mnuchin Says U.S. Wants G-20 Crackdown on Bitcoin Secrecy

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LAGOS (Capital Markets in Africa) – U.S. Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account. Speaking to the Economic Club of Washington on Friday, he said wants to ensure “bad people cannot use these currencies to do bad things.” Under U.S. law, “if you have a wallet to own bitcoins, that company has the…

Tanzanian Probe Finds Airtel Unit Was Privatized Illegally

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DAR ES SALAAM (Capital Markets in Africa) – A Tanzanian probe found that the local unit of Indian mobile-phone company Bharti Airtel Ltd. was originally transferred from the state illegally and the government will start talks to retake what it says is its rightful share of the business. The investigation discovered that the initial privatization of Tanzania Telecommunications Corp. “broke the law, regulations and procedure,” according to a statement from President John Magufuli’s office that quoted Finance Minister Philip…

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