The Editorial Team |

Buffett Elevates Abel or Jain as Likely Successor With New Roles

LAGOS (Capital Markets in Africa) – Warren Buffett finally confirmed what many investors have already guessed about who will succeed him as chief executive officer of Berkshire Hathaway Inc., the sprawling conglomerate he’s built over the past five decades. In naming two senior executives — Ajit Jain and Greg Abel — to the company’s board and giving them each responsibility for large swaths of Berkshire’s businesses, he positioned one of the two men to probably be his replacement. “It’s part…

Nigeria SE Rises 2.2% to 41,241.55; Guaranty Trust Leads Advance

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LAGOS (Capital Markets in Africa) – The Nigerian Stock Exchange Main-Board Index rose for the fifth day, climbing 2.2 percent, or 878.58 to 41,241.55. The index advanced to the highest level in at least a year. The MSCI Emerging Markets Europe, Middle East and Africa Index declined 1 percent. Guaranty Trust Bank Plc contributed the most to the advance, rising 5 percent. Dangote Flour Mills Plc increased 10 percent, the biggest gain. Newrest Asl Nigeria Plc fell 4.9 percent,…

Egyptian Financial & Industrial Rises 5%; Trading Volume Surges

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CAIRO (Capital Markets in Africa) – Egyptian Financial & Industrial Co. rose 4.6 percent, the biggest gain since Oct. 8, 2017 compared with end-of-day price changes and 30 times the country’s benchmark index. The shares climbed to EGP 18.10 from EGP 17.31. Trading volume was almost seven times the 30-day average of 132,061 for this time of day. Egyptian Financial & Industrial’s move compares with little change in the Egyptian Exchange EGX 30 Price Index, which was up 0.15…

Zuma Is Said to Allow Gupta Probe in Bid to Keep Job

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JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma agreed to the appointment of a commission to probe allegations that his son’s business partners had exerted undue influence over state decisions, a move aimed at defusing calls for him to step down immediately, three ruling-party officials with knowledge of the matter said. The rand fell. Zuma, 75, announced the formation of the commission late Tuesday, two days after he agreed to the probe in a…

Activity Expands in African Economies as Stability Boosts Demand

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LAGOS (Capital Markets in Africa) – Business activity in some of sub-Saharan Africa’s biggest economies is expanding due to increased demand and the return of political stability. Purchasing Managers Indexes published on Thursday showed expansion in companies in Nigeria, Kenya, Ghana, Uganda and Zambia in December. In South Africa, the continent’s most-industrialized economy, the index fell and remained below the neutral mark of 50 for the fifth straight month as the fiscal outlook remains challenging and…

Zuma Is Said to Face Ouster Bid at South African ANC Meeting

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JOHANNESBURG (Capital Markets in Africa) – South African President Jacob Zuma will face a fresh bid to force him from office when the ruling African National Congress’s top leadership meets this week for the first time since he relinquished control of the party to his deputy Cyril Ramaphosa. A proposal to order Zuma to step down before his term ends in 2019 will be discussed at a Wednesday meeting of the party’s National Executive Committee in the southern…

Bitcoin Is Teaching Libertarians Everything They Don’t Know About Economics

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LAGOS (Capital Markets in Africa) – Bitcoin changes prices too quickly to be a currency and processes transactions too slowly to be a payments system, but it is juuust right for teaching libertarians everything they don’t know about economics. Not that they’re paying attention. If you listen to bitcoin’s biggest backers, it’s supposed to be our gleaming future, one where we can make money just by holding it, move it anywhere in the world for…

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