The Editorial Team

Africrypt Investors Push Charges Despite Mystery Payouts

JOHANNESBURG (Capital Markets in Africa) – A group of Bitcoin investors are pushing for criminal charges against individuals who run a cryptocurrency platform in South Africa suspected to have been fraudulent, in a case that might prove challenging to prosecute. The investors are seeking the arrest of brothers Raees and Ameer Cajee, age 21 and 18, who operated the company, but haven’t been seen publicly since the scandal broke. That’s even after a mystery benefactor…

Ethiopia | Scores Killed in Air Strikes in Northern Ethiopia Since October

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ADISS ABABA (Capital Markets in Africa) – At least 143 people have been killed and 213 wounded in air strikes in Ethiopia’s northern Tigray region since October last year, according to aid agencies. Civil war has been raging in Ethiopia for the past 14 months, pitting Prime Minister Abiy Ahmed’s federal forces against dissident troops loyal to the Tigrayan People’s Liberation Front. The conflict has swung in Abiy’s favor over recent weeks, with the Tigrayans retreating…

U.K. Refuses to Rule Out Tougher Covid Rules by Christmas

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Health Secretary Sajid Javid declined to rule out stronger U.K. Covid-19 rules before Christmas after the nation’s top health advisers urged greater limits to contain infections they estimate are running in the hundreds of thousands per day. “It’s time to be more cautious: we know this thing is spreading more rapidly,” Javid told BBC News on Sunday.When asked whether he could guarantee a so-called circuit-breaker lockdown wouldn’t be imposed within days, he replied: “There are…

StanChart Hit With $61 Million Fine After Spreadsheet Error

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LONDON (Capital Markets in Africa) – Standard Chartered Plc has been handed a record fine by the U.K.’s top banking regulator after a spreadsheet error resulted in the emerging markets-focused lender overestimating its access to U.S. dollar funding.The Bank of England’s Prudential Regulatory Authority imposed a 46.6 million pound ($61 million) penalty on the lender for five reporting errors between March 2018 and May 2019, according to a statement Monday. That was compounded in one case by…

Lockdowns Delay London’s Brexit Banker Departures, EY Says

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LONDON (Capital Markets in Africa) – The difficulties of relocating staff during a pandemic has postponed some finance jobs from moving out of London and into the European Union, according to EY. “Travel restrictions over the last two years have challenged the practicalities of relocation,” said Omar Ali, head of financial services for Europe, the Middle East, India and Africa at EY. “Depending on the trajectory of the omicron variant and its impact on international…

Elon Musk Says He’ll Pay Over $11 Billion in Taxes This Year

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NEW YORK (Capital Markets in Africa) – Elon Musk, the world’s richest person and chief executive officer of Tesla Inc., said on Twitter that he’ll pay more than $11 billion in taxes this year, an amount that could constitute a record payment to the U.S. Internal Revenue Service. For those wondering, I will pay over $11 billion in taxes this year The billionaire may face a tax bill of more than $10 billion for 2021 if he…

Nigerian Startup Raises $31 Million to Deploy Electric Vehicles

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LAGOS (Capital Markets in Africa) – Metro Africa Xpress Inc., a Nigerian transport startup, has raised $31 million to expand its operations and deploy electric vehicles and charging infrastructure across Africa. The capital raise was led by Lightrock and Global Ventures, a UAE-based international venture capital firm. Max, as the startup is known, plans to expand to Egypt and Ghana in early 2022 before moving to other parts of the continent. “It is another…

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