The Editorial Team |

South Africa’s Economic Heartland Backs Ramaphosa in ANC Race

JOHANNESBURG (Capital Markets in Africa) – South African Deputy President Cyril Ramaphosa won the backing of African National Congress members in the nation’s economic heartland and extended his early lead in the nomination process to succeed President Jacob Zuma as head of the ruling party this month. Ramaphosa won the endorsement for the ANC presidency from 374 branches in Gauteng, tallies released Saturday at a party meeting in Pretoria, the capital, show. That’s the fourth province to back him. His…

Rio Tinto Picks Thompson for Chairman as Investors Seek Discipline

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JOHANNESBURG (Capital Markets in Africa) – Rio Tinto Group named industry veteran Simon Thompsonas chairman after shareholders rejected a plan to install a renowned dealmaker — reinforcing an industry-wide investor drive for higher returns and caution over project spending. Thompson, 58, a Rio director since 2014 and previously an executive director at Anglo American Plc, will succeed Jan du Plessis from March 5, London-based Rio said Monday in a statement. Du Plessis, who’s held the post since 2009, is stepping down after taking up…

Bitcoin Job Postings Are Surging on LinkedIn as Price Soars

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LONDON (Capital Markets in Africa) – Bitcoin-related job postings as a proportion of total listings on LinkedIn jumped more than nine fold in the financial services industry over the past three years and 4.6 times in the software technology industry, according to data from the career-oriented social network. While the number of listings within financial services is growing faster, the majority of crypto-related jobs — 70 percent — are still tied to software development. And as bitcoin’s…

Angola Plans to Open Up Telecoms Industry to Foreign Bidders

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LUANDA (Capital Markets in Africa) – Angola plans to sell a minority stake in a state-owned telecommunications provider and hold an auction for a fourth industry operator as new President Joao Lourenco shakes up the business environment and reduces the influence of his predecessor’s family. The government of the oil-rich west African country has received several expressions of interest from local and foreign investors in the new telecommunications license, state-owned news agency Angop said, citing the country’s…

Bitcoin Heads to Wall Street Whether Regulators Are Ready or Not

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LAGOS (Capital Markets in Africa) – Two U.S. exchanges, including the parent of the venerable Chicago Mercantile Exchange, are racing to embrace bitcoin, dragging federal regulators into a realm skeptics call a fad and fraud. The development shows how some big financial players are moving to co-opt the volatile cryptocurrency and lure more mainstream investors into the market, even before regulators have agreed on just what bitcoin is. CME Group Inc.’s contracts will debut Dec. 18. Cboe…

The Cobalt Crunch for Electric Cars Could Be Solved in Suburbia

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KINSHASA (Capital Markets in Africa) – Almost 9,000 miles from the dusty Congo savanna, miners have hit on an entirely new source of cobalt — the rare mineral at the heart of the electric-car boom. And not only can they take coffee breaks, when they take a break, they can grab a donut at Tim Hortons. Scientists working for American Manganese Inc., located in the suburbs of Vancouver, have developed a way to produce enough…

Angola Raises Key Rate to Record-High 18% on Inflation Concerns

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LUANDA (Capital Markets in Africa) – Angola’s central bank raised its benchmark interest rate to a record 18 percent as it seeks to counter inflation and support the kwanza. The key rate was increased from 16 percent, Luanda-based Banco Nacional de Angola said on Thursday after a meeting of the monetary policy committee. “The bank paid particular attention to the evolution of prices in the economy, having observed an acceleration in inflation,” the MPC said in a…

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