The Editorial Team |

Bitcoin’s Rivals Multiply Amid Battle for Crypto Dominance

LAGOS (Capital Markets in Africa) – It’s getting tougher and tougher to keep track of all the different versions of bitcoin. New iterations of the cryptocurrency are multiplying as disagreements over bitcoin’s design persist and opportunities for making a quick buck prove hard to pass up. The biggest offshoot, called bitcoin cash, appeared in August after a so-called hard fork in the bitcoin blockchain. That spinoff, currently valued at $18 billion, was followed by a less successful…

Congo’s Electoral Body Says Vote Schedule Depends on Funding

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KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s international partners must provide urgent financial support for the country’s electoral process so that delayed polls can take place next December, the head of the electoral authority said. “What I will advise our partners is either they want to finance it and we kick this off, or they don’t want to finance it,” Independent Electoral Commission President Corneille Nangaa said in an interview Tuesday…

Nigeria to Meet New York Investors to Sell Longest-Dated Bonds

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LAGOS (Capital Markets in Africa) – Nigeria is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet. The government mandated Citigroup Inc. and Standard Chartered Plc to arrange a 10- and 30-year transaction, according to a person familiar with the matter, who isn’t authorized to speak publicly. Nigerian officials will hold conference calls today, before meeting investors in London on Thursday and in New York on Friday,…

Zimbabwe Equities Are Almost More Bitcoin Than Bitcoin: Gadfly

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HARARE (Capital Markets in Africa) – The political turmoil isn’t a prelude to a buying opportunity. Look before you leap. Zimbabwe’s political shake-up isn’t exactly the first step on the road to investment. A jump of 390 percent year-to-date in the benchmark Zimbabwe Industrial Index, which has a market capitalization of $14.5 billion and excludes mining companies, looks fabulous news for frontier funds invested in what used to be called Africa’s bread-basket. It’s held on to those…

Kenya Stares at Bleak 2018 Outlook in Vote Mess Aftermath

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NAIROBI (Capital Markets in Africa) – Kenya is facing an economic storm in 2018 in the aftermath of two disputed elections. Saddled with the triple threat of austerity measures to pay for those votes, slowing credit growth and new accounting rules for banks, Kenya now risks missing the government’s forecast for 6 percent economic growth next year, according to lenders including Nairobi-based Stanbic Bank Kenya Ltd. Investec Bank Ltd. strategist Chris Becker says expansion could slow to as…

Zimbabwe Stocks Fall on Coup as Companies Stay on High Alert

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HARARE (Capital Markets in Africa) – Zimbabwean stocks fell the most in two months after the army seized control of the country, prompting shoppers to shun the main retail areas in the capital Harare, and Nedbank Group Ltd. to send some of its staff back to South Africa. The country’s benchmark index slid 1.3 percent, the biggest drop since Sept. 19, led by a 20 percent decline in clothing retailer Edgars Stores Zimbabwe, and financial services…

Angola New President Fires Dos Santos Daughter as Sonangol Boss

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LUANDA (Capital Markets in Africa) – Angolan President Joao Lourenco dismissed Isabel dos Santos, the daughter of former President Jose Eduardo dos Santos, as chair of state-owned oil company Sonangol. Dos Santos, Africa’s richest woman, was relieved of her post along with the entire board of Sonangol, according to a presidential statement. She will be replaced by Carlos Saturnino, who was fired from Sonangol by Dos Santos last year. Saturnino was recently appointed the secretary of…

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