The Editorial Team |

Moody’s downgrades IHS Netherlands rating to B2

LAGOS (Capital Markets in Africa) – Moody’s Investors Service, has today downgraded IHS Netherlands Holdco B.V.’s (IHS) corporate family rating (CFR) to B2 from B1. At the same time, IHS probability of default rating was downgraded to B2-PD from B1-PD. The company’s $800 million 9.5 % senior unsecured guaranteed notes due 2021 were downgraded to B1 from Ba3. The outlook on the ratings is stable. The downgrades follow Moody’s downgrade of Nigeria’s sovereign rating to…

Bitcoin dives below $7,000

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LAGOS (Capital Markets in Africa) – Bitcoin has been on a wild ride since a plan to help the red-hot coin scale was scraped. Backers of the so-called Segwit2x proposal were considering to split from bitcoin’s main blockchain network, but power-brokers behind the plan called off their support for the upgrade on Wednesday. That mean’s the network will remain intact — at least for now. Initially, the news sent bitcoin up near $7,900 per coin. Since then, however, it has tanked close to…

South Africa Central Bank Has Little Policy Space to Boost Growth

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JOHANNESBURG (Capital Markets in Africa) – South Africa has limited space for counter-cyclical monetary policy to support economic expansion because inflation risks have increased, central bank Governor Lesetja Kganyago said. The balance of risks for growth in consumer prices is “on the upside,” with the rand weakening against the dollar, a higher oil price, and a chance that power prices will increase, he said in an interview Friday in New York with Bloomberg TV. The Monetary Policy…

Analyst says 94% of bitcoin’s price movement over the past four years can be explained by one equation.

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LAGOS (Capital Markets in Africa) – Tom Lee, cofounder of FundStrat Global Advisors, is bullish on bitcoin and has a unique way of valuing the cryptocurrency. His short-term valuation model is built on Metcalfe’s law, and he says it can explain the vast majority of bitcoin’s volatility. He explained his reasoning to Business Insider on our cryptocurrency show, “the bit.” Metcalfe’s law basically says that the value of a network is proportional to the square of…

Bitcoin Is No Bubble, Says Investor With $213 Million Stake

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LAGOS (Capital Markets in Africa) – Tim Draper was walking through a pavilion at a tech conference in Lisbon on Tuesday when he was cornered by an entrepreneur touting a new digital currency. No sooner had the venture capitalist heard the pitch than he was approached by another guy hawking his own initial coin offering. Another followed, then another. It’s no mystery why cryptocurrency peddlers flocked to Draper. As founder of the Silicon Valley VC firm…

Guptas Accuse Regulator of Urging Banks to Shut Their Accounts

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JOHANNESBURG (Capital Markets in Africa) – A group of companies linked to South Africa’s politically connected Gupta family said the country’s banking regulator encouraged lenders to shut their accounts, broadening a battle to retain the last of their banking services. The 20 businesses, which are suing Bank of Baroda’s local unit to keep their accounts open, have now included Reserve Bank Governor Lesetja Kganyagoand the Registrar of Banks Kuben Naidoo, whose office sits in the central…

MTN Extends Gains After Nigeria Funds-Transfer Case Is Dropped

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. extended gains after Nigerian lawmakers ruled that allegations of illegal repatriation of almost $14 billion were unfounded and the wireless company hadn’t violated the law. There were no “proofs of collusion to contravene the foreign exchange laws,” a Senate investigative committee said in its report released on Wednesday in the capital, Abuja. “There was evidence of massive capital outflow but that alone is not conclusive that a…

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