The Editorial Team

South Africa’s Godongwana Faces Policy Tightrope in First Budget

JOHANNESBURG (Capital Markets in Africa) – Finance Minister Enoch Godongwana faces the challenge of presenting a clear strategy to revive South Africa’s torpid economy and return public finances to a sustainable path when he presents his first mid-term budget on Thursday. Key metrics in the spending plan for the next three years will benefit from windfall mining revenue and upward revisions to gross domestic product, with the budget deficit likely to narrow faster than previously expected. Still, the country…

Why the Low-Key Methane Pledge Is a Big Deal for the Climate

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LAGOS (Capital Markets in Africa) – As leaders at the United Nations climate summit in Glasgow, Scotland, thrash out how to rein in catastrophic levels of global warming, one of the most important deals is taking place on the sidelines. The Global Methane Pledge — a collective commitment to cut emissions of the potent greenhouse gas 30% by 2030 -– is signed by more than 80 countries so far, representing more than two-thirds of the…

Wall Street Is Amassing a Crypto Army and Paying Up for Recruits

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LAGOS (Capital Markets in Africa) – Wall Street leaders turned up their noses when Bitcoin exploded onto the scene more than a decade ago. Now they’re paying sweet premiums to crypto recruits, amassing an army of enthusiasts within the traditionally staid realm. Some of the biggest banks and financial firms have added about 1,000 crypto-related roles since 2018, according to Revelio Labs, which collects data by scraping LinkedIn. Among those hiring the most are JPMorgan Chase…

Crypto Advocates Call for Clarity Amid Climate Summit

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LAGOS (Capital Markets in Africa) – Digital-asset companies are pushing back against claims of excessive energy usage in the cryptocurrency sector as world leaders flock to Glasgow this week for key climate change talks. Global Digital Finance, whose members include industry juggernauts BitMEX, Coinbase Global Inc. and Crypto.com called for greater data transparency around issues of sustainability. The group published a report on Monday in an effort to set industrywide environmental goals amid…

The Shift From Eurodollar to SOFR: Everything You Need To Know

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LAGOS (Capital Markets in Africa) – The pace of transition in futures and options markets has sped up with total Secured Overnight Financing Rate (SOFR) exposure beyond 2023 rising quickly. The pace of the transition to the new U.S. interest rate benchmark, the Secured Overnight Financing Rate (SOFR), has picked up dramatically in recent months, with the additional impetus coming from July’s successful launch of the SOFR First initiative by U.S. regulator the Commodity Futures…

South African Ruling Party Faces Key Test in Municipal Vote

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party faces an uphill battle to regain control of key towns in Monday’s municipal elections, with widespread outrage over poor services and crumbling infrastructure. The election of councilors in the 278 municipalities is the first since President Cyril Ramaphosa won control of the African National Congress in 2017 and set about trying to rebuild support for the party, which plummeted during his predecessor Jacob Zuma’s scandal-marred rule.Opposition party coalitions…

Total’s Uganda Project to Help Create New Africa Oil Hub by 2025

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KAMPALA (Capital Markets in Africa) – Ugandan President Yoweri Museveni is counting on TotalEnergies SE and Cnooc Ltd. to produce oil from its fields in four years, laying the foundation for a new regional fuel hub. The East African nation expects to reach daily output of 230,000 barrels. While that’s much less than what Africa’s biggest producer, Nigeria, pumps, it will make Uganda bigger than some OPEC members on the continent. Output starting by 2025 was…

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