The Editorial Team |

HSBC Said to Be Focus of Criminal Probe Sought by U.K. Lawmaker

JOHANNESBURG (Capital Markets in Africa) – HSBC Holdings Plc is the unnamed bank that is the focus of a senior British lawmaker’s demand for a criminal probe into a relationship with South Africa’s Gupta family, according to two people with knowledge of the allegations. Peter Hain, a Labour Party member of the House of Lords, asked the authorities to investigate a U.K. bank for “possible criminal complicity,” after it allegedly failed to take action on…

Rio Tinto Says Africa Key to Growth Even After Costly Missteps

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MAPUTO (Capital Markets in Africa) – Rio Tinto Group said resource-rich Africa is still central to the company’s growth strategy despite a succession of failed investments and scandals in the last 10 years. The continent will expand its production and consumption of metals over the next decades as the economy grows and becomes more industrial, Bold Baatar, Rio’s chief executive of energy and minerals, said in a speech at Bloomberg Intelligence’s LME Week Forum in London….

Argentina’s Biggest Futures Market Plans to Join Bitcoin Party

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LAGOS (Capital Markets in Africa) – Argentina, one of the fastest nations to adopt bitcoin, wants to stay at the forefront of the cryptocurrency market. The most important futures market in the country, the Mercado de Termino de Rosario, known as Rofex, is considering offering services for investors in digital currencies. Conversations, which started six months ago, and preliminary drafts include offering custody services for the digital asset and the possibility for clients to use bitcoin…

Bitcoin Is `Very Definition’ of a Bubble, Credit Suisse CEO Says

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LAGOS (Capital Markets in Africa) – The speculation around bitcoin is the “very definition of a bubble,” Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said as the currency exceeded $7,000 for the first time. Bankers are steering clear of bitcoin out of concern that criminals could use its anonymity to hide their activities, he said Thursday at a news conference in Zurich. “Most banks in the current state of regulation have little or no appetite to get…

MTN Focused on Preparing for Nigerian Unit IPO in Six Months

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, Chief Executive Officer Rob Shuter said. “We have a lot of advisers running around getting everything ready,” he said in an interview with Bloomberg TV on Wednesday. “It’s a complicated process and there’s a lot of regulation that needs to be arranged. We are…

Old Mutual to Retain 19.9% Nedbank Stake After Splitting Units

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JOHANNESBUG (Capital Markets in Africa) – Old Mutual Plc, the London insurer splitting into four separate units, said a South African holding company it is setting up will retain a 19.9 percent stake in Nedbank Group Ltd. Old Mutual Ltd. will remain a minority shareholder in South Africa’s fourth-largest lender “as a foundation for the continued strategic relationship between the two entities,” Old Mutual said in a statement on Wednesday. OML will have a primary…

Liberia Court Halts Run-Off Election to Hear Fraud Charges

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MONROVIA (Capital Markets in Africa) – Liberia’s Supreme Court halted next week’s presidential run-off vote to hear a challenge brought by a first-round losing candidate that the election was marred by fraud. The court issued a stay order for the Nov. 7 poll and will consider the complaint filed by the Liberty Party on Thursday, according to a writ issued on Wednesday. The Liberty Party lodged the objection and called for a rerun after its candidate,…

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