The Editorial Team |

Nigeria Seeks to Boost Mining Reserves to Lure Investors

LAGOS (Capital Markets in Africa) – Nigeria plans to spend 15 billion naira ($42 million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. “Because we are starting from a low base, we want to have a portfolio of exploration activities in place that could whet the appetite of the average investor who wants to come in,” Fayemi said in…

Liberia Vice President, Ex-Football Star Head to Runoff Vote

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MONROVIA (Capital Markets in Africa) – Liberia’s soccer star turned politician George Weah and Vice President Joseph Boakai will face each other in a runoff vote for the presidency next month after neither candidate secured a majority needed for an outright win. Weah had 38.4 percent of the votes in the Oct. 10 election, while Boakai got 28.8 percent with all ballots counted, Jerome Korkoya, chairman of the National Elections Commission, told reporters on Thursday in the capital, Monrovia….

South Africa’s Rand Slumps as Ramaphosa Speculation Raises Risks

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JOHANNESBUR (Capital Markets in Africa)- South Africa’s rand led emerging-market currency declines against the dollar amid speculation that President Jacob Zuma is preparing to fire his deputy Cyril Ramaphosa days after removing another critic from his cabinet. The rand dropped as much as 1.3 percent and traded 1.1 percent weaker at 13.6309 per dollar by 9:37 a.m. in Johannesburg, bringing its slump this week to 2.7 percent, the most since the five days ending Aug….

Moody’s Sees Angola as No-Go Zone for U.S. Banks as Risks Remain

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LUANDA (Capital Markets in Africa) – Angola is still a long way off from tempting U.S. banks into resuming dollar-clearing services despite making progress in combating money laundering, according to Moody’s Investors Service. “American banks are unlikely to come back to Angola anytime soon,” Akin Majekodunmi, a London-based senior analyst at Moody’s, said in an interview on Wednesday. “This industry, if you like, doesn’t make much commercial sense for them anymore.” Bank of America Corp….

One of the Biggest ICOs Plummets as Manager Spat Heats Up

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LAGOS (Capital Markets in Africa) – Tezos, the startup which raised $232 million in a July initial coin offering, plunged on derivative exchanges after revealing a management spat and little progress in developing its product. Derivatives on Tezos tokens fell as much as 31 percent, according to exchange HitBTC. On BitMEX, December futures on the tokens plunged 58 percent as traders unwound bets the project would be launched before the end of the year. The…

BOE’s November Rate Hike Isn’t Set in Stone After Crunch Week

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LONDON (Capital Markets in Africa) – After a crucial week for the Bank of England, a November interest-rate increase no longer looks like a sure thing. Inflation may have hit 3 percent, but for some policymakers at the central bank, the domestic price pressures that justify raising now aren’t there. That view was backed up by data Wednesday that showed wage growth slowing. Dave Ramsden, the Monetary Policy Committee’s newest member, had said a day earlier that…

Daimler Profit Falls as Mercedes Stumbles on Diesel Costs

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LAGOS (Capital Markets in Africa) – Daimler AG’s profit slumped 14 percent in the third quarter as earnings at the Mercedes-Benz cars division dropped on costs to fix the emissions systems of older diesel cars. Earnings before interest and taxes declined to 3.46 billion euros ($4.1 billion) from 4.04 billion euros a year earlier, the Stuttgart, Germany-based manufacturer said Friday in a statement. As the company flagged in advance of the report, Mercedes booked 453 million euros in…

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