The Editorial Team |

Selected Capital Markets, Economic and Political News Around Africa

Ethiopia Devalues Birr by 15%, Increases Interest Rate: Ethiopia devalues birr by 15% from Oct. 11, Fana Broadcasting Corp. reports, citing National Bank of Ethiopia Deputy Governor Yohannes Ayalew. Dollar will exchange for 26.9303 birr. Drop in global commodity prices has hurt nation’s export earnings from coffee, oil seeds, leather, gold. Interest rate will increase to 7% from 5% Mozambique’s Zandamela Says FX Reserves, Exchange Rate Stable: The exchange rate of the Mozambican currency, the…

Swiss Secrecy Redux? Medieval Zug Bets on a Cryptocurrency Future

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LAGOS (Capital Markets in Africa) In May a devastating computer virus called WannaCry locked up the systems of carmakers, train operators, and even hospitals. The hackers demanded users pay to get their data back with the digital currency bitcoin. Some did, and when the cyber extortionists needed to swap tens of thousands of dollars worth of bitcoin in August, they turned toShapeShift, a digital currency exchange based in the lakeside town of Zug, Switzerland. Only part of the money…

Putin Is Said to Hold First Meeting on Cryptocurrency Rules

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LAGOS (Capital Markets in Africa) – President Vladimir Putin is holding his first meeting with his top finance officials on cryptocurrencies as a debate rages on regulation of the instruments, according to four people with knowledge of the plans. Bank of Russia Governor Elvira Nabiullina and Finance Minister Anton Siluanovare flying to Sochi to meet with the president and his economic aide, Andrey Belousov, Tuesday, the people said, asking not to be identified before the meeting. A firm decision on whether…

Mozambican Companies Criticized Over Debts Slam Kroll Audit

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MAPUTO (Capital Markets in Africa) – Three state-owned Mozambican companies whose government-guaranteed debts led the gas-rich nation to default have criticized an audit by Kroll LLC that questioned their actions in the scandal. The companies queried two key findings by Kroll, including that more than $500 million of debt remains unexplained, and said the entire maritime security project that the loans funded “was public from day one,” according to a letter from their lawyers, Alexandre…

McKinsey Offers to Repay Fee Billed to South Africa’s Eskom

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JOHANNESBURG (Capital Markets in Africa) – McKinsey & Co. said it is willing to repay consulting fees for work done for Eskom Holdings SOC Ltd. if a court finds that the state-owned South African power utility acted illegally when making the payments. Eskom last week said it will ask McKinsey to return 1 billion rand ($73 million) in unlawful payments and that Trillian Capital Partners refund it 564 million rand. Trillian was the so-called supply development…

Liberians Elect New President As Johnson Sirleaf Steps Down

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MONROVIA (Capital Markets in Africa) – Liberians vote Tuesday to choose a new legislature as well as a president to replace Nobel Peace Prize laureate Ellen Johnson Sirleaf from among 20 candidates who include a retired soccer star, a former warlord and a wealthy chicken farmer. Johnson Sirleaf, Africa’s first elected female president who’s governed the impoverished nation for 12 years, has thrown her support behind Vice President Joseph Boakai, 72. He’s the leader of the ruling Unity…

Mugabe Dents Deputy’s Leadership Bid in Zimbabwe Cabinet Change

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HARARE (Capital Markets in Africa) – Zimbabwean President Robert Mugabe replaced his finance minister in a cabinet reshuffle that weakened his vice president, who’s considered one of the main contenders to succeed him as leader of the southern African nation. Mugabe, 93, removed Patrick Chinamasa as finance minister, giving him a new cyber-security portfolio and stripped Vice President Emmerson Mnangagwa of his position as justice minister. Chinamasa was replaced by former Home Affairs Minister Ignatius Chombo, while the justice portfolio was given…

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