The Editorial Team |

Kenyan Vote Body to Meet Presidential Candidates Over Impasse

NAIROBI (Capital Markets in Africa) – Kenya’s electoral commission plans to hold talks with the candidates for this month’s presidential-election rerun as it attempts to resolve an impasse over how the vote will be handled. “We look forward to meeting with the presidential candidates today,” the Independent Electoral & Boundaries Commission said in a statement Tuesday on its Twitter account. “We hope to create a common understanding” on the October 26 election. Former Prime Minister Raila…

U.S.’s Top Financial Cop Warns ICO Market Probably Full of Fraud

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LAGOS (Capital Markets in Africa) – Wall Street’s top regulator has a warning for mom-and-pop investors who are rushing into the booming market for initial coin offerings: the space is probably full of fraud. “It would shock me if you don’t see pump-and-dump schemes in the initial coin offering space,” U.S. Securities and Exchange Commission Chairman Jay Clayton said on Thursday in Washington. “This is an area where I’m concerned about what’s going to happen to retail…

Bitcoin `More Than Just a Fad,’ Morgan Stanley CEO Gorman Says

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LAGOS (Capital Markets in Africa) – Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs. Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting…

Michael Ove, A 31-Year-Old Wants to Revolutionize Cryptocurrency Trading

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LAGOS (Capital Markets in Africa) – Michael Oved helped Virtu Financial Incorporation become the most consistently profitable market maker in the history of electronic trading. Now he has his sights set on revolutionizing how digital currency exchanges operate. The new company he cofounded, AirSwap, sounds like a contradiction in terms: A decentralized exchange. Made possible by the nascent technology of the ethereum blockchain, there’s no central authority around which buyers and sellers gather. Instead, a computer program known as…

Naspers Buys $775 Million Stake in German Online Food Group

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JOHANESBURG (Capital Markets in Africa) – Naspers Ltd. agreed to pay 660 million euros ($778 million) to boost its stake in Germany’s Delivery Hero AG as Africa’s biggest company increases its exposure to the online food-delivery market. The Cape Town-based media and technology business will buy stock from Rocket Internet SE at 29.50 euros a share, it said in a statement on Thursday. That’s a discount of 12 percent based on Wednesday’s closing price, making the South African company the…

Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End

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LAGOS (Capital Markets in Africa) – Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office. Yields on existing bonds rose to the highest in two months. The new offers would bring the amount raised through Eurobond sales by Africa’s most-populous nation this year to more than $7 billion as President Muhammadu Buhari’s administration restructures its…

Kenya’s Vote Rerun Plans Set Back as Opposition Quits Talks

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NAIROBI (Capital Markets in Africa) – Kenya’s main opposition coalition walked out of negotiations on how a rerun of last month’s annulled presidential election will be managed and threatened street protests, setting back preparations for the Oct. 26 ballot. The officials quit the talks because of plans by the ruling Jubilee Party to remove powers from the Independent Electoral & Boundaries Commission, James Orengo, a senator for the opposition National Super Alliance, told reporters Thursday…

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