The Editorial Team |

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

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…

Overstock Unit Starting an Exchange for Digital Coin Trading

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LAGOS (Capital Markets in Africa) – The digital token market may be about to become a little bit more like Wall Street. tZero, a subsidiary of online retailer Overstock.com Inc., is joining with Argon Group and RenGen LLC to form a digital tokens exchange that Overstock Chief Executive Officer Patrick Byrne said will be the first in compliance with Securities Exchange Commission and Financial Industry Regulatory Authority guidelines. There’s a pipeline of about $2 billion in digital assets…

Zuma Succession Fight May Spur ANC to Pick Compromise Leader

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LAGOS (Capital Markets in Africa) – As the battle to succeed South African President Jacob Zuma as leader of the African National Congress grows increasingly fractious, party Treasurer-General Zweli Mkhize is emerging as a possible compromise choice to keep the continent’s oldest political movement from tearing itself apart. While the race for the top job is widely seen as a head-to-head contest between Deputy President Cyril Ramaphosa and Nkosazana Dlamini-Zuma, the president’s ex-wife and former chairwoman of the African Union Commission, Mkhize, a 61-year-old…

What Is Bitcoin, How Does It Work And What Affects Its Price?

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LAGOS (Capital Markets in Africa) – Few technologies have the ability to stir passionate online debate and baffle the vast majority of the population as bitcoin. The virtual currency has been a constant source of interest and confusion since it thrust itself into the mainstream more than five years ago. But interest in bitcoin is now greater than ever. Its value has soared to above $4,000, a new high point, turning some people who hoarded…

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