The Editorial Team |

Biggest Gem Found in a Century Finally Sells for $53 Million

GABORONE (Capital Markets in Africa) – Size isn’t everything in the diamond market, especially for the biggest gem found in more than a century and which took more than a year to sell. Lucara Diamond Corporation finally sold the 1,109-carat Lesedi La Rona diamond for $53 million, or $47,777 a carat, on Monday to Graff Diamonds, Vancouver-based Lucara said in a statement. While it’s significantly bigger than the 813-carat Constellation stone Lucara found at the same time, that stone sold for a…

Angola Gets New Leader After 38 Years as Lourenco Sworn in

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Joao Lourenco was sworn in as president of Angola in a ceremony marking the first leadership change in almost four decades in sub-Saharan Africa’s second-biggest oil producer. The 63-year-old former defence minister takes over from Jose Eduardo dos Santos, who steps down after 38 years in office but will continue to lead the ruling Popular Movement for the Liberation of Angola until next year. The MPLA won 61 percent of…

Top Bond Guru Pulls Back From Brazil and Heads to Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – One of the top investors in emerging-market bonds is putting his money in Africa. Stone Harbor Investment Partners’s Jim Craige, who manages the world’s best-performing fund this year, is buying dollar-denominated debt from Angola, Ghana, Gabon, Ivory Coast and Zambia, while paring holdings from Brazil and Mexico. He says sub-Saharan countries were unfairly punished in 2016 and now present the best value in developing nations. After a multi-year rally sent…

China’s Rise Will Change How Investors View Riskiest Markets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – China’s Belt and Road initiative will provide a boon for frontier markets, but investors should probably do their homework before following Beijing’s money trail. Funding channelled as part of the Chinese-style globalization drive typically doesn’t come with expectations for reform, like aid provided by multilateral lenders. That means access to Chinese funds could see countries delay engaging with the International Monetary Fund for rescue packages, says Hasnain Malik, the…

Mugabe’s New Round of Money Printing Traps Mobius in Zimbabwe

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Robert Mugabe’s latest economic experiment is making Zimbabwe’s stocks the world’s best performers for all the wrong reasons. And there’s little foreign investors like Franklin Templeton, JPMorgan Chase & Co. and Allan Gray can do to escape: it’s practically impossible for them to pull out their money. Economic chaos has been a regular feature of investing under Mugabe’s 37-year reign because he frequently blindsides markets with policies that have devastating…

Novogratz Set for Return With Hedge Fund Riding Bitcoin `Bubble’

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Mike Novogratz is reinventing himself as the king of bitcoin. The swaggering macro manager who flamed out at Fortress Investment Group LLC is starting a $500 million hedge fund to invest in cryptocurrencies, initial coin offerings and related companies. Novogratz will put up $150 million of his own money and plans to raise $350 million more by January, mainly from family offices, wealthy individuals and fellow hedge fund managers, said a person…

Bitcoin and Copper in Lockstep Show Chinese Speculators’ Power

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Copper and bitcoin don’t obviously have much in common. One is an industrial metal, mined by giant trucks and used in everything from computer chips to plumbing tubes, the other a cryptocurrency that’s ’mined’ only in a virtual sense. Yet the two have been moving in near unison for the past two months. Bitcoin and copper both rallied strongly from mid-July to early September. Then when bitcoin tumbled as…

« 1 … 636 637 638 639 640 … 1,076 »