The Editorial Team |

Death Threats, Split Authority Said to Endanger Kenyan Vote

NAIROBI (Capital Markets in Africa) – Death threats to top members of Kenya’s divided electoral body are endangering preparations for a rerun of last month’s annulled presidential election, a senior official at the authority said. The relatives of one administrator at the Independent Electoral & Boundaries Commission fled the country after their lives were threatened, while Chairman Wafula Chebukati made additional security arrangements for his family, said the official, who asked not to be identified…

KPMG Slammed by South Africa’s Pravin Gordhan on Tax Report

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JOHANNESBURG (Capital Markets in Africa) – Pravin Gordhan, who was ousted from his post as South Africa’s finance minister in March, slammed KPMG LLP after it withdrew the findings of a report on the country’s tax agency that was used as evidence in a police probe against him and led to the removal of senior staff. The auditing firm said on Friday that its conclusions and recommendations in a report for the South African Revenue Service about a unit that allegedly…

Bitcoin’s Biggest Challenge? Too Many Americans Think It’s Illegal to Own

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LAGOS (Capital Markets in Africa) – About 11% of respondents in a recent survey said owning bitcoin was breaking the law and close to half weren’t sure if it’s legal or not. Although 78.6% of Americans have heard of bitcoin, close to 11% think the cryptocurrency is illegal and 48% aren’t sure of its legality, according to new data from a LendEDU survey of 1,000 people. Bitcoin is, in fact, completely legal to own. But…

Global Central Banks Can’t Ignore the Bitcoin Boom, BIS Says

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LAGOS (Capital Markets in Africa) – The world’s central banks can’t ignore the growth in cryptocurrencies and may at some point have to consider whether it makes sense for them to issue their own digital currencies, according to the Bank for International Settlements. “Whether or not a central bank should provide a digital alternative to cash is most pressing in countries, such as Sweden, where cash usage is rapidly declining,” the BIS said in its quarterly review….

Rand Merchant Bank Report shows South Africa Drops Position, Nigeria Not Among the Top 10.

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JOHANNESBURG (Capital Markets in Africa) – One of the most important findings of Rand Merchant Bank’s (RMB) seventh edition of Where to Invest in Africa is that the African continent could find itself hovering on the brink of disaster if it continues to depend on its current economic fundamentals and does not usher in economic diversification. Where to Invest in Africa 2018 highlights those countries which have understood the need to adapt to the prolonged slowdown in commodity…

Kenyan Politics Limbo Hinders Central Bank on Currency Risk

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NAIROBI (Capital Markets in Africa) – On Monday, Kenya’s central bank may have little choice but to do what the rest of the country is stuck with: waiting for a rerun of its presidential election. With political limbo reigning since the Supreme Court’s annulment of the previous attempt at a national vote on Aug. 8, officials are left contemplating the effects of prolonged uncertainty on an economy that also faces slowing growth and persistent inflation….

Dangote Cement Approaches South Africa’s PPC About Takeover

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc has approached PPC Ltd. about a takeover deal, signalling the start of a possible bidding war for South Africa’s biggest cement maker after an earlier offer led by Canada’s Fairfax Financial Holdings Ltd. Dangote has told PPC’s board that it’s interested in buying “the entire share capital,” the Lagos-based company said late Wednesday in a statement to the Nigerian Stock Exchange. “This communication is still at the preliminary…

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