The Editorial Team |

North Korea Hackers Step Up Bitcoin Attacks Amid Sanctions

LAGOS (Capital Markets in Africa) – North Korea appears to be stepping up efforts to secure bitcoin and other cryptocurrencies, which could be used to avoid trade restrictions including new sanctions approved by the United Nations Security Council. Hackers from Kim Jong Un’s regime are increasing their attacks on cryptocurrency exchanges in South Korea and related sites, according to anew report from security researcher FireEye Inc. They also breached an English-language bitcoin news website and collected bitcoin ransom payments from…

Kuwait Says OPEC May Decide on Extending Cuts in March 2018

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LAGOS (Capital Markets in Africa) – OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018, Kuwait’s oil minister said. The Organization of Petroleum Exporting Countries will consider all its alternatives if the market doesn’t re-balance by the end of March when the cuts expire, Kuwait’s Oil Minister Issam Almarzooq said Wednesday at a…

Campaign for More Diamond Ads Wins Support From India’s Gem Hub

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LAGOS (Capital Markets in Africa) – The push for bigger diamond advertising campaigns and marketing to wealthy millennials has won support from a key part of the industry: India’s manufacturers and retailers. India’s Gem & Jewellery Export Promotion Council, which represents almost 6,000 diamond companies, has agreed to contribute $2 million to the Diamond Producers Association, a group designed to promote gems and backed by miners, according to executives from both organizations. India is the…

South Africa Central Bank Says Graft Ombudsman Met Zuma Lawyers

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JOHANNESBURG (Capital Markets in Africa) – The country’s graft ombudsman used a probe into an apartheid-era bailout of a lender to attack the South African Reserve Bank and didn’t disclose a meeting with lawyers in President Jacob Zuma’s office to discuss the investigation before its findings were released, the central bank said. Public Protector Busisiwe Mkhwebane instructed lawmakers in a June 19 report to amend the constitution to make the bank focus on the “socioeconomic well-being of the citizens”…

South Africa’s Richest Man Calls President Zuma’s Policy `Theft’

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s richest man Johann Rupert said “radical economic transformation,” the policy championed by the country’s President Jacob Zuma to reduce racial inequality, is no more than theft. “Radical economic transformation is just a code word for theft,” Rupert said on the sidelines of Richemont’s annual general meeting in Geneva on Wednesday. “That’s what’s happening there. They’re raiding the state’s coffers. And it’s public knowledge.” South Africa’s former graft ombudsman alleged in…

De Beers Is Said to Hire Leak Hunter to Probe Gem Data Breach

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JOHANNESBURG (Capital Markets in Africa) – The world’s biggest diamond producer hired an external investigator to find the source of possible leaks of its most sensitive price data, according to people familiar with the matter. De Beers hired investigators from KPMG International in South Africa to find the source of the leaks, according to the people, who asked not to be identified because the matter is private. The company suspected at least one employee sold…

Tunisia Eyes GDP Growth, Currency Reform, to Boost Economy

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TUNIS (Capital Markets in Africa) – Tunisia’s government is looking to double economic growth, slash its budget deficit and revise some currency restrictions in an effort to revive its struggling economy. Prime Minister Yousef El-Shahed told parliament the government seeks to raise economic growth to 5 percent in 2020 compared with an expected rate of 2.5 percent this year and would work to halve the budget deficit to 3 percent of gross domestic product by that…

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