The Editorial Team |

Ethiopia Mulls Potash Partner as Failed Deal Is Arbitrated

ADDIS ABABA ( Capital Markets in Africa) – Ethiopia is considering finding a new partner to develop a potash mine abandoned last year by Israel Chemicals Ltd., which has sought compensation at an arbitration court after accusing the government of failing to support the project. Several companies are interested in developing potash deposits in the country’s north-eastern Afar region, Mines Minister Motuma Mekassa said in an interview Wednesday in the capital, Addis Ababa. The government is eager…

South Africa Current-Account Gap Widens as Customs Payouts Rise

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JOHANNNESBURG (Capital Markets in Africa) – South Africa’s current-account deficit widened in the second quarter as the amount paid to the nation’s customs union partners increased. The shortfall on the current account, the broadest measure of trade in goods and services, increased to 2.4 percent of gross domestic product in the three months through June from a revised 2 percent in the previous quarter, the Reserve Bank said in its Quarterly Bulletin released on Thursday in the…

Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

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LAGOS (Capital Markets in Africa) – Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019. The initial public offering to raise as much as $1 billion had been scheduled for 2016 and was delayed because equity markets were not as “favorable as we would have liked,” Interswitch’s divisional chief executive officer for switching and processing, Akeem Lawal, said in an interview. “We will…

Bitcoin’s Power Needs Are Unbelievable and Uneconomic: Macro Man

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LAGOS (Capital Markets in Africa) – Are you a cranky skeptic of crypto-currencies and tired of adherents promising that Bitcoin can do everything from protecting your privacy to curing the common cold? Are you dubious that it’s as scalable as its prophets claim? Perhaps in this case, the Luddites are correct. A look at the resources required to power the blockchain suggests that crypto-currencies — at least in the guise of Bitcoin — can only…

Bitcoin’s Power Needs Are Unbelievable and Uneconomic: Macro Man

Posted on by The Editorial Team

Cameroon Seeks to Improve Cocoa Bean Quality After Declines

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YAOUNDE (Capital Markets in Africa) – Cameroon is taking steps to encourage farmers to grow better quality cocoa after a deterioration in last year’s crop resulted in lower prices for the country’s beans. About 90 percent of Cameroon’s cocoa exports in the season through July were classed as Grade 2, the second of three quality ratings for beans, according to Trade Minister Luc Magloire Atangana Mbarga. That compared with 97 percent previously and meant that Cameroonian…

Old Mutual Wealth to Absorb Some MiFID-Related Costs

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Wealth, a unit of Old Mutual Plc, said it will absorb some additional expenses when Europe’s MiFID II takes effect next year, though it hasn’t yet announced whether it will pass onto its clients the cost of external research for funds. “Absorbing costs is something we have to do and we already are,” Paul Feeney, chief executive officer of Old Mutual Wealth, said in an interview in Johannesburg on…

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