The Editorial Team |

Cryptocurrencies Are New Barbarians at the Gate of Central Banks

LAGOS (Capital Markets in Africa) – When the cryptocurrency Exio Coin starts a round of fundraising on Sept. 7, its founders say the unit will come with a unique distinction: the first to be endorsed by a sovereign nation. The identity of the government backer won’t be revealed until October, and Bloomberg News has no way of verifying the claim of support. According to co-founder Sunny Johnson though, the supporter is one of “the world’s richest countries” on a…

Libya’s Roller-Coaster Oil Output Hit Takes the Heat Off OPEC

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LAGOS (Capital Markets in Africa) – Libya’s oil production has dropped by 361,000 barrels a day, equal to 35 percent of output last month, taking some of the heat off of OPEC’s struggle to reduce a global glut. The North African country’s lost production is worth $160 million since Aug. 19 as “gangsters” took over pipelines and facilities that forced the shutdown of the Sharara field, the nation’s biggest, and the Hamada and El Feel, or…

Cash-Burning Activist Sets West Africa’s Social Media Alight

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LAGOS (Capital Markets in Africa) – A West African activist who burned a bank note to demonstrate his hatred of the regional CFA franc has reignited a decades-old debate and prompted thousands of supporters in former French colonies to turn to social media and demand that the currency be scrapped. The French-Beninese national, Kemi Seba, appeared in court in Senegal in connection with a video that showed him setting a bank note of 5,000 CFA francs…

Tanzania Invites Tenders for Africa’s Fourth-Biggest Hydro Plant

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DAR ES SALAM (Capital Markets in Africa) – Tanzania invited bids for the construction of a $2 billion hydro-power plant that will rank as the fourth-biggest in Africa. The proposed Stiegler’s Gorge Project will be built on the Rufiji River in eastern Tanzania with a minimum capacity of 2,100 megawatts, the Energy Ministry said in tender documents emailed from the commercial capital, Dar es Salaam, on Wednesday. Bids must be submitted by Oct. 16 and the facility…

Kenya Opposition Says Audit of Electoral System Shows Misuse

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NAIROBI (Capital Markets in Africa) – Kenya’s main opposition group said an audit of the electoral authority’s computer servers found they were accessed by “anonymous users” and that there’s no trace of data being submitted by polling stations in this month’s presidential election. The National Super Alliance also alleged in documents submitted to the Supreme Court on Tuesday that scrutiny of the Independent Electoral & Boundaries Commission servers showed Chairman Wafula Chebukati’s account was “used…

Managed IT Support Services To Eliminate Risks and Reduce Downtime!

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LAGOS (Capital Markets in Africa) – Thanks to online technology, life has become very simple and easy for you today. Even if you are a business owner, you will find computers, and the Internet makes your day to day tasks straightforward and easy. However, when it comes to information technology for streamlining the functions of your company, some tasks are complex and may be beyond your understanding. It is here that you need credible IT…

Money Smarts: How to beat the recession

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If you’re worried about the state of your finances as South Africa tilts into another full-blown recession, you’re not alone. Many thousands of South Africans are now feeling uncertain about their financial futures, especially following the nation’s credit rating downgrade to junk status in April 2017 and in light of the ongoing political unrest. On 6th June 2017, it was announced that South Africa had slid into yet another economic recession. The trigger? A gross…

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