The Editorial Team

Biden Needs to Get Off the Fence About Tunisia: Bobby Ghosh

TUNIS (Capital Markets in Africas) – There can be no more pretending that Tunisia is a democracy. Two months after sacking the prime minister and suspending the country’s elected parliament, President Kais Saied has torched its constitution and assumed the right to rule by decree. For those who profess to care about freedom and about democracy in the Arab world, it is time to get off the fence and act. I’m looking at you, Joe…

S&P Lifts South Africa’s 2021 GDP Growth Est. to 4.6%

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JOHANNESBURG (Capital Markets in Africa) – The main risks to the economic outlook for South Africa are a low vaccination rate and further lockdowns to curb the spread of coronavirus pandemic, S&P Global Ratings says Tuesday in emerging markets economic outlook. Higher borrowing costs associated with tighter global financing conditions and spillover effects of Chinese property sector problems could weigh on demand for metals and also pose risks to outlook Strict lockdown restrictions and deadly…

Kalyalya Returns as Bank of Zambia Governor After Shock Exit

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LUSAKA (Capital Markets in Africa) – Zambian President Hakainde Hichilema named Denny Kalyalyaas central bank governor, returning the highly-regarded economist to the job 13 months after his shock dismissal hit the nation’s currency and dollar bonds. Kalyalya’s appointment is effective immediately and subject to lawmakers’ approval, the presidency said in an emailed statement Monday. His placement follows Hichilema’s selection of other seasoned officials to fill key economic posts, including that of Situmbeko Musokotwane as finance minister and…

Zimbabwe Asked to Settle $70 Million Debt After Legal Loss

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HARARE (Capital Markets in Africa) – Zimbabwe has been asked to settle a $70 million debt after it lost an international arbitration case over canceled nickel and platinum ventures between a private company and the state miner more than a decade ago. Companies linked to Amaplat Mauritius Ltd. made the proposal in a Sept. 15 letter to Zimbabwe’s Secretary for Finance and Economic Development, George Guvamatanga, seen by Bloomberg. The alternative is having the assets of…

Zambia May Owe Chinese Lenders Double What Government Disclosed

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LUSAKA (Capital Markets in Africa) – Zambia may owe Chinese creditors almost double the amount the government has previously disclosed, complicating restructuring negotiations, a study found. The Johns Hopkins’ China Africa Research Initiative estimates the nation’s total liabilities to Chinese lenders at $6.6 billion and spread across at least 18 creditors, according to a report published Tuesday. That compares with an official figure of $3.4 billion. The finding doesn’t mean that Zambia’s total external public…

Ultra-Rich Boom Is Fueling an M&A Frenzy for Wealth Advisers

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LAGOS (Capital Markets in Africa) – Almost from the day he started his wealth-management firm in 2014, Russ Charvonia would get unsolicited emails offering to buy the company. He’d send them directly to his trash folder. But like hundreds of other managers this year, Charvonia eventually took the plunge. Last month, his Ventura, California-based Channel Islands Group and its $277 million in client assets under advisement officially became part of Mariner Wealth Advisors, for an undisclosedsum.The sale…

China Bans Crypto Transactions, Vows to Stop Illegal Mining

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LAGOS (Capital Markets in Africa) – China banned all crypto transactions and vowed to stop illegal crypto mining, delivering the toughest blow yet to the trillion-dollar industry. Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currency and cannot be circulated. It’s the harshest step yet that China’s taken against…

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