The Editorial Team

China Bans Crypto Transactions, Vows to Stop Illegal Mining

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…

Bitcoin, Ether Tumble as China Intensifies Crackdown on Crypto

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LAGOS (Capital Markets in Africa) – Bitcoin, Ether and other digital tokens tumbled as China intensified its push to rein in crypto speculation and mining. Bitcoin fell 7.8% to $41,220 as of 7:41 a.m. in New York. The losses were more severe in other coins, with Ether, EOS, Litecoin and Dash all falling more than 7%. Crypto-related stocks also came under pressure, with Marathon Digital Holdings Inc. tumbling 6% in U.S. pre-market trading. China’s central bank…

Amazon Working on Large Wall Echo, Sound Bar and New Auto Device

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LAGOS (Capital Markets in Africa) – Amazon.com Inc. is developing a bevy of new devices and services as it delves into additional markets, including a larger Echo with a wall-mountable screen, a TV sound bar, more advanced car technology and wearable gear. The tech giant is working on the initiatives at its Lab126 division, which created hit products like the original Echo and the Alexa voice assistant. The Seattle-based company is holding a launch event…

U.S. Stocks See Worst Outflow Since 2018 as Fed, China Top Risks

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NEW YORK (Capital Markets in Africa) – U.S. stocks had their worst weekly outflow in more than three years as investors turned to more defensive assets amid mounting risks from tapering and China Evergrande Group’s debt crisis. Traders pulled $28.6 billion from U.S. equity funds in the week through Sept. 22, the largest redemption since February 2018, according to a Bank of America Corp. note, which cited EPFR Global data. Instead, they piled about $40…

Congress Juggles Agenda to Avert Government Shutdown and Default

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NEW YORK (Capital Markets in Africa) – Democratic leaders on Capitol Hill are running up against multiple critically important deadlines as they navigate a fraught political landscape where any misstep could have dire consequences for the national economy and President Joe Biden’s legacy. While some of the worst-case scenarios — a government shutdown, a federal default or the complete collapse of Biden’s economic plan — are unlikely, several obstacles stand in the way as leaders…

Abu Dhabi’s Wealth Funds Weigh Turkey Investments Worth Billions

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LAGOS (Capital Markets in Africa) – Wealth funds in Abu Dhabi are on the prowl in Turkey, scouting for targets for billions of dollars in investments, according to people familiar with the matter. Talks between the funds from the oil-rich capital of the United Arab Emirates and companies in Turkey have been ongoing for months, the people said. The interest preceded a breakthrough phone conversation in August between Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed…

World’s Top Cocoa Grower Says Farmer Premium Is Here to Stay

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ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s top cocoa grower, says a premium put in place to boost the livelihoods of their farmers will not change from its current form. “We now consider the LID to be part of the commercial life of cocoa,” Yves Kone, the managing director of regulator Le Conseil du Cafe Cacao, said during an interview in the commercial capital, Abidjan, late Wednesday. The so-called Living Income Differential, an…

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