The Editorial Team

Biden’s 1970s-Era Taxes on Rich Collide With GOP and SALT Rebels

NEW YORK (Capital Markets in Africa) — President Joe Biden is poised to unveil a plan that would raise taxes on the income, investments and estates of the wealthiest Americans to levels not seen in more than four decades, a move that will trigger intense debate in Congress about whether and how to address income inequality. Biden’s “American Families Plan,” itself featuring the biggest expansion of federal support for lower-income and middle-class Americans in decades,…

JPMorgan Is Preparing to Offer a Bitcoin Fund to Wealthy Clients

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) — JPMorgan Chase & Co. is preparing to offer a Bitcoin fund to wealthy clients, the latest sign that Wall Street is warming to the largest cryptocurrency after it soared in recent months. The actively managed fund will be available as soon as this summer, CoinDesk reported Monday, citing sources familiar with the plans. NYDIG will be the custody provider, a person with knowledge of the situation said, asking…

Vodafone, MTN Groups Bid for Telecom Licenses in Ethiopia

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ADDIS ABABA (Capital Markets in Africa) — MTN Group Ltd. and a consortium led by Vodafone Group Plchave bid for telecommunications licenses in Ethiopia, as wireless service providers look to tap the last remaining large market in the world. Ethiopia will take a few days to review the technical offer and then open the financial bids, said Brook Taye, an adviser in the Finance Ministry. Earlier on Monday, Kenya’s largest telecommunications provider Safaricom Plcsaid it was…

Ghana Drugmakers Approach AstraZeneca on Vaccine Production

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ACCRA (Capital Markets in Africa) — Ghana’s pharmaceutical industry has approached AstraZeneca Plc about acquiring the rights to manufacture the U.K. company’s vaccine locally, a move that could boost supplies and speed up the inoculation program in the country. The West African nation has to date received 966,850 doses of the inoculations from sources including the Covax initiative, which aims to ensure equitable access to Covid-19 shots, and has been allocated about 1.4 million more….

Egypt Says Hopes to End $900 Million Tussle Over Suez Ship Soon

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CAIRO (Capital Markets in Africa) — Egypt said it hopes to soon end a dispute over compensation regarding the huge container vessel that blocked the Suez Canal last month. The Suez Canal Authority, which claimed $916 million in damages from the Ever Given’s owners, is “eager” to reach a settlement amenable to all parties, Chairman Osama Rabie said in a statement. The 400-meter-long vessel, owned by Japan’s Shoei Kisen Kaisha Ltd., blocked the vital waterway for six…

Total Suspends Mozambique LNG Temporarily on Security Threat

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MAPUTO (Capital Markets in Africa) — French energy giant Total SE suspended its $20 billion liquefied natural gas project in Mozambique indefinitely due to an escalation of violence in the area, including a March attack by Islamic State-linked militants. The decision is a blow to Total, which bought an operating stake in the project for $3.9 billion in 2019, hoping to start exporting the super-chilled fuel by the end of 2024. The first phase of…

Nestle Urges Covid Shot Delivery to Poorer Nations Amid Upswell

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LAGOS (Capital Markets in Africa) — Nestle SA, the world’s largest food company, warned the gap in access to Covid-19 vaccines threatens the global recovery from the pandemic as India and Brazil face a virus resurgence. The Swiss firm pledged more than 6 million francs ($6.6 million) to accelerate the delivery of shots to under-served communities around the world and partnered with the International Federation of Red Cross and Red Crescent Societies. The World Health…

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