The Editorial Team

Crypto Stock Mania Tested by Sliding Prices, Bitcoin Slump

LAGOS(Capital Markets in Africa) — A drop in cryptocurrency-linked stocks in the wake of Bitcoin’s slide and Coinbase Global Inc.’s choppy debut is stirring a rallying cry from optimists who reject fears that the sector has peaked. A global, Bloomberg-curated basket of equities linked to crypto trading or Bitcoin mining fell some 9% over the past week, paring 2021’s climb to about 130%. A weekend Bitcoin plunge rattled crypto mania, but the token has since…

Why Is Bitcoin Tumbling and What Is the Outlook for Prices?

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LAGOS(Capital Markets in Africa) — The Bitcoin rollercoaster is back. The cryptocurrency fell by as much as 15% Sunday with rival coins like Ether and XRP also plunging. The retreat came after Bitcoin hit a record high of more than $64,000 Wednesday as the stock-market debut of the U.S.’s largest exchange for the tokens, Coinbase Global Inc., stoked enthusiasm for all things crypto. While prices steadied on Monday with Bitcoin holding just below $57,000, that’s…

Historic Oil Glut Amassed During the Pandemic Has Almost Gone

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LAGOS (Capital Markets in Africa) — The unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers. Barely a fifth of the surplus that flooded into the storage tanks of developed economies when oil demand crashed last year remained as of February, according to the International Energy Agency. Since then, the lingering remnants have been whittled away as supplies hoarded at sea plunge and a…

Diamond’s African Bank Exits Another Market With Botswana Deal

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LAGOS (Capital Markets in Africa) – The African banking group started by former Barclays Plc Chief Executive Officer Bob Diamond agreed to sell its stake in African Banking Corporation Botswana to Nigeria’s Access Bank Plc, according to statements on Monday. The deal marks the second transaction between Atlas Mara and Nigeria’s biggest lender, which agreed to buy its Mozambique unit last September. Access Bank will buy a 78.15% shareholding in the Botswana lender for a…

Nigeria Vows to Shun Central-Bank Cash Amid Budget Squeeze

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LAGOS(Capital Markets in Africa) — The Nigerian federal and state governments need to cut back spending to deal with a drop in revenues instead of depending on the central bank for financing, Finance Minister Zainab Ahmed said on Monday. Ahmed denied claims by a state governor that the central bank printed money to make up a 50 billion naira ($122 million) shortfall on federal revenues earmarked for the 36 federal states in March. “We will…

Egypt Seizes Suez Ship Amid $916 Million Compensation Battle

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CAIRO (Capital Markets in Africa) — Egypt seized the giant container vessel that blocked the Suez Canal last month as part of an effort to get more than $900 million in compensation. A court in the city of Ismailia granted a seizure request regarding the Ever Given vessel at the behest of the Suez Canal Authority. Egypt’s move underscores the legal complications following the container vessel’s grounding on March 23, which closed the canal for six…

Namibia and Uganda Central Bank Hold Key Interest Rate

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Namibia Holds Interest Rate at 3.75% to Support Economic Growth Namibia’s central bank held its key interest rate steady for a fourth meeting as it seeks to support economic growth and protect its peg to the South African rand. The monetary policy committee kept the rate at 3.75%, Governor Johannes !Gawaxab told reporters Wednesday in the capital, Windhoek. It follows an unchanged decision by the South African Reserve Bank last month, and means Namibia’s benchmark…

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