The Editorial Team

U.K. to Ask About Cryptocurrency Activity in Updated Tax Forms

LONDON (Capital Markets in Africa) — The U.K. tax office will begin demanding information on cryptocurrency holdings from individuals suspected of tax avoidance or evasion. Her Majesty’s Revenue and Customs is set to update its “Statement of Assets” form, which all individuals being investigated must fill out, a spokeswoman for HMRC said Wednesday. “We take robust action to make sure that everyone pays the tax due—from individuals operating in the hidden economy through to action…

Biden Dares Democrats to Shift Tax Burden to Wealthy Americans

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NEW YORK (Capital Markets in Africa) — Joe Biden took the riskiest step of his presidency with a call for higher taxes on the wealthy to fund a massive investment in the nation’s social safety net, betting he could sell the American public on sweeping change following a pandemic that exacerbated economic and social divides. Biden devoted his first address to a joint session of Congress to a call for “a once-in-a-generation investment in our…

Buffett Confronts New SPAC Rivals, Old Cash Woes Before Meeting

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LAGOS (Capital Markets in Africa) — A year after Warren Buffett revealed he was unloading airline stocks as the pandemic took hold, Berkshire Hathaway Inc.shareholders are eager for his sense of what’s next for the conglomerate with more Americans emerging from lockdown. On Saturday, Berkshire’s chief executive officer will address shareholders via video-conference to conform with health guidelines, scrapping for a second year an arena event in Omaha, Nebraska, that typically attracted thousands of adoring…

Nigerian Central Bank Warns Staff of Increasing Risk of Kidnap

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LAGOS (Capital Markets in Africa) — Nigeria’s central bank warned its employees to take extra precautions against kidnappings because of deteriorating security in the West African nation. Staff should “take note of the elevated security alert condition around the country,” the Central Bank of Nigeria said in a memorandum to employees seen by Bloomberg and verified by one of its officials. Intelligence gathered by the organization’s Security Service Department shows criminals plan to “infiltrate” the…

India-Like Covid Virus Crisis May Yet Unfold in Africa, CDC Says

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LAGOS (Capital Markets in Africa) — A deadly wave of the coronavirus pandemic such as that ravaging India could yet happen in Africa and with even worse consequences, according to the director of the Africa Centres for Disease Control and Prevention. “The situation in India shows we as a continent can’t put our guard down,” John Nkengasong told an online webinar on Thursday. “If what is going on in India unfolds in Africa it will overwhelm our…

Absa’s CEO Exit Creates More Than Just One Headache for Lender

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JOHANNESBURG (Capital Markets in Africa) — Absa Group Ltd.’s parting of ways with Chief Executive Officer Daniel Mminele following a boardroom bust up leaves the future of South Africa’s third-largest bank up in the air. Chairman Wendy Lucas-Bull has said the board must move quickly to bring about stability, but the to-do list for interim head Jason Quinn and whoever fills the role permanently is lengthy. The company is about three years into a new era as a freshly…

Big Oil Sees Cash Rolling In, But Investors Won’t Get It Yet

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LONDON (Capital Markets in Africa) — After one of the most difficult years in the oil industry’s history, crude prices have recovered and major producers are finally generating spare cash. Investors really want to get their hands on it, but most are likely to be disappointed. That’s because the pandemic has created a legacy of debt for the world’s biggest international oil companies, many of which borrowed to fund their dividends as prices crashed. For Exxon…

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