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KINSHASA (Capital MArkets in Africa) – The Chinese businessman had walked out of a bank in Kinshasa with 13,624 hundred-dollar bills, 10,001 fifties and 43,000 smaller U.S. notes, despite explicit instructions to prevent it from happening. “The account has finally been emptied,” Yvon Douhore, head of an in-house audit team in the capital of the Democratic Republic of Congo, wrote in an email that day, July 5, 2018, after noticing the withdrawal. “I’m at a loss…

NEW YORK (Capital Markets in Africa) – President Joe Biden will give a speech on the economy and combating inflation on Tuesday as markets await his decision on the next Federal Reserve chair and possible moves to bring down U.S. energy prices. For the U.S. central bank, Biden is choosing between Chair Jerome Powell and Fed Governor Lael Brainard, who is viewed as more liberal on climate change and bank regulation. The White House has said Biden will…

NAIROBI (Capital Markets in Africa) – Sudan’s military and civilian leaders reached a deal Sunday to reinstate Prime Minister Abdalla Hamdok, who was ousted in a coup last month that reignited mass protests and political uncertainty more than two years after a popular uprising forced out longtime autocrat Omar Hassan al-Bashir. Hamdok, who had spent the past month under house arrest, praised the agreement as a way to restore Sudan’s fragile democratic transition, but the…

JOHANNESBURG (Capital Markets in Africa) – Prosus NV said analysts have valued its global portfolio of e-commerce assets at about $50 billion, excluding the stake in Hong Kong’s Tencent Holdings Ltd. — well above the market rate. The investment firm, which has spent heavily on internet payments, food delivery, education and more around the world, is looking to boost that figure to $100 billion over the next three years, Chief Executive Officer Bob van Dijktold reporters…

LONDON (Capital Markets in AfricaIt was Day 13 of the COP26 summit, and even the trees inside the Glasgow venue were beginning to wilt. With the meeting running almost 24 hours over its scheduled time and the final outcome hanging in the balance, U.S. climate envoy John Kerry and his Chinese counterpart, Xie Zhenhua, huddled together deep in conversation. At one point Kerry grasped Xie’s shoulder, while China’s lead negotiator nodded and smiled as he enumerated points on…

LONDON (Capital Markets in Africa) – The agreement reached Saturday at global climate talks in Glasgow will be pivotal in the fight to stop global warming, U.K. Prime Minister Boris Johnson said.  The conference hosted by the U.K. produced a “game-changing agreement that the world needed to see,” Johnson said at a press conference in London on Sunday. Negotiators from almost 200 countries clinched a deal that broke new ground in the fight against climate…

JOHANNESBURG (Capital Markets in Africa) – Heineken NV agreed to buy South African wine and spirits maker Distell Group Holdings Ltd. for 2.2 billion euros ($2.5 billion), creating a new regional group to compete with larger rival Anheuser-Busch InBev SA and spirits giant Diageo Plc. The Dutch brewer made an offer of 180 rand a share that’s been recommended by Distell’s board, according to a statement on Monday. Heineken will also look to buy a majority stake…