Features | - Part 169

Mugabe Refusal to Quit Is Said to Stall Zimbabwe Transition

HARARE (Capital Markets in Africa) – Zimbabwe President Robert Mugabe’s refusal to publicly resign is stalling plans by the military to swiftly install a transitional government after seizing power on Wednesday, two people familiar with the situation said. The military wants Mugabe, who’s under house arrest, to agree to step aside so it can claim its action isn’t a coup and head off tension with the Southern African Development Community, which includes Zimbabwe and South Africa,…

Bitcoin’s Rivals Multiply Amid Battle for Crypto Dominance

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – It’s getting tougher and tougher to keep track of all the different versions of bitcoin. New iterations of the cryptocurrency are multiplying as disagreements over bitcoin’s design persist and opportunities for making a quick buck prove hard to pass up. The biggest offshoot, called bitcoin cash, appeared in August after a so-called hard fork in the bitcoin blockchain. That spinoff, currently valued at $18 billion, was followed by a less successful…

Congo’s Electoral Body Says Vote Schedule Depends on Funding

Posted on by The Editorial Team

KINSHASA (Capital Markets in Africa) – The Democratic Republic of Congo’s international partners must provide urgent financial support for the country’s electoral process so that delayed polls can take place next December, the head of the electoral authority said. “What I will advise our partners is either they want to finance it and we kick this off, or they don’t want to finance it,” Independent Electoral Commission President Corneille Nangaa said in an interview Tuesday…

Nigeria to Meet New York Investors to Sell Longest-Dated Bonds

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet. The government mandated Citigroup Inc. and Standard Chartered Plc to arrange a 10- and 30-year transaction, according to a person familiar with the matter, who isn’t authorized to speak publicly. Nigerian officials will hold conference calls today, before meeting investors in London on Thursday and in New York on Friday,…

Zimbabwe Power Brokers: Key Figures in Battle to Succeed Mugabe

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – The military takeover of Zimbabwe on Wednesday marked the climax of a week of confrontation between the military and President Robert Mugabe, the nonagenarian leader who’s led the southern African nation for almost four decades. Four key figures within Zimbabwe’s ruling party will determine how the battle to succeed him plays out: Emmerson Mnangagwa, 75, has been a close ally of Mugabe’s since 1974 when the two were leading members…

Mugabe’s Era Is Ending as Zimbabwean Military Seizes Power

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – Zimbabwe’s military seized power and detained 93-year-old President Robert Mugabe in a struggle over the succession of the only leader the nation has ever known. Mugabe told President Jacob Zuma by phone that he’s being confined to his home and is fine, the South African presidency said in a statement. Zimbabwe Defense Forces spokesman Major-General Sibusiso Moyo said in a televised address that the military action wasn’t a coup and was aimed at…

Matt Levine’s Money Stuff: Venezuelan Debt and Bitcoin Claims

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – When a sovereign nation defaults on its debt, its creditors have two basic choices: Participate in the inevitable negotiations and accept restructured debt — probably with a substantial haircut — in exchange for their pre-default claims; or Hold out from the negotiations and engage in years of of time- and labour-intensive unpleasantness to try to enforce their original pre-default claims against the country. Most people usually go with option 1: Usually when…

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