Features | - Part 170

Factions Threaten South Africa’s ANC Leadership Conference Plans

JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling party is battling to calm internal divisions that are threatening to disrupt preparations for its national conference next month as factions engage in a bitter fight over who will replace President Jacob Zuma as its leader. The African National Congress’s National Executive Committee decided on Monday to confirm the leadership of the Eastern Cape province after a disputed conference in that region in September, according to two…

The International Islamic Banking Summit Africa: Djibouti 2017 opened today with more than 250 Islamic finance leaders

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The International Islamic Banking Summit Africa: Djibouti 2017 opened today with more than 250 Islamic finance leaders seeking to capitalize on the surge in new Sukuk opportunities across Africa Held under the Patronage of the President of the Republic of Djibouti and hosted by The Central Bank of Djibouti, the International Islamic Banking Summit Africa 2017 convened global industry leaders to boost economic development and facilitate greater trade and investment flows between Africa, the OIC…

FinTech is accelerating the digital transformation of banking in Africa

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FinTech is accelerating the digital transformation of banking in Africa say more than 200 international experts gathered at the Finnovation Ethiopia event – but highlight that collaboration is the way forward Due to their potent blend of trail‐blazing technology and disruptive innovation, FinTech players are positively impacting the digital transformation of financial services in Africa and, in turn, further spurring incumbent banks to rapidly ramp‐up their own innovation initiatives to meet the financial needs of under‐served…

As Leadership Vote Looms, Four Scenarios for South Africa’s ANC

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s ruling African National Congress is due to elect a new leader next month and the race is proving to be one of the most hotly contested and divisive in the 105-year-old party’s history. The front-runners to succeed President Jacob Zuma are his deputy Cyril Ramaphosa and Nkosazana Dlamini-Zuma, Zuma’s ex-wife and the former chairwoman of the African Union Commission, with ANC Treasurer-General Zweli Mkhize seen as a possible compromise candidate. While it remains guesswork who’ll…

Analyst says 94% of bitcoin’s price movement over the past four years can be explained by one equation.

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LAGOS (Capital Markets in Africa) – Tom Lee, cofounder of FundStrat Global Advisors, is bullish on bitcoin and has a unique way of valuing the cryptocurrency. His short-term valuation model is built on Metcalfe’s law, and he says it can explain the vast majority of bitcoin’s volatility. He explained his reasoning to Business Insider on our cryptocurrency show, “the bit.” Metcalfe’s law basically says that the value of a network is proportional to the square of…

Guptas Accuse Regulator of Urging Banks to Shut Their Accounts

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JOHANNESBURG (Capital Markets in Africa) – A group of companies linked to South Africa’s politically connected Gupta family said the country’s banking regulator encouraged lenders to shut their accounts, broadening a battle to retain the last of their banking services. The 20 businesses, which are suing Bank of Baroda’s local unit to keep their accounts open, have now included Reserve Bank Governor Lesetja Kganyagoand the Registrar of Banks Kuben Naidoo, whose office sits in the central…

Surviving on $3 an Ounce Has Lonmin in Race Against Time

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JOHANNESBURG (Capital Markets in Africa) – Every day, Lonmin Plc sends thousands of miners hundreds of meters below ground, where they use drills, diggers and explosives to extract about 40,000 metric tons of rock laden with precious metals. The ore is milled, crushed, concentrated, smelted and refined in a month-long process that eventually yields about 4,100 ounces of platinum-group metals each day. Yet for all its trouble, Lonmin’s revenue in the most recent quarter was barely $3 an ounce…

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