Finance | - Part 112

Why Africa’s Top Oil Producer Is Low on Gasoline: QuickTake Q&A

LAGOS (Capital Markets in Africa)- Nigeria, Africa’s biggest oil producer and a member of OPEC, has suffered fuel shortages over the past few weeks. They complicated transport and hurt economic activity and, in the words of PresidentMuhammadu Buhari, ensured that for many Nigerians the Christmas holidays were “anything but merry and happy.” His administration says it’s working overtime to end the queues that have formed at gasoline stations throughout much of the country. Nigeria is about the…

Kenya President Keeps Treasury Chief as He Builds Government

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyan President Uhuru Kenyatta retained his Treasury and energy chiefs as he begins building a government with the task of reuniting East Africa’s biggest economy after months of electoral uncertainty. Treasury Secretary Henry Rotich and Energy Secretary Charles Keter will remain in their posts, as will the head of the Tourism Ministry, Najib Balala, and Information and Communications Secretary Joseph Mucheru. Kenyatta also named Fred Matiang’i as interior minister in a televised address on Friday,…

South Sudan Rebel Attacks Kill 34 People Since Beginning of Year

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South Sudan (Capital Markets in Africa) – Attacks by rebel groups in South Sudan killed 34 people in the first three days of this year even as warring parties agreed in December to cease hostilities, according to a military official. Three attacks in the south of the country by rebels loyal to former Vice President Riek Machar and the army’s ex-deputy chief of staff, Thomas Cirillo Swaka, left six assailants dead Wednesday while an ambush on traveling…

Bitcoin Loses Dazzle as Second-Tier Crypto Coins Catch Up

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LAGOS (Capital Markets in Africa) – Bitcoin alternatives are closing the gap with the market leader after names like stellar and cardano became red hot as 2017 was closing. The biggest cryptocurrency’s share of market value has fallen to a record 36 percent from 56 percent a month ago, according to CoinMarketCap prices for coins and tokens. Stellar, designed for cross-border payments, has more than doubled in the first trading days of this year, achieving…

Criminal Underworld Is Dropping Bitcoin for Another Currency

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bitcoin is losing its luster with some of its earliest and most avid fans — criminals — giving rise to a new breed of virtual currency. Privacy coins such as monero, designed to avoid tracking, have climbed faster over the past two months as law enforcers adopt software tools to monitor people using bitcoin. A slew of analytic firms such as Chainalysis are getting better at flagging digital hoards linked…

African Roses Are U.S.-Bound as Ethiopian Growers Go Global

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia’s burgeoning flower-growing industry is setting its sights on the U.S. in a bid to break the dominance of Latin American producers in supplying roses and other blooms to the world’s largest economy. State-owned Ethiopian Airlines Enterprise is evaluating freighter flights through Miami — the main entry point for U.S. flower imports — Los Angeles or New York, regional manager Girum Abebe said in an interview. The company currently transports…

Steinhoff Losing Credit Lines as Accounting Scandal Deepens

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Embattled retailer Steinhoff International Holdings NV said lenders are starting to cut off support after an accounting scandal swept out its leaders and destroyed most of its value in a matter of days. The owner of Conforama in France, Mattress Firm in the U.S. and Poundland in the U.K. isn’t yet able to assess the magnitude of financial irregularities disclosed two weeks ago, it said in a presentation to lenders in London on…

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