The Markets | - Part 160

Argentina’s Biggest Futures Market Plans to Join Bitcoin Party

LAGOS (Capital Markets in Africa) – Argentina, one of the fastest nations to adopt bitcoin, wants to stay at the forefront of the cryptocurrency market. The most important futures market in the country, the Mercado de Termino de Rosario, known as Rofex, is considering offering services for investors in digital currencies. Conversations, which started six months ago, and preliminary drafts include offering custody services for the digital asset and the possibility for clients to use bitcoin…

Bitcoin Is `Very Definition’ of a Bubble, Credit Suisse CEO Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The speculation around bitcoin is the “very definition of a bubble,” Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said as the currency exceeded $7,000 for the first time. Bankers are steering clear of bitcoin out of concern that criminals could use its anonymity to hide their activities, he said Thursday at a news conference in Zurich. “Most banks in the current state of regulation have little or no appetite to get…

MTN Focused on Preparing for Nigerian Unit IPO in Six Months

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd. is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, Chief Executive Officer Rob Shuter said. “We have a lot of advisers running around getting everything ready,” he said in an interview with Bloomberg TV on Wednesday. “It’s a complicated process and there’s a lot of regulation that needs to be arranged. We are…

Old Mutual to Retain 19.9% Nedbank Stake After Splitting Units

Posted on by The Editorial Team

JOHANNESBUG (Capital Markets in Africa) – Old Mutual Plc, the London insurer splitting into four separate units, said a South African holding company it is setting up will retain a 19.9 percent stake in Nedbank Group Ltd. Old Mutual Ltd. will remain a minority shareholder in South Africa’s fourth-largest lender “as a foundation for the continued strategic relationship between the two entities,” Old Mutual said in a statement on Wednesday. OML will have a primary…

Shining Star of Initial Coin Offerings Crashing Back to Earth

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Bancor, one of the most successful initial coin offerings in the short history of digital tokens, is proving to be a dud for investors. After raising $153 million in a matter of hours in June, the Tel Aviv, Israel-based startup — whose market maker-like application aims to facilitate trading in other digital coins — has seen the price of its token decline 56 percent, one of the worst performances among…

Glencore Abandons Hong Kong Listing as It Sticks With Africa

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JOHANNESBURG (Capital Markets in Africa) – Glencore Plc is planning to withdraw its listing from the Hong Kong Stock Exchange early next year, with the world’s biggest commodities trader saying that only a small number of investors had chosen to hold their shares on the local register. Dealings in Hong Kong-listed shares are expected to cease on Jan. 10, the Baar, Switzerland-based company said in a statement on Tuesday. Glencore, which trades raw materials including copper and zinc, and…

Nickel Next for Electric Car Boom as Trafigura Turns Bullish

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Glencore Plc and Trafigura Group Pte are often at loggerheads, but one thing they agree on: the nickel market will be transformed by the rise of electric cars. Nickel sulphate, a key ingredient in lithium-ion batteries, will see demand increase 50 percent to 3 million metric tons by 2030, Saad Rahim, chief economist at Trafigura, said in an interview. While other battery metals like cobalt and lithium have more than…

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