The Markets | - Part 179

China’s Central Bank Declares Initial Coin Offerings Illegal

LAGOS (Capital Markets in Africa) – China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales. The People’s Bank of China said on its website Monday that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalizing legal violations in ones already completed. The regulator said that those who have…

Acacia Drops Most Since July on Output Cut Over Tanzania Row

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) Acacia Mining Plc shares dropped the most since July as the company will stop underground production at Tanzania’s Bulyanhulu mine until a dispute with the government over taxes and exports is resolved. The stock declined as much as 15 percent, the most since July 25, as Acacia cut its output forecast to about 750,000 ounces, from 850,000 to 900,000 ounces, for this year. It traded down 8.9 percent by 11:31…

Kenyan Assets Jolted by Ruling That May Deliver Long-Term Gains

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Short-term pain, long term gain is the prognosis for Kenyan assets after a landmark court ruling that nullified last month’s presidential election and ordered a fresh poll. Yields on Kenya’s foreign debt climbed the most in almost two months, the shilling weakened and stocks tumbled after the judgment. But for investors willing to look past the immediate political risks, it’s good news, according to JPMorgan Asset Management. The court upheld an…

Angola Oil Minister Says Nation Needs Crude to Rebound to $60

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Angola’s Petroleum Minister Jose Maria Botelho de Vasconcelos said it’s essential for the southern African nation’s economy that oil prices rebound to $60 a barrel this year. “That would be extremely important,” Botelho de Vasconcelos said on Monday in an interview in the country’s capital Luanda. “We’ve been getting signs from the market that prices could reach $60 by the end of the year.” Angola, which depends on crude shipments…

Republic of Congo Eurobond Trustee Said to Announce Coupon Payment

Posted on by The Editorial Team

BRAZZAVILLE (Capital Markets in Africa) – Delaware Trust, Eurobond trustee for the Republic of Congo, issued statement Aug. 29 that $21 million of overdue principal and interest payments will be transferred to investors soon, according to two people familiar with the matter. People asked not to be named as they were not authorized to speak publicly. The statement said that Commissions Import Export, a contractor claiming it’s owed money from Republic of Congo’s government, has…

AfriSam Is Said to Be Talking to Partner to Secure PPC Deal

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – AfriSam Group Pty Ltd. is in negotiations with an equity partner to recapitalize the company and enable South Africa’s second-biggest cement maker to push through a merger with larger rival PPC Ltd., according to two people familiar with the matter. Closely held AfriSam has a letter of intent from an investment company based in the Americas that’s willing to put up new funding, said the people, who asked not to…

Namibia Black-Ownership Plan Risks Copying S. African Errors

Posted on by The Editorial Team

WINDHOEK (Capital Markets in Africa) – A plan by Namibia, among the world’s most economically unequal nations, to better distribute wealth among its citizens may end up the way neighboring South Africa’s has — benefiting an elite minority. The nation is working on a law that will require all businesses to be at least a quarter owned by “racially disadvantaged people.” While only about 6 percent of Namibia’s 2.5 million citizens are white, they own most…

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