The Markets | - Part 37

Bitcoin and the Planet: A look at energy consumption

LONDON (Capital Markets in Africa) – There was some snark thrown around in February when Elon Musk’s Tesla announced its purchase of $1.5 billion of bitcoin out of their corporate treasury. Musk has been outspoken on the role of fossil fuels in causing climate change. The businesses which Musk leads are explicitly tackling this challenge. To cite the company’s website: “Tesla’s mission is to accelerate the world’s transition to sustainable energy”. Not long after this…

Biden Budgets Challenge Agency That Kept Predicting Deficit Doom

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) — President Joe Biden’s administration appears relaxed about running large budget deficits, but for one government agency that’s usually been a cue to start sounding alarms. The nonpartisan Congressional Budget Office –- whose job is to evaluate how new legislation will affect the public finances — finds itself in a tough spot as Biden prepares to announce an economic package worth as much as $3 trillion, on top of his $1.9…

Investing after COVID-19: finding lasting opportunities in the new normal

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – To call 2020 “unprecedented” wouldn’t begin to do justice to the depth of challenges individuals and organizations around the world found themselves unexpectedly confronting over the past year—nor the speed with which those challenges arrived. It was early January when news broke of a pneumonia-like virus circulating in Wuhan, China; before the end of the month, the World Health Organization had declared COVID-19 a global public health emergency, and…

Could We Have Seen S&P’s Historic Rebound Coming? – John Authers

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A year ago, when the index began its 70% climb, no one could possibly have concluded that the worst of the pandemic was over. What a Long, Strange Trip It’s Been Congratulations: We have just finished the best 12 months in the history of the S&P 500. It was exactly a year ago that the world’s most-followed index hit bottom after the onset of the Covid-19 pandemic, and it…

Amazon to Sell Deliveroo Stake of Up to $148 Million in IPO

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Amazon.com Inc. could raise as much as 107 million pounds ($148 million) by selling some of its stake in Deliveroo Holdings Plc in the food-delivery startup’s London initial public offering. Amazon will own 11.5% of Deliveroo following its listing, down from the 15.8% it holds now, according to the prospectus for the sale. That implies the retailer could sell as many as 23.3 million shares, which at 4.60 pounds…

Nigeria Using Managed-Float Forex Regime, Central Bank Says

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Nigeria has not changed its foreign exchange policies from a managed float to a flexible regime, Central Bank Governor Godwin Emefiele said Tuesday. A report concluding that the country has adopted a flexible foreign-exchange rate based on comments by Finance Minister Zainab Ahmed is wrong, according to the Governor. Africa’s largest crude producer now uses the more flexible Nafex rate for all official transactions, abandoning the 379 naira to the dollar…

Cash Is King for Emerging Nations Facing Spike in Yields

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Cash is king may well be the mantra for emerging markets this year. With the relentless increase in Treasury yields pushing up global borrowing costs, developing-nation bond investors are scrutinizing the cash reserves of governments as they look to pick future winners. Russia, South Africa, and Indonesia may be among the best performers as they have each built up a sizable backstop. “It all boils down to flexibility and…

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