The Markets

LAGOS (Capital Markets in Africa) — Bitcoin is nursing losses after its worst weekly plunge in almost a year and on one view its longer-term outlook could be even worse because of environmental concerns and tightening regulations. The sheer amount of energy needed to mine Bitcoin and the prospect that governments will create more obstacles for the largest cryptocurrency point to the token losing “most of its value over time,” BCA Research Inc. said. The expense and slowness of…

LAGOS (Capital Markets in Africa) — Eight years ago, when the taper tantrum roiled emerging markets, the so-called Fragile Five of Turkey, Brazil, South Africa, India and Indonesia suffered the most. Another spike in U.S. Treasury yields is threatening to wreak havoc on at least three of those nations. The Turkish lira, Brazilian real, and South African rand led major global declines last week in the worst developing-nation currency selloff since late September. Those exchange…

LAGOS (Capital Markets in Africa) — Jumia Technologies AG is expanding in online food delivery as the pioneering Africa e-commerce business looks to grow beyond its main market of trading phones and electronics. Food makes up 20% of overall transactions on the platform and is growing quickly, co-Chief Executive Officer Sacha Poignonnec said in an interview. The company is expanding the service into Egypt, where there is a gap in the market following the exit of Uber…

LAGOS (Capital Markets in Africa) — Bitcoin slid Tuesday after a bout of volatility highlighted lingering doubts about the durability of the token’s mesmerizing rally. The cryptocurrency fell as much as 12.5% to $48,071 and was trading below $50,000 as of 8:16 a.m. in London. At one point Monday it plunged 17% before paring the slide. Bitcoin is still up some 390% in the past year. Treasury Secretary Janet Yellen and Microsoft Corp. co-founder Bill Gates were the latest to weigh into a…

LAGOS (Capital Markets in Africa) — Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6% on Monday, wiping $15.2 billion from his net worth. Tesla’s biggest decline since September was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message — via his favored medium of Twitter — came two weeks after Tesla announced it added $1.5 billion…

CAIRO (Capital Markets in Africa) — Egypt is on a record borrowing spree so far this year as the Arab world’s most populous country builds fiscal room to counter the economic effects of the coronavirus pandemic. The North African nation sold $31.7 billion of debt through Feb. 17, up 19% compared with the same period last year, according to data compiled by Bloomberg. Local-currency issuance was the highest since at least 2010 when Bloomberg started…