China | - Part 2

Iron Ore Rallies as China Imports Bust 100 Million Ton Level

LAGOS (Capital Markets in Africa) – Iron ore imports by China surged above 100 million metric tons to a record, smashing the previous high set in 2015, as the country’s concerted push to clean up the environment stoked demand for higher-grade material from overseas while hurting local mine supply. Prices rallied. Purchases of iron ore expanded to 102.8 million tons in September from 93 million tons a year ago, surpassing the previous record of 96.3 million tons…

China’s Rise Will Change How Investors View Riskiest Markets

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – China’s Belt and Road initiative will provide a boon for frontier markets, but investors should probably do their homework before following Beijing’s money trail. Funding channelled as part of the Chinese-style globalization drive typically doesn’t come with expectations for reform, like aid provided by multilateral lenders. That means access to Chinese funds could see countries delay engaging with the International Monetary Fund for rescue packages, says Hasnain Malik, the…

Novogratz Set for Return With Hedge Fund Riding Bitcoin `Bubble’

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Mike Novogratz is reinventing himself as the king of bitcoin. The swaggering macro manager who flamed out at Fortress Investment Group LLC is starting a $500 million hedge fund to invest in cryptocurrencies, initial coin offerings and related companies. Novogratz will put up $150 million of his own money and plans to raise $350 million more by January, mainly from family offices, wealthy individuals and fellow hedge fund managers, said a person…

China’s Central Bank Declares Initial Coin Offerings Illegal

Posted on by The Editorial Team

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…

Nigeria Says Chinese to Build $5.8 Billion Hydropower Plant

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria said China Civil Engineering Corp. will build a $5.8 billion hydro-power station in the country’s eastern Mambila region with a capacity to generate 3,050 megawatts. China’s Export-Import Bank will provide 85 percent of the funding for the project, which is scheduled to be completed in six years, Power, Works and Housing Minister Babatunde Fashola told reporters on Wednesday in the capital, Abuja. Nigeria will contribute the remaining funds. “The scope…

Gabon Seeks Private Partnerships to Boost Processing of Minerals

Posted on by The Editorial Team

Libreville (Capital Markets in Africa) – Gabon, Africa’s second-biggest manganese producer, wants to partner with private companies to process most its minerals locally before exporting them, Mining Minister Christian Magnagna said. Local processing will boost the mining industry’s contribution to gross domestic product from the current 2.1 percent to at least 4 percent as the central African nation seeks to make its economy less dependent on oil, Magnagna said in an interview in the capital, Libreville….

Mobius Draws Contrast Between Iron Ore’s Wild Ride, Fundamentals

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Iron ore consumption in China will probably be sustained as Asia’s top economy builds out infrastructure, according to Mark Mobius, who highlighted what he sees as a difference between the industry’s relatively stable supply-demand fundamentals and large swings in prices. “We’ve got to separate those two things,” the executive chairman of Templeton Emerging Markets Group said in an interview in Singapore, without giving a price forecast. “Supply-demand is one thing, price…

« 1 2 3 4 »