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The first African in business news.

27/10/2022

Elon Musk’s Twitter acquisition is planned to be finalized this Friday. That’s a crucial step for the crypto industry, as the crypto-friendly CEO of Tesla & SpaceX had previously mentioned including Dogecoin (DOGE) for tipping on the micro-blogging platform.

Today, Elon ‘The Dogefather’ Musk shared a nine-second video of him entering Twitter’s headquarters in San Francisco, California. Making a flamboyant entrance with a sink in his hands, Musk’s message was clear: “Let that sink in.” On top of that, Elon Musk’s profile bio now proudly reads “Chief Twit.”

26/10/2022

US stocks rose after recent economic data and a smaller-than-expected interest-rate hike from the Bank of Canada buoyed hopes that the Federal Reserve may soon reach the end of its tightening regime.

The S&P 500 climbed after fluctuating earlier in the session. The tech-heavy Nasdaq 100 pared losses that topped 2%.
&P500

26/10/2022

Technology powerhouse Alphabet Inc. thrilled investors during the bull market by consistently reporting stronger-than-expected sales and earnings. Those days are over.

Disappointing quarterly updates from the Google parent, as well as Microsoft Corp. and semiconductor giant Texas Instruments Inc., triggered a selloff threatening to wipe more than $380 billion in market value off some of the biggest US companies. The news is foiling bets that this year’s $5.5 trillion selloff in tech stocks had reached bottom.

24/10/2022

The Federal Reserve is starting to realize that inflation is a smaller "black hole of pain" than previously thought, and a pivot or pause on rate hikes could lead stocks to rally more than 16% by the end of the year, according to Fundstrat's head of research Tom Lee.

In a note on Monday, Lee pointed to recent comments by Fed officials, which dialed back some of the hawkishness that has roiled markets this year and sent the S&P 500 falling 25% since January. Though inflation remains high, the Fed's Loretta Mester, James Bullard, and Neel Kashkari have made comments suggesting the Fed could pause on rate hikes in December. That led stocks to rally last week despite mixed corporate earnings reports.

"Inflation is becoming less of a blackhole of pain and the Fed sees that," Lee said. "While skeptics say this is because something is 'gonna break,' commentary by Fed members show it is arguably more due to acknowledging that monetary policy takes time."

24/10/2022

Rishi Sunak became the UK's presumptive next prime minister after his only remaining rival, Penny Mordaunt, failed to amass sufficient support in the Conservative Party leadership race.

To enter the leadership race, candidates had to secure the nomination of at least 100 of the 357 Conservative MPs by 2 p.m. Monday local time.

At almost exactly that deadline, Mordaunt announced her withdrawal in a tweet, saying "Rishi has my full support."

Sir Graham Brady, the chair of the 1922 Committee, confirmed at 2p.m. that it had received one valid nomination, "and Rishi Sunak is therefore elected as leader of the Conservative party."

A change of prime minister in the UK does not automatically prompt a general election. The procedure is for the leader of the party with the most seats in parliament — currently the Conservatives by a significant margin — to be invited by King Charles to form a government.

Former Prime Minister Boris Johnson, who resigned the post less than five months ago after a string of scandals, began canvassing support from MPs but ruled himself out late on Sunday.

Sunak will be the fifth Conservative prime minister in a row, and the first non-white prime minister of the UK.

23/10/2022

Nearly every CEO expects a recession to the hit the U.S. in the next 12 to 18 months. Elon Musk and Jeff Bezos say it’s already too late to avoid one.

Brian Deese, top economic advisor to President Joe Biden, thinks the U.S. economy has enough “strength and resilience” to shield it from a recession, he told the Financial Times this weekend.

Deese, director of the White House’s National Economic Council, told the British newspaper:

“If we look at where the United States are, two things are clear. One is that we have a degree of strength and resilience in the labour market and household balance sheets and in business investment. That is continuing to move our economy forward, and that’s really important

“The second is that we are in a stronger position than … frankly, any other country to navigate through this transition without having to give up those gains.”

21/10/2022

The African Development Bank is setting up a $1.5 billion green finance facility to help meet surging demand for money to develop clean energy and defend infrastructure against floods, storms and rising seas exacerbated by global warming.

The facility will be formally unveiled at the COP27 climate summit taking place in Egypt next month.

21/10/2022

Naguib Sawiris, CEO of Orascom Investment, expressed his readiness to inject up to $100 million in Morocco as a start, if the appropriate investment opportunity is available.

The Egyptian billionaire added on the sidelines of his participation in the African Economic Forum (Choiseul) held in Casablanca: "We will enter the Moroccan market, in the coming years, if we find an open field where there is no great competition... But we will not enter into a project that requires investments of more than $100 million." as a first stage.

21/10/2022

African countries possess a significant share of the world's natural resource reserves, which in itself represents a source of hope for the continent's future.

21/10/2022

The Board of Directors of the Central Bank of Libya decided to amend the country's currency exchange rate from 4.48 to 4.23 dinars against the dollar, "as part of one of the measures to combat inflation, which reached 5.25%."

The decision came after a meeting of 4 out of 6 members who make up the Central Board of Directors at the headquarters of the General Administration in Al-Hawari, Benghazi.

The meeting took place in the absence of the Governor of the Central Bank, Siddiq Omar al-Kabir, who seems to have not agreed to adjust the exchange rate, suggesting the possibility of returning to two official exchange rates after their long-awaited unification in January 2021.

21/10/2022

Gabon is in talks with The Nature Conservancy to reorganize as much as $700 million of its euro bond debt to fund marine conservation in what may be the biggest transaction of its kind.

TNC, a US-based conservation non-profit, will buy the bonds and then sell debt to Gabon at a lower interest rate and with a longer maturity, Lee White, the central African nation’s environment minister, said in an interview this week. The differential will be used to fund marine conservation at around $5 million a year for about 15 years, and a fund will be created to finance programs after that date, he said. A final agreement is expected in the first quarter of next year.

20/10/2022

Finance Minister Nadia Fattah Alaoui said Thursday, October 20, that Morocco has drafted the 2023 budget, which aims to increase taxes on banks and major companies, as the government seeks additional revenues to reduce its fiscal deficit.

The minister told lawmakers that the draft budget aims to increase corporate tax over the next four years to 20% for companies with annual profits of less than 100 million dirhams, equivalent to $9 million, and to 35% for companies with profits over 100 million dirhams, while banks and insurance companies will pay 40% tax.

She also said that taxes on stock dividends will be reduced over the next four years from 15 to 10 percent, and the government plans to reduce income taxes.

20/10/2022

Elon Musk’s plans for Twitter involve slashing its staff by nearly 75% in a matter of months, according to documents obtained by the Washington Post.

Musk, whose $44 billion purchase of the social network is set to close by Oct. 28, would reduce Twitter’s staff to just more than 2,000 people, compared with the 7,500 it currently employs, the Post reported, citing Musk’s comments to prospective investors. Musk had told investors he planned to shrink staff in his initial pitch to bankers for funding, people familiar with the matter told Bloomberg in April.

20/10/2022

Inflation rate in Morocco continued its upward trend, reaching its highest level since 1995.
According to data from the High Planning Commission, inflation increased to 8.3% at the end of September, on an annual basis, driven by an increase in food prices and transportation costs.

20/10/2022

Are financial crises really the best time to invest?

20/10/2022

outh Africa’s cabinet has endorsed an investment plan to help the country transition away from the use of coal, a key step in securing $8.5 billion in climate finance on offer from the world’s richest nations.

The plan envisages the closure and re-purposing of coal-fired power plants owned by Eskom Holdings SOC Ltd., the state power utility, so that additional renewable energy can be produced. It also covers expanding the transmission grid and fostering the development of electric-vehicle and green hydrogen industries.

# Energy # Hydrogen # Business

20/10/2022

Ghana’s cedi extended the world’s biggest loss versus the dollar this year amid uncertainty about talks with domestic bondholders.

The currency depreciated as much as 9.6% on Thursday, heading for its biggest decline in 22 years. That took losses in 2022 to nearly 52%, the worst performance among 148 currencies.

20/10/2022

Algeria’s government intends taking advantage of an oil and gas bonanza to more than double its spending next year, with the military, civil service and the jobless among the biggest beneficiaries.

A jump in energy prices spurred by Russia’s invasion of Ukraine shored up "the former French colony’s" coffers, giving the government more scope to cushion citizens against surging living costs and ward off social unrest. In March, Algeria became one of the first African countries to introduce a permanent unemployment-benefits program for the youth, an initiative that now looks set to be extended.

20/10/2022

U.K. Prime Minister Liz Truss resigned Thursday following a failed tax-cutting budget that rocked financial markets and which led to a revolt within her own Conservative Party.

Truss said in a statement outside Downing Street: “We set out a vision for a low-tax, high-growth economy that would take advantage of the freedoms of Brexit.”

“I recognize though, given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to His Majesty the King to announce that I am resigning as leader of the Conservative Party.”

20/10/2022

Morocco and the European Union (EU) have signed a Memorandum of Understanding on the establishment of a Green Partnership with the EU, making the Kingdom the first country to conclude a partnership of this kind with Brussels.

Signed in Rabat by Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates, Nasser Bourita, and Executive Vice President of the European Commission and Commissioner for Climate Action Policy, Frans Timmermans, the memorandum aims to establish a Green Partnership between the partners in the areas of combating climate change, energy transition, environmental protection and promotion of the green and blue economy.

20/10/2022

Morocco is moving forward to benefit from the enormous natural resources located in the depths of the Atlantic Ocean, off the southern coast of the Kingdom, known as “Mount Tropic”, where Rabat received the scientific ship made in Japan, and arrived at the port of Dakhla in order to start marine exploration operations on precious and rare minerals in Tropic Mountain.

It is likely that the ship, which is equipped with the latest technology, was used in the exploration operations in the Tropic Mountains, located in the southern provinces of the Kingdom, which will revolutionize the Moroccan industry and economy.

20/10/2022

Elon Musk, the CEO of Tesla and the world's richest man, said on Wednesday his electric vehicle company could become more valuable than the world's two largest companies — Apple and Saudi Aramco.

The combined market capitalization of tech giant Apple and Saudi Arabian state energy giant Aramco is around $4.4 trillion today. In comparison, Tesla's market cap is about $690 billion. This means Tesla would have to grow roughly six times its current size to catch up.

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