The Editorial Team |

MTN Looks to Spin Off Fiber, Fintech Units to Unlock Value

JOHANNESBURG (Capital Markets in Africa) — MTN Group Ltd. has begun work toward separating its fiber and fintech units as part of plans to unlock value and raise funds to fuel expansion. Africa’s biggest wireless carrier is seeking strategic partners and investors for the businesses, Chief Executive Officer Ralph Mupita said in a presentation Wednesday. The company owns 85,000 kilometers (52,817 miles) of fiber across the continent, while fintech products such as mobile-payment services are growing rapidly….

Africa’s Biggest Bank Sees Lengthy Slog to Recover From Pandemic

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Standard Bank Group Ltd. said any economic recovery from the Covid-19 pandemic in Africa would likely take until late this year or even 2022, warning of the long wait ahead for lenders struck by a slump in borrowing and spending. The continent’s largest bank reported a 51% decline in profit after taxes and other adjustments for the year through December, according to a statement on Thursday. The Johannesburg-based company also declared…

Tiger-Backed Flutterwave Becomes Latest Nigeria Tech Unicorn

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Flutterwave Inc. said its valuation passed $1 billion after raising funds from investors including billionaire Chase Coleman’s Tiger Global Management LLC, making the payments firm the third in a spate of Africa-focused tech firms to become so-called unicorns. U.S. hedge fund Tiger was joined by New York private equity firm Avenir Growth Capital in leading the $170 million round, according to a statement on Wednesday. That took total investment…

Warren Says ‘Sharks’ Citadel, Robinhood Prey on Customers

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Senator Elizabeth Warren renewed her attacks on Citadel Securities and Robinhood Markets on Tuesday, accusing the companies at the center of the GameStop Corp. trading saga of profiting at the expense of their customers during periods of extreme market volatility. “When big sharks like Citadel and Robinhood come out ahead no matter what happens, and when the information they gather isn’t disclosed, and when it’s secret how that information…

Bitcoin Retreats From $55,000 Amid Pause in This Week’s Rally

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Bitcoin pared its rally this week after briefly climbing past $55,000 amid ongoing speculation about whether the largest cryptocurrency can test the record it set last month. The token fell as much as 2.1% and was trading at about $53,500 as of 12:01 p.m. in Hong Kong. It remains on track for a second straight weekly advance, bouncing back from a rout at the end of February. “It wouldn’t…

Egypt Inflation Accelerates, Still Below Central Bank Target

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) — Egypt’s headline inflation accelerated at its fastest pace since December but remained below the target range, making rising global bond yields a more important factor in next week’s rate decision. The annual inflation rate climbed to 4.5% in February from 4.3% in January after two consecutive months of deceleration. On a monthly basis, consumer prices inched up 0.2%, the state-run statistics agency CAPMAS said Wednesday in a report. Egypt’s…

Crypto Havens Lure Firms Fleeing South Africa Regulator Fear

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) — The world’s biggest cryptocurrency scam of last year was a jolt to South Africa’s regulator — and not everyone will wait to see how it shakes out. As major financial hubs like Singapore redraw legislation to lure crypto firms and with the U.K. government facing calls to embrace digital currencies, South Africa’s burgeoning exchanges say they are having to move headquarters abroad due to uncertainty over potential government regulation. Behind the frustration is…

« 1 … 112 113 114 115 116 … 1,076 »