The Editorial Team |

Nomura Says ‘50 Cent’ Has Banks Scrambling for VIX Hedges

LAGOS (Capital Markets in Africa) – The re-emergence of a huge U.S. equity volatility buyer has banks scrambling to hedge the other side of the trades and is even affecting levels on the Cboe Volatility Index, according to Nomura Securities International. In July, a big purchaser accumulated protection against a major sell-off in U.S. stocks over the next month on the so-called VIX, in activity similar to that of the volatility buyer known as “50 Cent” given…

U.S. Stocks Fluctuate, Bonds Gain on Trade Angst: Markets Wrap

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LAGOS (Capital Markets in Africa) – Trade angst whipsawed financial markets Thursday, with U.S. stocks swinging wildly and Treasuries resuming a rally that pushed the 30-year yield below 2% for the first time. Stimulus hopes in Europe weakened the euro. The S&P 500 attempted to bounce back from one of its worst days of the year, boosted by strong earnings from Walmart Inc. and solid data on the American consumer. Tapestry Inc. tumbled on poor sales, adding…

US Immigration Knocking on Doors of Companies Hiring Foreign Tech Students

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LAGOS (Capital Markets in Africa) – Immigration and Customs Enforcement investigators are visiting workplaces to check employers’ compliance with a government program that allows foreign students to work in the U.S. after graduation. Some attorneys are concerned the move could further limit legal immigration for skilled workers, especially the tech-savvy students who are eligible to work an extra year under the program, known as Optional Practical Training, or OPT. The compliance checks are “within their…

Mobile Money Takes Off: Phones Replace Bank Accounts in Africa

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JOHANNESBURG (Capital Markets in Africa)- It doesn’t look like the hub of an online bank. But that’s what the yellow and blue metal kiosk becomes when Albert Agane locks himself behind the metal bars every day at 6 a.m. From his perch along a dusty suburban thoroughfare in Accra, the 28-year-old helps fellow Ghanaians withdraw or deposit cash for accounts they operate from their mobile phones. All they need do is text. Mobile money is…

Absa’s Retail-Banking Push Starts Paying Off as Profit Rises

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JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd.’s push to reclaim market share lost while under the control of Barclays Plc is beginning to pay off at the South African lender’s main retail-banking business. First-half net income climbed 5.4% to 7.64 billion rand ($500 million) as Absa provided more personal loans and credit cards, while boosting the revenue it generates from fees and commissions, the Johannesburg-based company said in a statement Tuesday. The improvement at its…

Cyril Ramaphosa Is Running Out of Time, Options in South Africa

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JOHANNESBURG (Capital Markets in Africa) – When Cyril Ramaphosa succeeded Jacob Zuma as South Africa’s president, he promised a “new dawn” after nine years of misrule that hobbled the economy. Eighteen months later, hopes have dissipated that the former labor union leader can orchestrate a turnaround. The economy shrank the most in a decade in the first quarter of this year; 38% of the workforce can’t find jobs or have given up looking; and massive bailouts for the debt-stricken…

As Gold Surges, So Does Illegal Mining Tied to Crime and Illness

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LAGOS (Capital Markets in Africa) – The gold rally fueled by the U.S.-China trade war is unleashing a growing wave of illegal miners who are increasingly pushing into fragile environments that range from Latin America’s Amazon to South Africa. Bullion has surged 18% over three months to the highest in six years. While that’s good news for mining companies, it’s spurring a burst of illegal prospecting that has helped fuel drug trafficking and organized crime within some of the…

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