The Editorial Team |

JPMorgan Is No Match for Google in One Analyst’s Fintech Ranking

LAGOS (Capital Markets in Africa) – No banking titan is better prepared than JPMorgan Chase & Co. to roll out new financial technologies — but even its innovation pales alongside Silicon Valley’s, according to a report by Autonomous Research. Big financial firms including Bank of America Corp., Barclays Plc, Wells Fargo & Co. and UBS Group AG are “soberingly behind actual tech companies” in showing they’re embracing advances that power fintech, the study found. Alphabet Inc.’s Google, Facebook Inc. and…

Congo Elections Won’t Be Held Before April 2019, Commission Says

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KINSHASA (Capital Markets in Africa) – Elections in the Democratic Republic of Congo that were due last year won’t be held before April 2019, the electoral commission said, a delay that undermines a pact President Joseph Kabila’s supporters made with his political opponents for him to step down this year. The commission said in a statement that it will need 504 days to organize the polls once it completes the enrolment of voters. The body says it has finished…

Rwanda Army Tortured Suspected Rebels, Opponents, Group Says

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KIGALI (Capital Markets in Africa) – Rwanda’s military detained suspected rebels and supporters of an exiled opposition group, subjecting them to beatings, mock executions and electric shocks, Human Rights Watch said. The New York-based advocacy group has confirmed 104 cases of people illegally detained, many of whom were tortured, in army detention centres between 2010 and 2016, it said Tuesday in a report. The total number is probably higher because of the secret nature of…

Selected Capital Markets, Economic and Political News Around Africa

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Ethiopia Devalues Birr by 15%, Increases Interest Rate: Ethiopia devalues birr by 15% from Oct. 11, Fana Broadcasting Corp. reports, citing National Bank of Ethiopia Deputy Governor Yohannes Ayalew. Dollar will exchange for 26.9303 birr. Drop in global commodity prices has hurt nation’s export earnings from coffee, oil seeds, leather, gold. Interest rate will increase to 7% from 5% Mozambique’s Zandamela Says FX Reserves, Exchange Rate Stable: The exchange rate of the Mozambican currency, the…

Swiss Secrecy Redux? Medieval Zug Bets on a Cryptocurrency Future

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LAGOS (Capital Markets in Africa) In May a devastating computer virus called WannaCry locked up the systems of carmakers, train operators, and even hospitals. The hackers demanded users pay to get their data back with the digital currency bitcoin. Some did, and when the cyber extortionists needed to swap tens of thousands of dollars worth of bitcoin in August, they turned toShapeShift, a digital currency exchange based in the lakeside town of Zug, Switzerland. Only part of the money…

Putin Is Said to Hold First Meeting on Cryptocurrency Rules

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LAGOS (Capital Markets in Africa) – President Vladimir Putin is holding his first meeting with his top finance officials on cryptocurrencies as a debate rages on regulation of the instruments, according to four people with knowledge of the plans. Bank of Russia Governor Elvira Nabiullina and Finance Minister Anton Siluanovare flying to Sochi to meet with the president and his economic aide, Andrey Belousov, Tuesday, the people said, asking not to be identified before the meeting. A firm decision on whether…

Mozambican Companies Criticized Over Debts Slam Kroll Audit

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MAPUTO (Capital Markets in Africa) – Three state-owned Mozambican companies whose government-guaranteed debts led the gas-rich nation to default have criticized an audit by Kroll LLC that questioned their actions in the scandal. The companies queried two key findings by Kroll, including that more than $500 million of debt remains unexplained, and said the entire maritime security project that the loans funded “was public from day one,” according to a letter from their lawyers, Alexandre…

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