The Editorial Team |

Egypt’s Quarterly Tourism Revenue Triples as FX Crisis Eases

CAIRO (Capital Markets in Africa) – Egypt’s tourism receipts almost tripled and worker remittances rose in the last three months of its fiscal year, marking another step in the country’s economic recovery from a crippling dollar shortage. Tourism revenue rose to $1.5 billion in the fourth quarter that ended June 30, from $510 million in the same period a year ago, according to initial central bank data that it shared with Bloomberg. Full-year receipts rose 16…

Bitcoin Surges Past $4,000 as Speed Breakthrough to Fuel Spread

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LAGOS (Capital Markets in Africa) – Bitcoin soared past $4,000 for the first time on growing optimism faster transaction times will hasten the spread of the cryptocurrency. The largest digital tender jumped to a peak of $4,298 Monday, a gain of nearly 20 percent since Friday, after a plan to quicken trade execution by moving some data off the main network was activated last week. The solution — termed SegWit2x — had been so contentious that…

Moody’s Downgrades Namibia’s rating to Ba1, maintains negative outlook

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WINDHOEK (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) has today downgraded Namibia’s long-term senior unsecured bond and issuer ratings to Ba1 from Baa3 and maintained the negative outlook. The key factors for downgrading the rating are: Erosion of Namibia’s fiscal strength due to sizeable fiscal imbalances and an increasing debt burden Limited institutional capacity to manage shocks and address long-term structural fiscal rigidities Risk of renewed government liquidity pressures in the coming years…

With No ‘JPMorgan of Bitcoin,’ Exchanges Struggle to Win Trades

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LAGOS (Capital Markets in Africa) – Bitcoin needs “Downtown” Josh Brown more than he needs bitcoin. Brown, the chief executive officer of Ritholtz Wealth Management and author of a popular finance blog, has long been sceptical of the digital currency. He finally bought some, he said, “because the goddamn thing won’t go away.” Bobby Lee, BTCC co-founder and chief executive officer, discusses the outlook for cryptocurrencies. Still, Brown, who helps manage half a billion dollars, isn’t really a convert…

FinTech is Accelerating the Digital Transformation of Banking in Africa

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Due to their potent blend of trail‐blazing technology and disruptive innovation, FinTech players have the ability to accelerate the digital transformation of financial services in Africa and, in turn, further spur incumbent banks to rapidly ramp‐up their own innovation initiatives to meet the financial needs of under‐served markets across the continent. August 2017, Addis Ababa, Ethiopia: FinTech players are increasingly becoming an important part of the fabric of Africa’s financial services ecosystem and the leading…

Mozambique Central Bank Trims Rates for Second Time This Year

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MAPUTO (Capital Markets in Africa) – Mozambique’s central bank cut rates for the second time this year as price growth continued to moderate. The Monetary Policy Committee reduced the permanent lending facility rate to 22.5 percent from 22.75 percent, Governor Rogerio Zandamela said in a statement on the Maputo-based bank’s website. Inflation slowed to 16.2 percent in July, the lowest since April 2016, having peaked at 26.8 percent in November. “The prevalence of risks to the inflation outlook requires…

Old Mutual First-Half Profit Climbs as Insurer’s Split Looms

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JOHANNESBURG (Capital Markets in Africa) – Old Mutual Plc, the London insurer planning to split into four separate businesses, said first-half profit almost doubled after it reduced debt and sold shares in its U.S. asset management unit. Pre-tax adjusted operating profit rose 37 percent and net income climbed to 531 million pounds ($689 million) from 284 million pounds a year earlier, the London-based insurer said in a statement on Friday. Diluted basic earnings per ordinary share increased…

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