The Editorial Team

Mauritius Learns the Limits of Biden’s Invocation of the International ‘rules-based Order’

PORT LOUIS (Capital Markets in Africa) — Among President Biden’s favorite terms, “rules-based order” is near the top of the list. Used by his administration as a foreign policy mantra, it means supporting the international laws and institutions that have kept the world relatively peaceful since World War II. Russia’s seizure and annexation of Crimea from Ukraine has been cited as a violation of the rules, as has Syrian President Bashar al-Assad’s use of chemicals…

Digital Currency Would Be Critical National Infrastructure – CBN

Posted on by The Editorial Team

The Central Bank of Nigeria (CBN) has said its proposed digital currency, known as e-Naira, will be treated as a critical national infrastructure to protect it from operational and cyber-security risks. In a document obtained by THISDAY, which offered more insights into the digital money regime, especially the potential risks and mitigation measures, the apex bank said there would be a co-existence of traditional payment systems and the CBN Digital Currency (CBDC) to address interoperability…

Uber Nigeria Partner Raises $23 Million to Lend to Drivers

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Moove, a mobility fintech startup, has raised $23 million to provide financing to Uber Technologies Inc. drivers to buy cars across the sub-Saharan Africa region. The funding round, which takes the total capital of Moove to $68.2 million, was led by Speedinvest and U.S.-based Left Lane Capital, with the participation of its existing investor, Emso Asset Management. The company uses data on ride-hailing platforms, such as earnings and performance,…

Sweet Spot in Emerging Debt Has Goldman Warily Seeking Yield

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Quasi-sovereign bonds, notes from companies at least partially owned by a government, are in vogue for firms including Goldman Sachs Group Inc. and Barings LLC that are seeking strong returns amid lots of economic uncertainty. This debt, which includes some credit risk, pays more than sovereign notes and is often considered safer than pure corporate bonds. A Bloomberg Barclays gauge of emerging-market company and quasi-sovereign dollar debt returned 5.4% since the…

Kenya’s 91-Day Bills Yield Drops to Lowest in Almost 15 Years

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s 91-day Treasury Bills yield dropped to the lowest in about 15 years as banks sought safer assets amid the coronavirus pandemic. The weighted average yield of the notes was at 6.513% at last week’s auction, the lowest since September 2006, according to Central Bank of Kenya data. The rate for 182-day bills was 7.046% and 364-day securities at 7.418%. “High liquidity has been attributed to cautiousness by banks amid the…

Troops Eject Rebels Who Besieged Total’s Mozambique Project

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – Troops from Mozambique and Rwanda retook a port town at the heart of a four-year insurgency that led to the suspension of a $20 billion project by TotalEnergies SE. Soldiers from the two countries took back Mocimboa da Praia, which insurgents with ties to Islamic State have held for a year, the Rwanda Defence Force said in Twitter post on Sunday. The Mozambican defense ministry later confirmed the development, saying operations continued to…

Somalia Starts Payments System as It Rebuilds Nation

Posted on by The Editorial Team

MOGADISHU (Capital Markets in Africa) – Somalia has set up a national payments system as part of plans to develop the financial industry in one of the world’s most fragile states, following decades of political and economic instability. The 13 lenders in the Horn of Africa nation can now “become inter-operable, connected to the clearing and settlement system of the central bank and able to transact with each other,” Central Bank of Somalia Governor Abdirahman…

« 1 … 76 77 78 79 80 … 1,073 »