The Editorial Team

Actor’s $690 Million Fraud Based on Fake Netflix Deal, SEC Says

NEW YORK (Capital Markets in Africa) — The U.S. Securities and Exchange Commission obtained an asset freeze to halt an alleged $690 million Ponzi scheme operated by a Los Angeles actor who lied about having deals to sell films to Netflix Inc. and HBO. Zachary Horwitz and his company, 1inMM Capital LLC, claimed he was raising money to buy movies that he intended to resell, the SEC said in a Tuesday statement. In reality, he had…

IMF Boosts Global Growth Forecast, Warns of Diverging Rebound

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LAGOS (Capital Markets in Africa) — The International Monetary Fund upgraded its global economic growth forecast for the second time in three months, while warning about widening inequality and a divergence between advanced and lesser-developed economies. The global economy will expand 6% this year, up from the 5.5% pace estimated in January, the IMF said in its World Economic Outlook published on Tuesday. That would be the most in four decades of data, coming after…

IMF Approves $2.3 Billion Three-Year Funding Plan for Kenya

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NAIROBI (Capital Markets in Africa) — The International Monetary Fund approved a $2.34 billion financing package for Kenya to support the country’s Covid-19 response and address an urgent need to reduce debt vulnerabilities. Approval of the so-called Extended Credit Facility and Extended Fund Facility will enable immediate disbursement of about $307.5 million for budget support in the East African nation, the Washington-based lender said Saturday in an emailed statement. “Kenya was hit hard at the onset…

South African Business Group Urges Economic Reforms as Mood Dips

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JOHANNESBURG (Capital Markets in Africa) — South Africa should prioritize economic growth-enhancing reforms to enlarge its tax base, create jobs in the private sector that reduce the reliance on social welfare and ease the strain on public finances, a local commerce group said. A business confidence index compiled by the South African Chamber of Commerce and Industry fell to 94 in March from 94.3 the previous month, according to an emailed statement Wednesday. While the…

The Role of Cryptocurrencies in Investor Portfolios

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LAGOS (Capital Markets in Africa) – Cryptocurrencies have attracted widespread interest among private investors and even some hedge funds as a vehicle for speculation. However, institutional investors such as endowment funds, pension funds, and sovereign wealth funds have allocated only small amounts to cryptocurrencies. Their reluctance to invest meaningfully in cryptocurrencies can be traced to a variety of concerns. Cryptocurrencies have displayed significant volatility, they are not backed by a sovereign entity, and their value…

Commodity Outlook: Oil prices to average $64 p/b in 2021

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ICE Brent crude oil front-month prices averaged $65.7 per barrel (p/b) in March 2021, constituting an increase of 5.5% from $62.3 p/b in February 2021 and a rise of 95% from $33.7 p/b in March 2020. The recovery in oil prices was mainly due to improving demand prospects amid the rollout of the COVID-19 vaccine world-wide, as well as to supply discipline from the recurrent OPEC and non-OPEC output cuts, and to lower oil production…

Africa: Real GDP to grow by 3.4% in 2021, outlook subject to elevated uncertainties

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LAGOS (Capital Markets in Africa) – The African Development Bank Group (AfDB) projected Africa’s real GDP to grow by 3.4% in 2021, after contracting by 2.1% in2020 due to the fallout from the coronavirus pandemic. It attributed the region’s economic recovery to the easing of pandemic related restrictions, the anticipated resumption of tourism activity, and the increase in commodity prices. It noted that the economic impact of the pandemic varies across economic groupings and sub-regions,…

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