The Editorial Team

Egyptian Banks Face Further Pressure from Coronavirus Fallout

Fitch Ratings-London/Dubai-07 April 2021: Egyptian banks face asset-quality deterioration and continued pressure on profitability through 2021 amid the economic fallout of the pandemic, Fitch Ratings says in a new report. Capitalisation remains a credit weakness and foreign-currency liquidity is still vulnerable to external shocks. However, the sector could benefit from growth and revenue opportunities, with Egypt’s lockdowns less stringent than those in many jurisdictions, and consumer consumption and public investment more resilient. The sector average…

IMF Lifts 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…

Investors Closer to Getting a Credit-Based Alternative to Libor

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LONDON (Capital Markets in Africa) — Global regulators’ approval of a U.S. dollar-denominated rate that assesses market credit risk is growing nearer as the beleaguered London interbank offered rate is set to be phased out, allowing financial service firms to fill the void with new benchmarks. Bloomberg’s Short-Term Bank Yield Index, or BSBY, adheres to the International Organization of Securities Commissions’ Principles for Financial Benchmarks, based on an independent assurance review, Bloomberg LP said in…

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

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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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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…

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