Banking | - Part 79

Moody’s: Morocco’s diversifying economy and stable policy support positive banking system

RABAT (Capital Markets in Africa) – Moody’s Investors Service (Moody’s) says its outlook for the Moroccan banking system is positive, supported in part by the country’s on-going economic diversification and stable and predictable political and economic policy environment. Moody’s report, “Banking system outlook: Morocco, improving operating environment and rising credit growth support positive outlook”, is available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release….

HSBC Said to Be Focus of Criminal Probe Sought by U.K. Lawmaker

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – HSBC Holdings Plc is the unnamed bank that is the focus of a senior British lawmaker’s demand for a criminal probe into a relationship with South Africa’s Gupta family, according to two people with knowledge of the allegations. Peter Hain, a Labour Party member of the House of Lords, asked the authorities to investigate a U.K. bank for “possible criminal complicity,” after it allegedly failed to take action on…

UniCredit $21 Billion Bad-Loan Sale Said to Draw ECB Review

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LAGOS (Capital Markets in Africa) – The European Central Bank is examining UniCredit Spa’s landmark bad-loan sale of 17.7 billion euros ($20.6 billion) to assess if the price the bank reported is inflated by fees that should be stripped out, according to people familiar with the matter. Some of the commissions the Italian bank will pay to the buyers to manage the loans over coming years could affect the price, the people said, asking not to…

Tanzania Leader Appoints Tax Specialist Central Bank Chief

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DAR ES SALAAM (Capital Markets in Africa) – Tanzanian President John Magufuli named Florens Luoga, a tax-law expert, as the new head of the central bank as the East African nation’s leader seeks to overhaul the country’s natural-resources industry. In July, Magufuli appointed Luoga as chairman of the Tanzania Revenue Authority board. He’s been a deputy vice chancellor at the University of Dar es Salaam since 2014, according to the academic institution’s website. “We had a…

United Kingdom Manufacturing Sums Up Interest-Rate Dilemma for the BOE

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LONDON (Capital Markets in Africa) – For a picture book example of the dilemma facing Bank of England policy makers, look no further than the U.K. manufacturing industry. On the downside for the economy, demand and confidence at factories is declining and investment is weakening, according to a survey from the Confederation of British Industry. But, in a sign of a potential squeeze that could intensify price pressures, the percentage of firms operating below capacity is the…

For Stocks Pumped by Draghi’s Stimulus, The Only Way May Be Down

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LAGOS (Capital Markets in Africa) – Ahead of this week’s European Central Bank meeting, investors mostly see the region’s equities weathering President Mario Draghi’s tapering signals. But in the short term, there are signals aplenty that the shares may be ripe for a pullback, particularly if the euro resumes its rally. Strategists on average now expect the Euro Stoxx 50 to decline by year-end. Here are five charts that indicate overheating in the stock market. Euro-area stocks are no longer…

Moody’s Sees Angola as No-Go Zone for U.S. Banks as Risks Remain

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LUANDA (Capital Markets in Africa) – Angola is still a long way off from tempting U.S. banks into resuming dollar-clearing services despite making progress in combating money laundering, according to Moody’s Investors Service. “American banks are unlikely to come back to Angola anytime soon,” Akin Majekodunmi, a London-based senior analyst at Moody’s, said in an interview on Wednesday. “This industry, if you like, doesn’t make much commercial sense for them anymore.” Bank of America Corp….

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