The Markets | - Part 165

Global Regulators Play Bitcoin Whack-a-Mole as Demand Explodes

LAGOS (Capital Markets in Africa) – Regulators worldwide are finding that it’s incredibly hard to control the explosive growth of money tied to no nation. Russian President Vladimir Putin is the latest to call for regulation of cryptocurrencies, saying there are “serious risks” they can be used for money laundering or tax evasion. Finance Minister Anton Siluanov has called for regulating digital money as securities, while central bank officials vowed to work with prosecutors to block websites…

JPMorgan Is No Match for Google in One Analyst’s Fintech Ranking

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – No banking titan is better prepared than JPMorgan Chase & Co. to roll out new financial technologies — but even its innovation pales alongside Silicon Valley’s, according to a report by Autonomous Research. Big financial firms including Bank of America Corp., Barclays Plc, Wells Fargo & Co. and UBS Group AG are “soberingly behind actual tech companies” in showing they’re embracing advances that power fintech, the study found. Alphabet Inc.’s Google, Facebook Inc. and…

Selected Capital Markets, Economic and Political News Around Africa

Posted on by The Editorial Team

Ethiopia Devalues Birr by 15%, Increases Interest Rate: Ethiopia devalues birr by 15% from Oct. 11, Fana Broadcasting Corp. reports, citing National Bank of Ethiopia Deputy Governor Yohannes Ayalew. Dollar will exchange for 26.9303 birr. Drop in global commodity prices has hurt nation’s export earnings from coffee, oil seeds, leather, gold. Interest rate will increase to 7% from 5% Mozambique’s Zandamela Says FX Reserves, Exchange Rate Stable: The exchange rate of the Mozambican currency, the…

Putin Is Said to Hold First Meeting on Cryptocurrency Rules

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – President Vladimir Putin is holding his first meeting with his top finance officials on cryptocurrencies as a debate rages on regulation of the instruments, according to four people with knowledge of the plans. Bank of Russia Governor Elvira Nabiullina and Finance Minister Anton Siluanovare flying to Sochi to meet with the president and his economic aide, Andrey Belousov, Tuesday, the people said, asking not to be identified before the meeting. A firm decision on whether…

Kenya Airways CEO Shrinks Board in Bid to Return to Profit

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya Airways Limited is thinning out its board as part of an effort to return sub-Saharan Africa’s third-biggest airline to profit, Chief Executive Officer Sebastian Mikosz said. The carrier is implementing changes to its management structure that will “significantly” reduce the number of managers and direct reports to the CEO, Mikosz said Tuesday in an emailed response to questions. The adjustments are also aimed at making staff more accountable and some employees…

Flour Mills of Nigeria Seeks $306 Million to Cut Funding Costs

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Flour Mills of Nigeria Plc, the country’s biggest miller by market value, plans to raise 110 billion naira ($306 million) in equity and debt as it seeks to reduce costs and boost operations in the West African nation. The company plans to raise as much as 40 billion naira by rights issue and 70 billion naira through “medium-term notes,’’ according to a statement Monday on the website of the Nigerian…

Burger Brexit Hit Sends Famous Brands Tumbling Most in 14 Years

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Famous Brands Limited slumped the most in 14 years after the South African fast-food chain owner said its U.K. Gourmet Burger Kitchen business, acquired months after Britain voted to leave the European Union, may only return to profit in the next financial year. The stock dropped as much as 17 percent in Johannesburg, the biggest intraday decline since June 11, 2003. First-half earnings per share fell as much as 60 percent in…

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