The Markets | - Part 167

Kenya Plans to Start Oil Exports, Award Blocks Early 2018

NAIROBI (Capital Markets in Africa) – Kenya plans to ship its first oil at the end of February and award 17 new exploration blocks during the first quarter of 2018, the Energy Ministry said. While East Africa’s biggest economy was scheduled to export its first crude in June, it delayed the pilot program following a tussle between the Turkana community in Kenya’s northwest — where Tullow Oil Plc has discovered 1 billion barrels of oil — and the central government…

IMF Sees No `Substantive’ Zambian Aid-Deal Talks This Month

Posted on by The Editorial Team

LUSAKA (Capital Markets in Africa) – The Zambian government and the International Monetary Fund won’t be holding meaningful discussions on a proposed $1.3-billion aid program at the Washington-based lender’s annual meetings this month after talks were put on hold in August. The nation’s Eurobond yields climbed. “IMF staff will be meeting the Zambian delegation at the IMF-World Bank annual meetings to discuss next steps,” Alfredo Baldini, the fund’s resident representative in Lusaka, Zambia’s capital, said in reply…

What to Watch for as Wall Street Reports Third-Quarter Results

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – What to make of the surge in cryptocurrencies? Will the Trump administration’s tax-overhaul proposals find traction anytime soon? The biggest U.S. banks are about to show how much those uncertainties, and the slide in market volatility, affected third-quarter results and the lenders’ outlooks. JPMorgan Chase & Co. and Citigroup Inc. come first, on Thursday. Here are some likely takeaways: Trading Revenue Trading probably dropped from the same period a…

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

Posted on by The Editorial Team

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…

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