In a surprising turn of events, hedge funds betting on a downturn in US and European stock markets have suffered staggering losses estimated at $43 billion amid a sharp rally over recent days. Short sellers, who had strategically positioned themselves against companies vulnerable to higher borrowing costs, found themselves on the wrong side of the […]
In a recent development, Equity Group, a prominent banking institution, has disclosed its anticipation of completing the acquisition of Rwanda’s Compagnie Générale de Banque, widely known as Cogebank, by the end of November. The acquisition, initially announced in June, involves a cash consideration of $48.1 million for a 91.93% stake in Cogebank, with plans to […]
Bond traders at the Nairobi Securities Exchange (NSE) are grappling with substantial losses as interest rates persistently climb, marking a challenging trend in the market. Data sourced from the NSE reveals that bonds traded in the secondary market are being discounted by investors, with markdowns reaching as high as 24.4 percent. This has resulted in […]
In a bid to support the beleaguered real estate sector, Chinese authorities have initiated the drafting of a list comprising 50 real estate firms eligible for financing. This strategic move has prompted a notable surge in both shares and bonds of Chinese developers, marking a significant rebound for the industry. A Bloomberg index tracking China […]
The German government announced on Monday its commitment to invest €4 billion ($4.37 billion) in African green energy projects by 2030. Chancellor Olaf Scholz emphasized the need for African countries to derive greater benefits from their rich natural resources. The announcement came during a news conference at the G20 Compact with Africa summit in Berlin, […]
In a strategic move to broaden its secondary listings framework, the Johannesburg Stock Exchange (JSE) has opened its doors to companies primarily listed on the Hong Kong Exchanges and Clearing Ltd (HKEX). This expansion allows HKEX-listed companies to pursue secondary listings on the JSE and qualify for a streamlined fast-track listing process. The newly introduced […]
In a recent survey conducted by South Africa-based investment firm RisCura, Kenyan pension schemes have experienced negative returns in the quarter ending September. The Performance Investment Management Survey reveals that the weighted average return of the surveyed schemes plummeted to negative 3.06 percent, a significant decline from the 0.18 percent return reported in the previous […]
The ProShares Bitcoin Strategy ETF (NYSE: BITO), a trailblazer as the first U.S. ETF to mirror Bitcoin’s movements, has successfully amassed $1.4 billion in assets, anchored by its strategic focus on Bitcoin futures. This achievement comes at a pivotal moment for the financial industry, eagerly awaiting the U.S. Securities and Exchange Commission’s (SEC) verdict on […]
Zimbabwean businesses grapple with the challenges posed by a fluctuating exchange rate and a widening gap between official and parallel market values of the national currency. The Zimbabwe dollar has experienced an 89% depreciation against the US dollar on the official market this year, prompting companies listed on the Zimbabwe Stock Exchange (ZSE) to explore […]
In a strategic move to shield their investments from the volatility of local currencies and the escalating risks posed by political and environmental factors, Kenyan property investors, along with their counterparts across Africa, are increasingly turning their attention to dollar-denominated green projects. The latest findings from the Knight Frank Africa report for the year 2022/2023 […]
In a significant diplomatic stride, the Republic of Cyprus has officially inaugurated its embassy in Nairobi, marking a pivotal moment...
The Syrian economy, devastated by over a decade of conflict, stands at a critical juncture. On Monday, the World Bank...
The world's youngest nation, South Sudan, is once again at a critical economic crossroads, facing a severe financial crisis that...
In a vibrant display of its growing economic prowess and innovation, Kenyan startups have collectively raised a remarkable Sh17 billion...
