Costco, the retail giant known for its value offerings, has made a strategic move into the precious metals market, and it’s paying off handsomely. According to reports from Wells Fargo’s equity research note, the company is reaping significant monthly revenues, estimated between $100 million to $200 million, from the sale of gold bars. This venture […]
In response to South Africa’s ongoing power crisis, MTN, Africa’s largest mobile phone group, has announced a strategic investment plan totaling R1.9 billion ($101 million) by mid-year. The investment will focus on enhancing infrastructure such as generators, batteries, and renewable energy sources to address the persistent threat of power blackouts, locally known as “load shedding.” […]
Over the span of seven weeks, from February 15th to April 4th, 2024, the Nairobi Stock Exchange (NSE) has experienced a significant surge in trading activity, coinciding with a notable increase in investor wealth amounting to KSh 351 billion. Market capitalization, a pivotal indicator of investors’ wealth, closed at Ksh 1.772 trillion on April 4th, […]
HSBC Holdings unveiled its plan today to divest its Argentina business to Grupo Financiero Galicia in a deal valued at $550 million. The move underscores HSBC’s strategic shift towards consolidating its focus on its core Asian operations, marking a significant step in its ongoing strategy. Anticipating a $1 billion pre-tax loss linked to the transaction […]
Innovative Shifts in East African Equities: As East African stock markets navigate the complexities of global trade, executives are deliberating a significant policy shift. The proposal under consideration involves allowing companies to issue debt instruments in hard currency, primarily the US dollar. This move aims to introduce a competitive edge against commercial banks, particularly in […]
Safaricom’s Mali unit trust, managed by Genghis Capital, has reached a notable milestone with its asset base hitting Sh1.4 billion by December 2023. Since its establishment in 2019, Mali has emerged as a significant player in Kenya’s financial landscape, offering a collective investment scheme integrated with Safaricom’s M-Pesa platform. The latest disclosures reveal Mali’s robust […]
In a strategic move to expand its international footprint, First Abu Dhabi Bank (FAB), the UAE’s largest lender, is considering potential acquisitions in Turkey. Sources close to the matter revealed that FAB is currently exploring various targets in Turkey, including Yapi Ve Kredi Bankasi, the seventh-largest lender in the country by assets. Reports from Bloomberg […]
In response to shifting consumer demands and technological advancements, Standard Bank South Africa has strategically expanded its physical footprint across the nation. Despite the pervasive trend towards digital banking solutions, the bank has seen a notable increase in branch numbers, from 619 to 652 in 2023, with a further projected growth of over 5% by […]
NCBA Bank Kenya faced a notable downturn in revenue from its digital platforms, including Fuliza, Mshwari, and Loop, with a substantial 34% drop, amounting to Sh2.59 billion in the financial year ending December 2023. This decline was primarily attributed to reduced charges on the Fuliza overdraft facility. Despite an increase in the volume of transactions […]
UK investors displayed a strong preference for US equities in March, injecting £2.30 billion into equity funds and contributing to a robust start for Q1 2024. According to Calastone’s Fund Flow Index (FFI), this surge propelled total inflows to £6.97 billion since January. North American funds emerged as the top choice, attracting an unprecedented £5.72 […]
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