In a move aimed at tightening liquidity and enticing foreign investment, Nigeria’s central bank announced a hike in interest rates on short-term debt obligations. The decision, made public on Wednesday, underscores efforts to stabilize the country’s economy amidst inflationary pressures and foreign exchange challenges. The Central Bank of Nigeria, headquartered in Abuja, initiated the measure […]
Over the past five years, equity long-short hedge funds, a cornerstone of the hedge fund industry, have grappled with significant client withdrawals totaling nearly $150 billion. Investors, disillusioned by these funds’ inability to navigate bull markets effectively or shield against downturns, are increasingly turning away from the strategy. Equity long-short funds, which traditionally seek to […]
In a recent move aimed at curbing fraud, money laundering, and other illicit uses of U.S. currency, Iraq has prohibited eight local commercial banks from engaging in U.S. dollar transactions. The decision follows a visit by a high-ranking U.S. Treasury official and is seen as a part of a broader crackdown on currency smuggling, particularly […]
In a significant move towards achieving its ambitious clean energy goals, the Climate Investment Funds (CIF) has given the green light to a $70 million plan for Kenya. The plan, backed by the CIF’s Trust Fund Committee, includes an initial allocation of $46.39 million. The primary objective of these funds is to propel the integration […]
The Ghana Stock Exchange (GSE) is poised for another year of positive growth in 2024, with projections by advisory firm Databank indicating a potential return ranging between 15 percent and 25 percent. The optimistic forecast is based on an improved macroeconomic environment, expected to contribute to robust performances across various sectors of the exchange. In […]
The Nigerian Exchange Group (NGX) continued its bullish trend, with the All-Share Index surging by 1.57%, gaining 1,618.98 points to close at an impressive 104,421.23 points. The market witnessed a positive breadth today, marked by 61 gainers against 12 losers. Dangote Sugar led the market’s bullish performance, experiencing a significant 7.17% gain, while banking stocks […]
In a recurring trend, foreign investors have withdrawn Ksh 178.2 million from the Nairobi Securities Exchange (NSE) in the past month, extending the capital flight that has persisted throughout the previous year. This prolonged period of withdrawals is attributed to a significant disparity in returns, with investments in advanced economies yielding higher profits compared to […]
In a remarkable feat, Dangote Cement, Nigeria’s foremost cement producer, has achieved an extraordinary market valuation of N13 trillion, overshadowing its closest rival, BUA Cement Plc, whose market value falls short of half of Dangote’s. Investors continue to show confidence in BUA Cement, leading to a surge in its market valuation and positioning the company […]
On Tuesday, AI-related companies witnessed a staggering loss of $190 billion in stock market value, triggered by lackluster quarterly performances from industry leaders Microsoft (MSFT.O), Alphabet (GOOGL.O), and Advanced Micro Devices (AMD.O). The underwhelming results failed to meet the high expectations of investors who had previously driven these stocks to record highs during a recent […]
Centenary Bank, one of Uganda’s premier commercial banks, has launched CenteWhatsApp banking, a groundbreaking platform that allows customers to access a range of banking services instantly and securely through the widely used messaging app, WhatsApp. The innovative CenteWhatsApp banking service empowers customers to conveniently check account balances, make money transfers, pay bills, receive real-time notifications, […]
In a decisive move to fortify its economic resilience and reassure international investors, Kenya has finalized a landmark agreement aimed...
A significant trade dispute is brewing between two of the world's largest democracies, India and the United States, as New...
In a strategic move to alleviate its burgeoning debt burden and unlock crucial development financing, Egypt has successfully secured over...
As Kenyans prepare for fresh Saba Saba Day protests on Monday, the government has sounded a strong alarm regarding potential...
