The Editorial Team |

Ghana Bans Funds From Taking New Cash With $1.6 Billion Tied Up

ACCRA (Capital Markets in Africa) – As much as $1.6 billion of investments in Ghana have been trapped and the nation’s regulator is stepping in to avoid it getting any bigger. Twenty one fund managers have been banned from accepting new money as Ghana’s Securities and Exchange Commission looks into whether they violated rules by placing client cash into illiquid assets. Investors who sought to withdraw funds from the firms have found their money unavailable,…

Trump’s Re-Election Now at the Mercy of a Slowing Economy

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LAGOS (Capital Markets in Africa) – The growing odds of a recession before the 2020 election threaten to crush President Donald Trump’s hopes of a second term. Though still uncertain, such a scenario would be a political gift to Democrats, who have avoided talking about the nearly full employment, record stocks and low inflation so far in the Trump presidency. Instead, the candidates have highlighted rising income inequality and untenable costs of health care and college…

Nomura Says ‘50 Cent’ Has Banks Scrambling for VIX Hedges

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LAGOS (Capital Markets in Africa) – The re-emergence of a huge U.S. equity volatility buyer has banks scrambling to hedge the other side of the trades and is even affecting levels on the Cboe Volatility Index, according to Nomura Securities International. In July, a big purchaser accumulated protection against a major sell-off in U.S. stocks over the next month on the so-called VIX, in activity similar to that of the volatility buyer known as “50 Cent” given…

U.S. Stocks Fluctuate, Bonds Gain on Trade Angst: Markets Wrap

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LAGOS (Capital Markets in Africa) – Trade angst whipsawed financial markets Thursday, with U.S. stocks swinging wildly and Treasuries resuming a rally that pushed the 30-year yield below 2% for the first time. Stimulus hopes in Europe weakened the euro. The S&P 500 attempted to bounce back from one of its worst days of the year, boosted by strong earnings from Walmart Inc. and solid data on the American consumer. Tapestry Inc. tumbled on poor sales, adding…

US Immigration Knocking on Doors of Companies Hiring Foreign Tech Students

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LAGOS (Capital Markets in Africa) – Immigration and Customs Enforcement investigators are visiting workplaces to check employers’ compliance with a government program that allows foreign students to work in the U.S. after graduation. Some attorneys are concerned the move could further limit legal immigration for skilled workers, especially the tech-savvy students who are eligible to work an extra year under the program, known as Optional Practical Training, or OPT. The compliance checks are “within their…

Mobile Money Takes Off: Phones Replace Bank Accounts in Africa

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JOHANNESBURG (Capital Markets in Africa)- It doesn’t look like the hub of an online bank. But that’s what the yellow and blue metal kiosk becomes when Albert Agane locks himself behind the metal bars every day at 6 a.m. From his perch along a dusty suburban thoroughfare in Accra, the 28-year-old helps fellow Ghanaians withdraw or deposit cash for accounts they operate from their mobile phones. All they need do is text. Mobile money is…

Absa’s Retail-Banking Push Starts Paying Off as Profit Rises

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JOHANNESBURG (Capital Markets in Africa) – Absa Group Ltd.’s push to reclaim market share lost while under the control of Barclays Plc is beginning to pay off at the South African lender’s main retail-banking business. First-half net income climbed 5.4% to 7.64 billion rand ($500 million) as Absa provided more personal loans and credit cards, while boosting the revenue it generates from fees and commissions, the Johannesburg-based company said in a statement Tuesday. The improvement at its…

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