Investec banks on mobile in Africa

INVESTEC Asset Management’s Africa-focused private equity fund has acquired a significant minority shareholding in technology services firm wiGroup for an undisclosed sum. The plan is to help the firm grow and sell more software to corporate clients and mobile money issuers in Africa. wiGroup delivers solutions that enable corporates to accept mobile transactions. It helps […]

What China’s surprise currency devaluation means for its economy and the world

China surprised the world on Tuesday by devaluing its currency, in a move likely to boost Chinese exports and support the country’s flagging economic growth. The change to the currency’s value was the most dramatic one-day change in two decades. The move is likely to stir intense concern, as political leaders, especially in the United States, have long […]

The Nigeria-UK Capital Markets Project

The Nigeria-UK Capital Markets Project Tuesday launched its inaugural report on the state of the Nigerian capital markets, stressing the need to boost the integrity of the markets, improve information disclosure, reduce potential for manipulation, promote transparency and good governance and generally improve standards and investor confidence. This came as the Lagos State Governor, Akinwunmi […]

Greece’s tax revenues collapse as debt crisis continues

Fresh evidence of the dramatic impact of the Greek debt crisis on the health of the country’s finances has emerged, with official figures showing tax revenues collapsing. As talks continued over a proposed €86bn third bailout of the stricken state, the Greek treasury said tax revenues were 8.5% lower in the first six months of […]

Nigeria’s market capitalisation up by N72bn

Transactions at the Nigerian Stock Exchange (NSE) on Tuesday remained upbeat with investors net worth appreciating by 0.70 percent. The News Agency of Nigeria reports that the All-Share Index rose by 211.03 points or 0.70 percent to close at 30,458.86 against 30,247.83 posted on Monday. Similarly, the market capitalisation, which opened at N10.367 trillion, appreciated […]

Greek shares plummet as the Athens Stock Exchange reopens

The Athens Stock Exchange (ASE) plunged 22.86 per cent this morning, after it resumed trading for the first time in five weeks. The country’s banks – Piraeus Bank, National Bank, Alpha Bank, and Eurobank – were the biggest losers, each suffering heavy losses of around 30 per cent. Banks make up about 20 per cent of […]

Dangote Cement Nigeria Reports Profit Jump on African Growth

Dangote Cement Plc, Africa’s biggest producer of the building material, said first-half profit rose 28 percent as the benefits of expansion helped make up for “uncertainties” in its home market of Nigeria. Net income was 121.8 billion naira ($614 million) in the six months through June, compared with 95.4 billion naira in the same period […]

FCMB lists N26bn bond on FMDQ

First City Monument Bank Limited on Monday listed its N26bn series 1, seven-year 14.25 per cent fixed rate unsecured bond on the FMDQ OTC Plc. The bond, which is due in the year 2021, is under a N100bn debt issuance programme with FCMB Capital Markets Limited, the investment banking subsidiary of FCMB Group Plc, as […]

Vetiva Fund Managers further deepens ETF Market

Following the final approval from the Se­curities and Exchange Commission(SEC), Vetiva Fund Managers Limited is to list three Exchange Trad­ed Funds(ETFs) anchored on the NSE Banking In­dex, NSE Consumer Goods Index and NSE Industrial Index. A statement from the company lists the three ETFs as Vetiva Banking Exchange Traded Fund (VB ETF), Vetiva Con­sumer Goods Exchange […]

The disagreement between Germany and the ECJ

Whenever you are in a room with European officials and discuss the euro, there is usually somebody who raises his finger and says: “This is all well and good, but it is ‘against the rules’.” It then gets very quiet. “Against the rules” is a big thing in Europe. Most people do not really know what […]