Dollar dented by bets on dovish Fed

March 19, 2019

The U.S. dollar slipped against a basket of major currencies on Tuesday, as concerns over the U.S. economy and expectations that the Federal Reserve will prove accommodative at a meeting this week weighed on the greenback. The dollar index, which measures the greenback against six major currencies, fell 0.21 percent to 96.322, hovering close to […]

Lenders and travelers stick with Ethiopian Airlines, for now

March 19, 2019

Financiers, passengers and industry partners are, for now, still backing Ethiopian Airlines’ quest to become Africa’s dominant carrier, despite a March 10 crash that killed 157 people. The causes of the Flight 302 tragedy will likely take months to establish. While much of the international focus has been on U.S. planemaker Boeing and its 737 […]

Germany Fires Warning at Italian Banks

March 14, 2019

The German finance ministry urged Italian lenders to speed up a reduction of soured loans and make more progress in cutting risk, with the warning coming as the government in Berlin pushes for a merger of the country’s struggling banking titans. “The Italian banking sector has long been faced with various structural problems, including the […]

U.S. stock rally fades as dollar resumes advance

March 14, 2019

U.S. stocks edged lower after a three-day rally, while the dollar surged amid concern a trade deal with China remains elusive. The pound fell as the Brexit saga rumbled on. The S&P 500 fell amid news a meeting between President Donald Trump and President Xi Jinping to sign an agreement ending the trade war is […]

Jumia’s planned $100m American IPO could raise $500m, says Rennaissance Capital

Adesola AfolabiMarch 13, 2019

The planned $100 million initial public offering (IPO) to be listed on the New York Stock Exchange (NYSE) by African, e-commerce platform, Jumia, could raise an estimated $500 million, says Renaissance Capital’s research analysts. Jumia on Tuesday filed its IPO offer with the American Securities and Exchange Commission (SEC) with no disclosed pricing terms.   […]

Ghana to Meet Investors This Week to Test Eurobond Demand

Chris IkosaMarch 12, 2019

Ghana will meet investors later this week to gauge appetite for its proposed sale of as much as $3 billion in Eurobonds, according to two people familiar with the matter. Officials will organize meetings in Boston, New York and London from Wednesday, said the people, who asked not to be identified because they’re not authorized […]

S&P, Nasdaq futures extend gains after inflation data

March 12, 2019

S&P and Nasdaq futures moved higher on Monday after a Labor Department report showed U.S. consumer prices rose for the first time in four months in February, but Boeing’s drop for the second day weighed on the Dow futures. Consumer Price Index (CPI) rose 0.2 percent, in line with estimates from economists polled by Reuters. […]

NOVA Merchant Bank maintains profit trajectory with N1.15bn in second year

Adesola AfolabiMarch 11, 2019

NOVA Merchant Bank, Nigeria’s wholesale financial institutions now in its second year of full financial operations has maintained maintained its profit growth trajectory with the announcement of N1.15 billion in post tax profit for the year ended 31st of December 2018. The profit was about 120 percentage rise over the amount recorded in the wholesale […]