Nigerian banking shares rally on recovery hopes

Businessam StaffMay 30, 2017

First Bank Holdings led a rally of Nigerian banking stocks on Tuesday, fuelled by hopes that Nigeria will emerge from recession soon, dealers said. First Bank Holdings, the parent company of Nigeria’s oldest commercial lender First Bank, rose 10.02 percent in early trade to 5.38 naira ($0.0171), a level last seen on Oct 10, 2015, […]

U.S. stock futures little changed ahead of economic data

Businessam StaffMay 30, 2017

U.S. stock index futures were little changed on Tuesday, after the three-day holiday weekend, as investors awaited economic data for clues regarding the health of the economy, Reuters reports. The S&P 500 and the Nasdaq Composite closed at record highs on Friday. The S&P 500 posted its seventh straight session of gains, matching a winning […]

Italian banks sink on early election worries

Businessam StaffMay 29, 2017

There is concern over Italy’s banks and Britain’s national election dominated holiday-thinned European financial markets on Monday, from back off two-year highs. Sterling, hammered by a slump for Prime Minister Theresa May’s Conservatives in opinion polls last week, recovered after weekend polls confirmed the trend but showed her still on course to win next week’s […]

Ford’s fired CEO Mark Fields is in line for big payday

Businessam StaffMay 28, 2017

Mark Fields, the CEO of Ford who was ousted as the company’s stock price slid near 40% of its value during his tenure, could see a payout of $57.5 million, according to Bloomberg. The news service reported that Fields, who was replaced this week by former Steelcase CEO Jim Hackett, will receive unvested stock awards […]

Basel III reforms package closer to being finalised

Businessam StaffMay 26, 2017

A long-awaited package of reforms designed to stop banks gaming post-crisis rules will be finalised “in the near future”, according to the head of the committee that sets global standards. But Bill Coen, Secretary General of the Basel Committee on Banking Supervision, said after a speech in London that the reforms package would have a […]

Mobile money companies in Ghana to be merged by November 2017

Businessam StaffMay 26, 2017

Mobile money companies in Ghana to be merged by November 2017

The Ghana Interbank Payment and Settlement Systems (GhIPSS), a wholly owned subsidiary of the Bank of Ghana, has been tasked by government to interoperate all mobile money companies by November this year. When done, mobile money users could send and receive money across networks. “So we will fully interoperate the four mobile money companies by November so that we can […]

African markets – Factors to watch on May 25

Businessam StaffMay 25, 2017

NSE

May 25 – The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday. – – – – – GLOBAL MARKETS Asian shares scaled two-year highs on Thursday while the dollar and U.S. bond yields slipped after the U.S. Federal Reserve signaled a cautious approach […]

Markets wrap: Stocks, currencies on hold as traders await federal reserve

Businessam StaffMay 24, 2017

Markets were largely in a holding pattern Wednesday, with U.S. equities little changed near record levels and the dollar edging lower as investors awaited fresh insight on the path for borrowing costs in the world’s biggest economy. The S&P 500 Index was sitting at the 2,400 mark, within points of its all-time high. European shares […]