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Kenya’s Central Bank Governor Calls For Regulation Of Fintech Lenders

Kenya’s Central Bank Governor Calls For Regulation Of Fintech Lenders

A boom in lending by financial technology (fintech) firms in Kenya has led to an increase in predatory lending practices, the country’s central bank governor said on Tuesday, calling for the sector to be regulated. Kenya built a reputation as a pioneer of financial inclusion through its early adoption of a mobile money system that […]

South Africa’s Telkom To Step Up Mobile Push To Counter Revenue Decline

South Africa’s Telkom To Step Up Mobile Push To Counter Revenue Decline

Telkom SA, South Africa’s biggest landline provider, will sharpen its focus on mobile and data services, its CEO said on Monday after reporting an 18 percent drop in full-year earnings. Telkom, which also provides information communications and technology solutions, said headline earnings per share for the year to March 31 fell to 597 cents from […]

S&P Affirms South Africa Rating, Keeps Stable Outlook

S&P Affirms South Africa Rating, Keeps Stable Outlook

S&P Global Ratings affirmed South Africa’s sub-investment grade credit rating and kept its stable outlook on Friday, warning the country’s improved economic growth remained tentative and the fiscal position was still weak. Africa’s most industrialised economy has barely grown in the past decade with fiscal missteps and government corruption contributing to weak business and consumer […]

South Africa Investigates $80 Million Bitcoin Scam

South Africa Investigates $80 Million Bitcoin Scam

South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialised, police said on Friday. The fraud investigation involves a company named BTC Global, which told clients they would earn 2 percent per day, 14 percent a week and 50 […]

A Steel Factory Gears Up to Start Production. After 40 Years

A Steel Factory Gears Up to Start Production. After 40 Years

On a hot April morning, workers are furiously cleaning a decorative fountain in front of the executive office of Nigeria’s largest steel complex. An onsite power plant is being repaired by electricians. Others around the 39-year-old facility are clearing brush. In the middle of it all, administrator Abdul-Akaba Sumaila is meeting in turn with the […]

Coffee Waste Is Now Fetching a 480% Premium Over Coffee Itself

Coffee Waste Is Now Fetching a 480% Premium Over Coffee Itself

Aida Batlle grows coffee on her family’s farm in the hills surrounding El Salvador’s Santa Ana Volcano. Like generations before her, she had little use for the skin that encases the beans, so she’d turn it into cheap fertilizer or, more frequently, trash it. Then one day, walking past some husks drying in the sun, a smell hit […]

NYSE Names First Woman Chief In Exchange’s 226-Year History

NYSE Names First Woman Chief In Exchange’s 226-Year History

The New York Stock Exchange promoted Stacey Cunningham to president, making her the first woman to be the sole head of the 226-year-old market. Previously chief operating officer, Cunningham replaces Tom Farley, who’s leaving the company, according to Josh King, a spokesman for NYSE parent Intercontinental Exchange Inc. NYSE’s move means two of the top […]

It Was an Unlucky Week to Throw $8.8 Billion at the Stock Market

It Was an Unlucky Week to Throw $8.8 Billion at the Stock Market

One week doesn’t make a market cycle. Investors who just poured almost $9 billion into U.S. equities can take comfort in that. Not that this was such a bad one. Small-cap stocks, in particular, acquitted themselves well, even as 10-year Treasury yields soared to a seven-year high. But for most companies, the specter of rising […]

Mauritius 2017 Unemployment Falls To Lowest Since 2008

Mauritius 2017 Unemployment Falls To Lowest Since 2008

The unemployment rate in Mauritius fell to 7.1 percent last year from 7.3 percent in 2016, its lowest level since 2008, official data showed on Thursday.   Statistics Mauritius said the number of unemployed fell by 600 from 42,400 to 41,800. It said unemployment was now at its lowest since 2008 when the rate was […]

Uganda Power Distributor Umeme To Spend $1.2 bln To Expand Grid

Uganda Power Distributor Umeme To Spend $1.2 bln To Expand Grid

Ugandan power distributor Umeme Ltd plans to spend $1.2 billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company’s chief executive said on Wednesday. The investments will be used to prepare for an expected rise in power expected to […]