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Africa Finance Corp Issues $150 Million Debut Sukuk

Africa Finance Corp Issues $150 Million Debut Sukuk

Africa Finance Corp (AFC) said it issued a three-year $150 million sukuk, becoming the first African government-backed entity to sell an Islamic bond. The announcement confirmed a Reuters report this month that the bank would raise a dollar sukuk through a private sale. AFC, a pan-African institution based in Nigeria, said it received subscriptions of […]

S.Africa Economy Poised For Growth, Stable Repo Rate In 2017

S.Africa Economy Poised For Growth, Stable Repo Rate In 2017

South Africa’s economy will get a boost from perkier commodity prices, a benign inflation outlook and better rains for the agriculture sector this year, a Reuters poll found on Thursday. A median of 27 economists in a poll taken over the past week suggested growth in South Africa would accelerate to 1.1 percent this year […]

Nigeria’s Efforts To Secure International Loans Hit Deadlock

Nigeria’s Efforts To Secure International Loans Hit Deadlock

Nigeria’s efforts to secure funds from international lenders to help haul it out of recession have stalled because it has not submitted the required economic reform plans, according to one of the banks and sources close to the matter. The government has been in loan talks with the World Bank for a year. It had […]

EU Privacy Proposal Could Dent Facebook, Gmail Ad Revenue

EU Privacy Proposal Could Dent Facebook, Gmail Ad Revenue

Online messaging services such as WhatsApp (FB.O), iMessage (AAPL.O) and Gmail (GOOGL.O) will face tough rules on how they can track users under a proposal presented by the European Union executive on Tuesday which may hit advertising revenue. The web players will have to guarantee the confidentiality of their customers’ conversations and get their consent […]

Moroccan Central Bank Approves Five Islamic Banks

Moroccan Central Bank Approves Five Islamic Banks

  Morocco’s Central Bank has approved five requests to open Islamic banks in the country and allowed three French banks to sell Islamic products, it said on Monday. Islamic banks and insurers are setting up in Morocco after new legislation allowed them into the market, and the central bank has set up a central sharia […]

Yuan Weakens, Foreign Accounts On The Rise In China

Yuan Weakens, Foreign Accounts On The Rise In China

Zhang Yuting lives and works in Shanghai, has only visited the United States once, and rarely needs to use foreign currency. But that hasn’t stopped the 29-year-old accountant from putting a slice of her bank savings into the greenback. She is not alone. In the first 11 months of 2016, official figures show that foreign currency […]

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of […]

Banking Fraud Is Costing The Nigerian Economy Dearly

Banking Fraud Is Costing The Nigerian Economy Dearly

Pervasive electronic banking fraud is affecting Nigeria’s banking system and costing the Nigerian economy dearly. It is also holding back the adoption of cashless technologies and has become an obstacle to financial inclusion in Africa’s second largest economy. Recent data shows that last year electronic fraud in the banking sector accounts for about 16% of […]

Nigeria To Finish Eurobond Sale By End Q1, Make Currency More Flexible: Vice President

Nigeria To Finish Eurobond Sale By End Q1, Make Currency More Flexible: Vice President

Nigeria hopes to conclude the sale of a $1 billion Eurobond by the end of the first quarter of 2017 and will seek to make its foreign exchange market more flexible, vice president Yemi Osinbajo said on Tuesday. Nigeria is in its deepest recession in 25 years and needs to find money to make up […]

Regional Partners Pledge Billions In Help For Tunisia

Regional Partners Pledge Billions In Help For Tunisia

Qatar said it would provide $1.25 billion in aid to shore up Tunisia’s post-revolution economy as regional and Western partners pledged extensive financial backing at an investment conference on Tuesday. The money from Qatar, announced by the emir, Sheikh Tamim bin Hamad al-Thani, is the biggest single offer of aid to Tunisia since a 2011 […]