Home » Posts tagged with » Economic

A Danish Bank’s Evolution Into a Funnel for Suspicious Cash

A Danish Bank’s Evolution Into a Funnel for Suspicious Cash

Danske Bank A/S, founded in Copenhagen in the 1870s, has rarely made waves outside Denmark. That changed when the bank revealed the scale of what may prove to be one of Europe’s biggest and most brazen cases of money laundering. Some €200 billion ($235 billion) flowed through its tiny Estonian unit over a nine-year period, […]

Bill Gates As “a Wailing Wailer”

“I do not enjoy speaking to you this bluntly when you have been gracious enough to invite me here…” – Bill Gates Mr. Bill Gates, Microsoft founder, friend of Nigeria and one of the richest men in the world was in Nigeria recently, but he ended up violating the official interpretation of “table manners” in […]

Barclays Africa Revamps Strategy in Return to Its Absa Roots

Barclays Africa Revamps Strategy in Return to Its Absa Roots

Barclays Africa Group Ltd. is going back to its roots. The Johannesburg-based bank plans to revert back to the Absa Group Ltd. name, as it was known before Barclays Plc took control of the company in 2005. With the British bank’s stake now reduced to 14.9 percent, Barclays Africa is also embarking on a plan […]

S&P Cuts South Africa Debt Rating, Moody’s Issues Warning

S&P Cuts South Africa Debt Rating, Moody’s Issues Warning

S&P Global Ratings cut South Africa’s local-currency debt score to junk on Friday, while Moody’s Investors Service also threatened to slash its ranking to the same level, raising the risk of a selloff from global indexes. S&P lowered the country’s local-currency rating one step to BB+, one level below investment grade, and placed it on […]

Egypt’s Beltone Financial To Launch $1 bln Fixed Income Fund: CEO

Egypt’s Beltone Financial To Launch $1 bln Fixed Income Fund: CEO

gypt’s Beltone Financial will launch a $1 billion investment fund in fixed income instruments in September, its chief executive officer told Reuters on Monday. The investment bank aims to raise $150-200 million in the first phase of the investment fund, Bassem Azzab said. Beltone aims to acquire brokerages in Egypt and frontier markets, Azzab said. […]

Intimidation Tactics Gagging Traders in Kenya’s Currency Market

Intimidation Tactics Gagging Traders in Kenya’s Currency Market

Kenya’s central bank is taking an unusual approach to protecting its currency: intimidation. Monetary authorities in Nairobi have been cracking down on selling, hedging and even making bearish predictions, according to traders and analysts. In a sign of the skittishness, none of 12 market participants contacted by Bloomberg spoke on the record, citing possible retaliation. […]

Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps

Ivory Coast Seeks More IMF Funding to Aid Budget as Cocoa Slumps

Ivory Coast’s government said it is seeking more assistance from the International Monetary Fund to support the nation’s 2017 budget after cocoa prices slumped, hurting the finances of the world’s biggest grower. “With cocoa prices falling, we have some new budget constraints,” government spokesman Bruno Kone said by phone from the commercial capital, Abidjan, on […]

Travel Restrictions Cast Shadow On UN Women’s Meeting

Travel Restrictions Cast Shadow On UN Women’s Meeting

United Nations — Increasing travel restrictions have prevented delegates from attending this year’s UN Commission on the Status of Women (CSW), according to several women’s rights groups. The travel constraints go beyond U.S. President Donald Trump’s embattled travel ban on refugees and Muslim-majority countries, which was again blocked by a Federal Judge on Wednesday. Although […]

UK Joins Greece At Bottom Of Wage Growth League

UK Joins Greece At Bottom Of Wage Growth League

Britain has suffered a bigger fall in real wages since the financial crisis than any other advanced country apart from Greece, research shows. A report by the TUC, published on Wednesday, shows that real earnings have declined more than 10% since the credit crunch began in 2007, leaving the UK equal bottom in a league […]