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Stock Market / Finance in Africa

  • Morocco bans bitcoin transactions

    CASABLANCA, 2017/11/29 Currency regulator announces ban on transactions in bitcoin, other virtual currencies one week next Moroccan digital services company said it would accept payment in bitcoin. Morocco's currency regulator has announced a ban on transactions in bitcoin and other virtual currencies, in a country where foreign exchange flows are tightly controlled. "Transactions via virtual currencies constitute a breach of regulations, punishable by penalties and fines," the Offices des Changes said in a statement on its website.
  • Zimbabwe’s new leader issues ultimatum for externalised funds

    ZIMBABWE, 2017/11/29 Zimbabwe’s new president on Tuesday gave a three-month ultimatum for the return of funds siphoned out of the country by individuals and corporations, as he moves to stem graft and revive the moribund economy. “The government of Zimbabwe is gazetting a three-month moratorium within which those involved in the malpractice can bring back the funds and assets, with no questions being asked or charges preferred against them,” Emmerson Mnangagwa said in a statement.
  • South Africa's credit ratings remains unchanged-Fitch

    SOUTH AFRICA, 2017/11/27 Ratings firm Fitch kept both South Africa’s local and foreign currency credit ratings unchanged at BB+, one notch below investment grade, with a stable outlook, the agency said on Thursday. In April, Fitch downgraded South Africa’s credit rating to sub-investment grade next Zuma abruptly fired Pravin Gordhan as finance minister, saying it would likely result in a change in economic policy direction.
  • Don’t blame the IMF for the next global economic crisis

    WORLD, 2017/11/02 At the same time as the next world economic and financial market crisis occurs, fingers should not be pointed at the IMF for having been asleep at the wheel while the conditions for that crisis were building. To its credit, the IMF seems to have learned from its negligence in the run up to the 2008-2009 Great Economic Recession. This time around, it has been exercising a very useful multilateral surveillance role of its member nations’ policies by pointing to warning signs that the world is becoming increasingly vulnerable to an extra 2008-2009 style crisis.
  • Zimbabwe’s y-on-y inflation rises to 0.78% in September

    ZIMBABWE, 2017/10/17
  • Credit facilitates economic growth

    NIGERIA, 2017/10/16 AT the backdrop of continued agitation for improved access to credit for small business operators, Microfinance sector leaders are linking economic development to sustained credit to the under-banked segments of the society. Naira The Chairman, Lagos State Chapter of the National Association of Microfinance Bank, NAMBLag, Mr. Omololu Fatunbi, said credit is a driver of economic growth of any country.
  • Bitcoin price soars above $5,000 to record high

    WORLD, 2017/10/14 The price of bitcoin has smashed through $5,000 to an all-time high. The cryptocurrency rose by additional than 8% to $5,243 having started the year at $966. Bitcoin has soared by additional than 750% in the completed year and is worth four times as much as an ounce of gold. But the price has been volatile. The digital currency plunged below $3,000 in mid-September next the Chinese authorities announced a crackdown. Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing numbers of consumers piling into the bitcoin market could prompt wider financial problems.
  • Warnings grow louder over cryptocurrency as valuations soar

    WORLD, 2017/10/09 Joe Kennedy, patriarch of the Kennedy clan, said he knew it was time to exit the stock market next a shoeshine boy gave him stock tips. If everyone thinks it’s time to buy, it’s time to sell, reasoned Kennedy. Again came the great crash of 1929 to prove him right. Perhaps some of that thinking could be applied today to the digital currency bonanza. In recent months, warning voices have grown louder as the digital assets known as cryptocurrencies have attained record valuations. The price of bitcoin, the majority famous cryptocurrency, has soared this year, from $969 to additional than $5,000 in September; rival Ethereum began the year at $8 and has traded as high as $400 – while new coins or tokens are issued weekly, often attached to tech startups as a way to raise venture capital.
  • Stocks May Open Lower Amid Geopolitical Concerns

    UNITED STATES, 2017/09/26 Next ending the previous session modestly lower, stocks may see further downside in early trading on Friday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 38 points. Geopolitical concerns may weigh on Wall Street amid an escalating war of words between North Korean leader Kim Jong Un and President Donald Trump. In a statement circulated by national news agency KCNA, Kim described Trump's threat to " totally destroy" North Korea as "mentally deranged behavior."
  • Growing risk of 'debt trap' if interest rates stay low

    WORLD, 2017/09/23 A new warning has been issued about the growing risk of a “deficit trap” if interest rates around the world remain near zero, which has encouraged borrowing by households, businesses and governments. The Bank for International Settlements – known as the central bankers’ bank – highlighted the vulnerability of consumer, business and government finances to interest rate increases in its 174-page quarterly statement. Claudio Borio, the chief of the monetary and economic department, described this as “a defining question for the world economy”.