Business & Tech News
Rubyx Gets Round B Debt funding: Fin-Tech Start-up company Rubyx, based in Senegal, has received a US$440,000 loan through the Bridge by Digital, supported by Digital Africa and deployed by Proparco, the French development finance institution. The funding will be utilised to accelerate the rollout of its newly developed algorithmic loan offering assessment and its automated bridging finance product for start-ups and microfinance institutions in Africa. Rubyx has developed a cloud-native, API-driven digital lending platform that enables service providers to rapidly launch innovative loan products.
IMF Finalises Ethiopian Loan: The International Monetary Fund (IMF) has finalised a $700 million loan to be received by the Commercial Bank of Ethiopia. The loan is intended as a recapitalisation effort to the bank that has come under severe pressure. In July the IMF announced a loan structure had been approved by the board of a total value of $3.4 billion that formed part of a planned four-year financing package aimed at supporting the governments “Home-grown Economic Reform Program”
Market News
Markets: The US markets continued to gain momentum yesterday. The NASDAQ, was up 0,97% while the S&P 500 was up by 0,75% the Dow Jones was 0,58% up at closing. In Asia this morning, Japan’s Nikkei closed 0,68% lower at 36581. The Hang Seng in Hong Kong closed slightly up at 17240.
Currencies: The US Dollar is currently trading at 1.1075 against the Euro, at 1,3130 against the Pound, and at 141.09 against the Yen. Emerging Market currencies are trading flat against the Dollar this morning, with the rand stronger at R17.74 against the Dollar.
African Currency Forecast:
The Kenyan, Ugandan, Ghanaian and Zambian currencies are expected to be broadly stable in the next week, while Nigeria’s Nira has shown a downward trend and could weaken further.
- The Kenyan Shilling (LSEG) is stable and is quoted at 128.50/129.50 to the Dollar, compared with 128.25/129.25 at last Thursday’s close.
- The Naira was quoted at 1,650 to the Dollar on the official market on Thursday, compared with a closing rate of around 1,592 naira a week earlier.
Commodities: Gold continues to gain momentum above the $2500 level and is currently trading at $2,565, while Platinum and Palladium continue their upwards trend with Platinum currently trading at $988 and Palladium currently trading at $1057. Brent crude is currently trading at $72.48 with WTI still trading just below the $70 mark at $69.49 currently.
Other News in Africa Today
BRICS Building Expansion Plans: BRICS began its annual security summit, a 2-day event, at the Konstantinovsky Palace in Saint Petersburg, Russia yesterday. In his opening address, current BRICS president, Vladimir Putin stated that “We cannot ignore the increasing interest in BRICS from many countries. Today, more than thirty countries, specifically 34, have expressed a desire to join our union in one form or another”. He commented that BRICS members need to hold active discussions to decide on how to shape new membership category opportunities within the alliance. South Africa, Egypt and Ethiopia are the current African members of BRICS.
South African Political Icon Dies: Pravin Gordhan, the ex-minister of Finance and later the minister of Enterprises, has died at the age of 75. Gordhan who will best be remembered as the finance minister who was fired by then President Zuma, for not complying with his state capture agenda, passed away after a brief battle with cancer. Pravin Gordhan had been a political activist since he was a teenager and had a long career as the commissioner of the SA tax revenue services (SARS) for 10 years and was then appointed Finance Minister in 2009. Gordhan retired after the General Elections in May this year.
