December 21, 2023 BY Elizabeth Anderson

IMF approves an immediate $187m loan payout for Zambia while revising restructuring proposals

This is the third loan payout under Zambia’s $1.3bn extended credit facility, which the IMF approved in August 2022. The African country backslid on its debt approximately three years ago when the pandemic ruined its restructuring plans. Reportedly, the country hit a major roadblock with its creditors in November. The lenders questioned the comparable debt…

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Admirals
December 20, 2023 BY Simon Mugo

Admirals Partners With Onfido for European Clients Verification

Integrating Onfido's advanced AI-driven identity verification technology is set to bolster security, reduce fraud, accelerate the onboarding process, and ensure adherence to diverse regulatory standards. With Onfido's sophisticated document and biometric verification solutions, Admirals will be able to authenticate user identities more effectively and identify fraudulent activities during the onboarding phase. This enhancement is expected…

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Revolut
December 20, 2023 BY Simon Mugo

Revolut Generates $2Bn in Revenues, Adds 40m Clients Globally

Despite a challenging year for fintech companies, Revolut has experienced substantial growth, driven by an influx of new customers. The startup attracts nearly 300,000 users weekly, expanding its global customer base to nearly 40 million. This impressive growth comes amidst stiff competition from traditional banks and other fintech startups. The latest financial developments offer reassurance…

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December 20, 2023 BY Elizabeth Anderson

UK Inflation drops and analysts predict rate cuts in 2024

British inflation data released on Tuesday, 19 December, also showed a considerable decrease in November inflation, registering its lowest rate in two years. As a result, investors and analysts are predicting a string of further interest rate cuts from the Bank of England (BoE) in H1 of 2024. Investor consensus calculates nearly a 50% chance…

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December 20, 2023 BY Elizabeth Anderson

BP gears up for a new CEO

Looney resigned with immediate effect on 12 September after informing the company he was not completely honest and forthcoming regarding his personal relationships with co-workers. Following an investigation, the British oil giant dismissed Looney on 13 December without notice. Last week, BP announced it withheld approximately $40m in remuneration following the prompt dismissal. Now that…

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TerraUSD
December 19, 2023 BY Simon Mugo

TerraUSD's Founder Do Kwon’s Extradition Stopped on Judicial Error

As reported by Coindesk, based on court documents released on Tuesday, the judge handling the case did not provide Kwon an opportunity to express his views on the U.S. extradition request. This step is a compulsory procedure under the law. Kwon's legal team successfully appealed based on this error, resulting in the case being sent…

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NAGA Group team
December 19, 2023 BY Simon Mugo

Capex.com and NAGA Announce Merger Plans To Exploit Synergies

The fusion involves a reverse merger, where Capex.com merges into NAGA Group AG via a non-cash equity increase. Furthermore, Patrascu has committed to investing $9 million in NAGA through a convertible bond. This strategic step aims to form a robust fintech organisation, leveraging both entities' combined strengths and customer bases. NAGA and Capex.com, together, serve…

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December 19, 2023 BY Nick Ranga

SenseTime Group co-founder's death causes shares to plummet

Tang (55 y/o), who passed away on Friday 15 December from an undisclosed illness, was previously the company’s dominant class A shareholder and in charge of the company’s voting structure. SenseTime will now need to regroup and navigate this sudden challenge while mourning the loss of their voting leadership. Don’t miss out on the latest news,…

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