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🎬Folie a deux
Good morning. We hope this email finds you well. Actually, we hope this email doesn’t find you at all. We hope you’ve found yourself and this email is just a part of your story.
— Edna Akanni, Geraldine Ndzomo.
FINANCE
Big businesses are smiling at JP Morgan’s powerplay
Giulia Marchi/Bloomberg
Executives of the Nairobi Stock Exchange were on the edge of their seats this Monday like Fantasy Premier League managers on a Saturday morning. J.P. Morgan, the world’s largest bank by market capitalization, received official approval from the Central Bank of Kenya (CBK) to open a representative office in the country, ending a 12-year wait to establish a presence in the market.
Big picture
Jamie Dimon, JP Morgan CEO, said that the bank would not focus or engage in any banking activities in the country. Rather, it would concentrate on big-ticket deals from the government and large multinationals with headquarters in the country.
Like shadows, large international banks are now following their foreign customers who are setting shop on the continent, and whose capital needs local banks cannot meet. Local banks are restricted by the relatively small capital base, which makes it difficult to finance large infrastructural projects or multinational expansions. JP Morgan for instance was the lead arranger for the 3 eurobonds the Kenyan government raised this year.
Going against the grain. On the other hand, three of JP Morgan’s heavyweight counterparts have accelerated their exit from the continent this year. Societe Generale, BNP Paribas, and Standard Chartered have downsized operations in response to the growing influence of local players like Ecobank and ABSA.
Businesses are smiling to the bank. JP Morgan’s potential acquisition of the Apple Card credit card program is reportedly driving interest among local businesses. The seamless payment technology could cement Kenya’s rise to the top of Africa’s fintech ecosystem. -EA.
DIGITS
New clowns in town
Next Best Picture
There were almost as many clowns at the movies this weekend as there are in the CAF’s front office. In one corner: Art the Clown, the viral jester of the slasher flick Terrifier 3, which won the US box office with an $18+ million haul on its tiny $2 million budget. In the other corner: the Joker, the iconic Batman villain played by Joaquin Phoenix in Joker: Folie à Deux. The much-hyped DC Comics sequel made just $7 million in its second weekend, a historic 81% decline—the worst of any comic book movie ever.
SHOWER THOUGHTS
“The fact that dad jokes are called “dad jokes” and not, say, “single jokes” is proof that they get you laid.”
NEWS
Round the continent
Owner of Nigeria’s largest private airline, Allen Onyema has debunked fraud allegations levied by the US government against him. His airline plans to commence flights to Houston and New York later this year.
The auction for oil blocks in eastern DRC has been canceled. The reported lack of bids was due to fears that the country is currently overexploited.
Africa’s football governing body, CAF has delisted the fixture between Nigeria and Libya as it commences investigation into Nigeria’s reported ordeal in Libya.
South Africa is shutting down its refineries and moving to imports.
Morocco’s Omar Berrada is set to take over as CEO of Manchester United following the controversial exit of Sir Alex Ferguson as brand ambassador.
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