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Latest in Kazakhstan
Kazakhstan votes to end Nazarbayev-style rule; adds reform to commodity tailwind
Kazakhstan's constitutional referendum, on 5 June, transfers political power from the presidency to parliament. If there is follow-through on structural economic reform, eg accelerated privatisation, then the Kazakhstan equity investment case becomes...


Pakistan’s fintech M&A scene kicks off with ZoodPay acquiring Tez
The country presents a huge opportunity for fintechs, as only c3% of individuals borrow from financial institutions or use a credit card, and therefore we think M&A activity will continue to be a feature of Pakistan’s fintech ecosystem. We provide mo...


The four most profitable listed EM fintechs
Growth has been the major driving factor for fintech valuations in the past few years, but with rising macroeconomic challenges and the global tech sell-off, profitability is now likely to take the front seat. These four stocks are currently trading ...


Who is affected the most by the wheat supply shock caused by the Ukraine crisis?
Who is affected the most by the wheat supply shock caused by the Ukraine conflict? Northern Africa and Egypt, in particular, face politically sensitive bread supply risks after Russia's invasion of Ukraine closed off access to the lower-priced Black ...
EM net foreign portfolio flows remain positive, Egypt rate hike risks rise
Sadly, there was no breakthrough in the third round of negotiations between Russia and Ukraine. Key US lawmakers yesterday announced the outline of a bipartisan piece of legislation that will bar Russian crude imports from entering the US. The ZAR (+...
Russian oil embargo impact
If Russian oil is embargoed, not every customer will participate – eg China and Belarus, and Germany's Chancellor Olaf Scholz has stated his opposition. And longer-term, a prolonged period of very high oil prices likely accelerates the transition to ...

