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Atlas Mara Q1 profit rises YOY; Moody's lowers Cameroon outlook

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Atlas Mara Q1 profit rises YOY; Moody's lowers Cameroon outlook

* Africa-focused investment firm Atlas Mara Ltd. reported first-quarter profit attributable to ordinary shareholders of $24.0 million, up from $5.0 million in the year-ago period. The result included a one-off gain of $19.2 million related to the acquisition of additional shares in Union Bank of Nigeria PLC.

MIDDLE EAST AND NORTH AFRICA

* Kuwait's Public Institution for Social Security is pressing ahead with liquidation proceedings in the Cayman Islands against Abraaj Group Ltd., in a move that would thwart the Dubai-based group's plan for a restructuring, the Financial Times reported.

* S&P Global Ratings upgraded Mashreqbank PSC's long-term issuer credit rating to A- from BBB+, with a stable outlook, and affirmed its short-term rating at A-2. The rating agency also affirmed Sharjah Islamic Bank PJSC's BBB+/A-2 long- and short-term issuer credit ratings, with a stable outlook.

* Subsidiaries of Al Ramz Corp. Investment and Development PJSC acquired 200 million shares in Ajman Bank PJSC, according to Mubasher Info. Roughly 84 million of the shares were sold at 0.9 United Arab Emirates dirham per share for a consideration of 75.6 million dirhams.

* Franklin Templeton Investments has reduced its debt holdings in Bahrain over fears that the nation could face an economic crisis in the next 12 months if financial assistance from neighboring countries fail to materialize, Bloomberg News reported, citing Mohieddine Kronfol, the firm's chief investment officer for global sukuk and Middle East and North Africa fixed income.

* The Qatar Financial Markets Authority said it is developing a framework to regulate the process of a plan to split the nominal value of shares of QSE-listed companies to become 1 Qatari riyal per share.

* Kuwait Bahrain International Exchange Co. KPSC's board of directors has recommended the company's delisting from Boursa Kuwait for approval at its general assembly.

* Fitch Ratings revised the outlook on Gulf Investment Corp. GSC's long-term issuer default rating to negative from stable and affirmed the rating at A-. Its short-term rating was affirmed at F1.

* Belgium's KBC Group NV said it will limit transactions linked to Iran to only humanitarian trade, becoming the latest company to scale back or sever ties with the Middle Eastern country following the re-imposition of U.S. sanctions, Reuters wrote.

* Israel-based online trading platform Plus500 Ltd. said its board has "materially increased" its expectations for the group's 2018 financial performance after seeing a "strong start" to the year driven by high levels of trading in its offering of cryptocurrency contracts for difference.

* Jordan's prime minister-designate Omar al-Razzaz said he will work on a new tax law "that will not trample on citizens' rights," in response to public protests triggered by proposed tax increases and subsidy cuts backed by the IMF, Reuters reported.

* Egyptian President Abdel-Fatah al-Sisi yesterday appointed Mustafa Madbouly as acting prime minister and instructed him to form a new cabinet, Reuters reported, citing news website Ahram Gate. Madbouly has served as housing minister since 2014.

* Egypt's Planning Minister Hala el-Saeed said the country intends to launch its first sovereign fund by 2018-end, Bloomberg wrote.

* Egypt and Germany inked an agreement that will see German state-run development bank KfW and the German Agency for International Cooperation open two new offices in Cairo, Amwal Al Ghad wrote.

* Morocco's Finance Minister Mohamed Boussaid told Reuters that the country will issue its first sovereign Islamic bond worth 1 billion Moroccan dirhams in the coming weeks.

EAST AND WEST AFRICA

* The Central Bank of Nigeria will begin auctioning the Chinese yuan in July at an exchange rate to be determined via bookbuilding, Reuters wrote. The move follows a $2.5 billion currency swap agreement signed by the central banks of Nigeria and China last month aimed at facilitating trade and improving foreign reserve management.

* Guaranty Trust Bank PLC dismissed reports that Nigeria's Supreme Court ordered it to make payments to one of its debtor customers. The lender was reported to have received a court order to pay 12 billion Nigerian naira to Innocent Chukwuma, chairman of Innoson Motors, within 14 days, Pulse wrote. GTBank and Chukwuma are in the middle of a legal dispute over the latter's debts.

* A Federal High Court in Nigeria convicted First Bank of Nigeria Ltd., its Chairman Ibukun Awosika and Managing Director Adesola Adeduntan of contempt of court, Business Post Nigeria wrote. The bank and the executives were found guilty of withholding a 122 billion Nigerian naira bond it had guaranteed to pay Ejama-Ebubu community on behalf of Shell Petroleum Development Co. of Nigeria Ltd.

* Standard Chartered Bank Ghana Ltd. said Chairman Ishmael Yamson is retiring at the end of the month.

* Analysts at Genghis Capital said I&M Bank Ltd.'s increasing stock of bad loans and decreased net interest margin could result in lower returns for investors, Business Daily Africa wrote. The Kenyan bank's nonperforming loans accounted for 12.7% of its total loans, while its return on average equity is expected to be at 14% this year, compared to 16.6% in 2017.

* Burundi President Pierre Nkurunziza announced that he will not seek another term in 2020 elections, despite changes to the country's constitution that would allow him to potentially extend his 13-year term until 2034, The Associated Press reported.

CENTRAL AND SOUTHERN AFRICA

* Moody's revised the outlook on Cameroon's local- and foreign-currency issuer ratings to negative from stable and affirmed the ratings at B2, citing the increasing likelihood that the country's fiscal strength will continue to deteriorate due to persistent spending pressures to finance its infrastructure investment program in a bid to support growth.

* Angola's National Reinsurance Co., or AngoRe, is set to begin its operations this year, Macauhub wrote, citing Aguinaldo Jaime, chairman of the Angolan Insurance Regulatory and Oversight Agency.

IN OTHER PARTS OF THE WORLD

Asia-Pacific: Australia's Prospa delays IPO indefinitely; UK firm to invest in Indian PE fund

Europe: UK suspends work on Solvency II fix; Italy to review co-op banking reform

Latin America: Itaú to appeal court rulings on taxes, unjust charges; S&P downgrades Barbados

North America: Mulvaney axes CFPB's advisory board; Dimon, Buffett urge against 'short-termism'

North America Insurance: Icahn backs AmTrust; AIG eyeing more M&A; Aetna CFO to replace CVS Health's

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Leo Magno, Henni Abdelghani, Sophie Davies and Mariana Aldano contributed to this report.

The Daily Dose Middle East and Africa has an editorial deadline of 5 a.m. London time. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.