Morgan Stanley profit falls 42% after trading sales from rivals

Net profit fell 42%, to $939m (£607m), from $1.63bn for the same three-month period a year ago, the bank's second consecutive quarterly drop.

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Net sales fell 13% to $7.77bn, missing analyst estimates of $8.5bn

Rivals Goldman Sachs, Citigroup, Bank of America and JPMorgan Chase have all reported dips in trading revenue.

Heavyweight sub-Saharan Africans face East Africa trade Hub Rivals

East Africa is emerging as a trade hub to rival sub-Saharan Africa’s two heavyweight states of South Africa and Nigeria, according to analysis by Barclays published on Thursday.
However the UK bank identifies five “sleeping giants” that present significant new opportunities for foreign companies; Ethiopia, the Democratic Republic of Congo, Mozambique, Tanzania and Ghana.

This quintet which are “playing catch-up after significant political and economic upheaval. . . are increasingly attractive to foreign firms and international investors with an eye on long-term returns from fast-growing markets,” Barclays said in its inaugural Africa Trade Index.
Matt Tuck, head of global corporate banking at Barclays, said the five were open to international trade and had rapidly growing populations that are likely to reach 325m in total by 2020, comparable to that of the US.