Tag: Flows

Illegal Money Flows From Africa Near $90 Billion, U.N. Study Says | World News

GENEVA (Reuters) – Africa is losing nearly $89 billion a year in illicit financial flows such as tax evasion and theft, amounting to more than it receives in development aid, a U.N. study showed on Monday.

The estimate, in the United Nations Conference on Trade and Development’s (UNCTAD) 248-page report, is its most comprehensive to date for Africa. It shows an increasing trend over time and is higher than most previous estimates.

The report calls Africa a “net creditor to the world,” echoing economists’ observations that the aid-reliant continent is actually a net exporter of capital because of these trends.

“Illicit financial flows rob Africa and its people of their prospects, undermining transparency and accountability and eroding trust in African institutions,” said UNCTAD Secretary-General Mukhisa Kituyi.

Junior Davis, head of policy and research at UNCTAD’s Africa division, told Reuters the figure was likely an underestimate, citing data limitations.

Nearly half

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Despite Market Meltdown, Flows Into Long-Term Funds And ETFs Remain Positive

The high-flying tech and stay-at-home stocks took a beating during the Refintiv Lipper fund-flows week ended September 9, 2020. While the NASDAQ Composite did enter correction territory, declining 10.03% from its most recent market closing high on September 2, investors buying the dip helped the index recover some of those three-day losses in the last day of trading. For the fund-flows week, the index was down 7.59%. In contrast, the average equity fund (including ETFs) was down just 2.22% for the week, but Lipper’s Natural Resources Funds (-6.72%), Commodity Energy Funds (-6.60%), and Equity Leverage Funds (-5.33%) classifications experienced the largest declines in the equity funds universe.

However, the rapid declines in the market did not equate to massive outflows from long-term mutual fund and ETF assets during the week. For the week, equity funds (including ETFs) witnessed net outflows of just $1.9 billion, while taxable bond funds (+$6.5 billion)

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