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Britain's banking sector is "well placed" to deal with the fallout after the country's shock vote to leave the European Union, the minister overseeing the financial sector said Wednesday. Harriett Baldwin, addressing a retail banking conference in central London, told delegates that the industry -- ravaged by the global financial crisis -- had adequate capital and liquidity to weather Brexit. World stock markets tumbled in the immediate aftermath of the June 23 referendum but have rebounded strongly over the past two sessions on bargain-hunting that some analysts argue will not last.
By Emma Thomasson and Chijioke Ohuocha BERLIN/LAGOS (Reuters) - When German e-commerce investor Rocket Internet launched Jumia in 2012 as a would-be African Amazon, it was optimistic that a rapidly expanding middle class would quickly shift from street markets to shopping online. Four years on, falling sales for sites like Jumia and slower growth from Nigeria to Russia and Brazil is casting doubt on Rocket Internet's ambition to become the world's biggest Internet company outside the United States and China. The devaluation of Nigeria's naira last week is a new blow for Jumia, which now operates in more than 20 countries in Africa.