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South African: New BRICS bank plans $1.5BN lending for projects

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A New Development Bank (NDB) set up by the “BRICS” group of emerging economies plans to lend $1.5 billion to South Africa for infrastructure projects over the next eighteen months. The BRICS – Brazil, Russia, India, China and South Africa – agreed to create the infrastructure-focused lender in July 2014 as an alternative to the World Bank, launching it a ...

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South Africa rate cut likely in November

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South Africa’s Reserve Bank is expected to cut interest rates again in November and possibly even September given the relatively tame inflation outlook, a Reuters poll found on Friday. The central bank unexpectedly cut its repo rate by 25 basis points to 6.75 percent for the first time in five years in July, taking advantage of slower inflation to support ...

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South Africa’s business confidence climbs to 5-month high in July

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South Africa’s business confidence climbed to its highest level in five months in July helped by a firmer currency, falling inflation and an increase in vehicle sales, a survey showed on Tuesday. The South African Chamber of Commerce and Industry’s (SACCI) monthly business confidence index (BCI) accelerated to 95.3 in July from 94.9 in June. It was the highest level ...

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South Africa: Old Mutual to list not sell businesses in split

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Anglo-South African financial services group Old Mutual (OML.L) aims to list two divisions rather than sell them as it pursues a plan to split into four parts by the end of next year. Old Mutual, which said last year it is breaking up because regulatory change made its disparate businesses too complex to run, posted a 37 percent rise in ...

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South Africa: BRICS New Development Bank confirms appointment of representatives

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The BRICS New Development Bank (NDB) has confirmed that Mr Dondo Mogajane, Director-General of the National Treasury has been appointed as the new Director representing South Africa. This follows the expiration of Mr Tito Mboweni’s term of service as Director of the NDB in early July. Mr Tito Mboweni commenced his term as South Africa’s Director at the NDB on ...

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Nigeria: Zenith Bank makes provision on 30% of its 9mobile loan: executive

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Nigeria’s Zenith Bank has made a provision on 30 percent of its loan to 9mobile, the country’s fourth largest telecoms group formerly known as Etisalat Nigeria, the bank’s chief executive said on Monday. “We have taken about 30 percent as a provision which we believe is very prudent as the company is undergoing restructuring … to prepare for a new ...

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Kenya: Insurers see profit after peaceful poll

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Insurers that covered risks arising from political violence are expected to make underwriting profits from those policies in the wake of the largely peaceful General Election. There has been minimal damage to property and business disruption following last week’s elections compared to the violence seen in the aftermath of the 2007 polls. Companies spread across the country took policies ahead ...

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Dar calls off Kenya trade row meeting

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Tanzanian officials have put off a meeting intended to iron out outstanding trade disputes with Kenya amid concerns Dar es Salaam was maintaining a hardline stance in the spat. Representatives of the two countries, including officials from cross-border trade agencies, were expected to meet from tomorrow in Tanzania, according to an agreement reached on August 3. But Kenya’s principal secretary ...

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Kenya: Sidian slips into loss on lower interest income

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Sidian Bank has slipped into the red in the six months to June weighed down by lower interest income as the rate cap regime narrowed the lender’s earnings from loans. The Centum-backed tier III bank, formerly known as K-Rep, posted a loss of Sh122.7 million as at June 2017 compared to a net profit of Sh158.2 million made in a ...

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Kenya’s power imports from Uganda up 281pc

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Kenya’s electricity imports from Uganda have grown 281 per cent in the six months to June as drought cut local generation of hydro-electric power by a third or 615.69 million kilowatt hours. Kenya imported 131.6 million kilowatt hours (kWh) from Uganda in the first half of this year compared to 34.5 million units in the same period last year — ...

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