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South Africa: Risks inhibit cut as SARB leaves rates unchanged – FNB

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Following the South African Reserve Bank’s decision earlier today to keep interest rates unchanged, FNB confirms that it will maintain its prime lending rate at 10,25% and will review its position after the next SARB MPC meeting in March. FNB CEO Jacques Celliers says, “After a positive but sluggish performance by the SA economy in 2017, we start the new ...

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South African central bank holds repo rate at 6.75%

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South Africa’s central bank kept its benchmark repo rate unchanged at 6.75 percent on Thursday, saying that risks to the inflation forecast were still assessed to be on the upside. The majority of analysts polled by Reuters last week had predicted the repo rate would stay on hold. Central bank governor Lesetja Kganyago told a news conference that five members ...

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Kenya: Only 14 production firms running at top efficiency

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Only 14 manufacturers in Kenya are operating at maximum efficiency levels, new data indicates, as the State offers subsidy to encourage production and job creation. Data from the Kenya Association of Manufacturers (KAM) indicates that the firms have put 100 per cent of their day and night capacity to work, leaving no headroom to increase output or hire more workers. ...

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South Africa’s rand steady as markets await Zuma’s fate

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South Africa’s rand was steady in early trade on Monday, buoyed by uncertainty after Cyril Ramaphosa, the new leader of South Africa’s ruling African National Congress, said queries about President Jacob Zuma’s fate would be addressed “as time goes on”. * At 0645 GMT, the rand traded at 12.36 per dollar, unchanged from its New York close on Friday. * ...

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Nigeria: Crude Oil Price Hits U.S.$70 Per Barrel

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The price of brent crude oil rose to $70 per barrel yesterday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in United States and Canadian drilling activity that points to higher future output in North America. Brent sweet crude futures, the international benchmark for oil prices, were at $70 per barrel at 0558 GMT, ...

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Morocco: Customs Duties On Certain Turkish Textile Products Constitute Preventive, Preferential & Temporary Measure (Official)

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Secretary of State for Foreign Trade, Rkia Derham, said, Monday in Rabat, that customs duties imposed on certain textile/clothing products from Turkey constitute a preventive, preferential and temporary measure taken because of the increase in imports of these products. In her response to a question on the “protection of domestic industry” presented by the socialist group at the House of ...

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Egypt: Sisi Opens Development Projects in North Egypt, Delta

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President Abdel Fattah El Sisi arrived on Monday 15/1/2018 in Sadat City, Menoufiya Governorate, to open via video conference a number of development projects in north Egypt and the Nile Delta. Greeting him upon arrival were Acting Prime Minister and Housing Minister Mostafa Madbouli, Minister of Defense and Military Production and Commander-in-Chief of the Egyptian Armed Forces Sedqi Sobhi and ...

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Kenya: Rotich rules open NSE for trading of loan stocks

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Treasury Secretary Henry Rotich has gazetted regulations allowing investors to borrow and sell shares at a profit, opening a new frontier for Nairobi Securities Exchange (NSE) traders. The regulations will see traders borrow shares from stock market investors betting that a future price drop will enable them to buy back the same stock cheaply and repay their debt at a ...

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Kenya Airways bets on route deal in US flights

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Kenya Airways is eyeing ticket sales to US government-funded travellers once it signs a code-sharing agreement with American airline, Delta Airways. The national carrier last week started booking passengers on its inaugural direct flight to the United States, which is expected to take off on October 28 this year. The code-sharing agreement with Delta is expected to be in place ...

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Zimbabwe state diamond company to lift output 65% in 2018: minister

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Zimbabwe’s state diamond company is expected to produce at least 3 million carats this year, up 65 percent from 1.8 million in 2017, the mines minister told parliament on Monday. Winston Chitando said the Zimbabwe Consolidated Diamond Company, which was formed in 2016 when the government banned private companies from operating in the Marange diamond fields, will start selling gems ...

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