Author: citibusinessnews
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MPs table law to cap bank lending rates in Kenya
Kenyan legislators were pushing a law through parliament aimed at capping commercial banks’ lending rates at 4 percentage points above the central bank’s benchmark rate, the MP leading the initiative said on Monday. Businesses complain that high commercial lending rates, often 18% or more, stifle corporate investment. Individuals say high rates put borrowing for home…
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ADB’s IPO highly subscribed
Citi Business News has gathered that the Agricultural Development Bank’s Initial Public Offer (IPO) has been highly subscribed. [contextly_sidebar id=”QACV59Gw03fyQhOd7hPK2sQPJp5UJ7Q4″]According to sources close to the bank, expectations to allow more retail purchase of its shares have also been met. ADB launched its IPO in December last year expecting to raise about 390 million cedis. The…
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Terrorist attacks: Aviation industry raises alarm over security at airports (Audio)
Players in the aviation and security industries have begun raising red flags about the security arrangements at airports across the country. This comes after several people were killed and others seriously injured in terrorist attacks at Brussels international airport and a city metro station. Citi Business News’ Norvan Acquah – Hayford visited the Kotoka International…
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Producer Price Inflation decreases to 14.5 % in February
The year-on-year Producer Price Inflation (PPI) decreased to 14.5 percent in February 2016 from the revised 16.9 percent recorded in January 2016. [contextly_sidebar id=”siaNMIwbZaopKXCUDzhW5br037TQjKv7″]This represents a 2.4 percentage point decrease in the PPI rate recorded in February 2016 relative to what was recorded in January 2016. The month on month change between January 2016 and…
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(Photos) Shop & Save Supermarket opens Adenta branch
Retail supermarket, Shop and Save, has opened a new branch at Adenta in Accra. The shop which is the biggest of all its three shops is aimed at providing customers with traditional and contemporary food stuffs. The supermarket houses mainly consumable products including beverages, fruits, assorted meat, provisions, perishable goods. Chief Executive Officer of Shop…
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MTN 4G licence: Customers to enjoy high quality services – CEO
Customers of mobile telecommunication giant, MTN, are set to benefit from high quality digital services upon the rolling out of the company’s 4G mobile network. [contextly_sidebar id=”LLhBSeZjn56gFfUUipWb0gRVU8uUPYmS”]According to MTN, the move forms part of its commitment to improving the quality of service delivered to the increasing mobile telephony patronage. Chief Executive Officer of MTN Ghana,…
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MTN opens ultramodern office in Accra (Photos)
MTN Ghana has officially opened its ultra-modern office complex located in Ridge, Accra. President John Mahama was the special guest at a short ceremony held to officially open the building. Other dignitaries at the programme included the Minister of Communication, Dr. Edward Omane Baomah, Greater Accra Regional Minister, Nii Laryea Afotey Agbo, and Board…
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Fishy Mozambique deal snares lenders
THE eight sleek, military-grey patrol boats sitting on the concrete of Maputo port would not look out of place in a James Bond movie. Their mission? To protect Mozambique’s new fleet of tuna-fishing boats from Indian Ocean pirates. But the vessels, which have been largely idle, are the focus of a multimillion-dollar international controversy. It…
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Algeria to negotiate directly with foreigners on oil and gas stakes
After a deep slide in oil prices, Algeria’s Sonatrach is shifting strategy to offer foreign firms direct negotiations to buy stakes in 20 oil and gas fields in a bid to attract investors and increase output, a source at the state energy company said. The campaign to bring in energy investment comes at a crucial…