Author: citibusinessnews
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Egypt: CBE Holds Exceptional Dlrs 200 Million Auction
The Central Bank of Egypt (CBE) said on Monday 14/3/2016 that it will sell 200 million dollars in an exceptional auction at a rate of 8.85 Egyptian pounds to the dollar. The CBE offers three tenders to sell dollars to banks weekly, on Sunday, Tuesday, and Thursday of each week, in which the dollar price…
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Algeria Must Pursue Reforms, Suggests IMF
Algiers — The International Monetary Fund said that the efforts spent by the Algerian authorities in terms of reforms and budgetary consolidation must continue, noting that the external and budgetary margins allow the conduct of these reforms. “Algeria has to cope with important challenges following the fall in oil prices, we expect will be lasting.…
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Egypt Bourse Indexes Up At Early Trading
The Egyptian Exchange (EGX) indexes went up during the morning trading on Tuesday 15/3/2016 backed by share purchases by investors after the Central Bank reduced the value of the Egyptian pound against the US dollar by nearly 15% to hit EGP 8.85 per dollar. The market capital achieved gains worth EGP 7.4 billion to reach…
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Nigeria’s national oil firm pledges to open books
NIGERIA’s state oil company has not reported annual financial data on its profits, losses or spending for a decade. But eight months after the election of President Muhammadu Buhari, the Nigerian National Petroleum Corporation (NNPC), which oversees production of 1-million barrels of oil a day, has promised to come clean. On its official Twitter feed,…
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Power barge :Ghana cannot maintain vessel alone – Karpowership
Karpower Company limited has ruled out handing over to government its power ships after its contract expires. [contextly_sidebar id=”C0R4auvaFgChqR0brqCu4Voqju54GzQ6″]According to Karpower, government as well as all the utility companies do not have the capacity and expertise to maintain the power ship. Karpowership signed an agreement with the Electricity Company of Ghana (ECG) in June 2014…
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Kenya’s Equity eyes Barclays Africa ‘spoils’
NAIROBI — Equity Bank, Kenya’s biggest bank by deposits, might be interested in buying parts of Barclays’s Africa business, its CEO said on Tuesday. James Mwangi said he saw potential acquisition opportunities following Barclays’s decision to reduce its stake in its Barclays Africa Group, which has businesses across Africa. “If there is anybody who is…
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Nigeria lifts suspension of MTN services
MTN Group said Nigerian regulators had lifted a suspension on services to the cellphone firm, in an indication relations between the two sides are thawing, as they negotiate the payment of a record $3.9bn fine. The Nigerian Communications Commission “has lifted the suspension on regulatory services to MTN Nigeria”, the company said on Tuesday. The…
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Ethiopia: Textile Factory Completes 86m Br Expansion
Almeda Textile Factory has finalized its 86 million Br expansion that took place over the past six months in a bid to increase its fabric production capacity by 100pc. The expansion is the first of three stages and focused mainly on replacing machinery with the latest products. The company has imported Rieter brand C-70 carding…
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Kenya: Bill Passed By Senate Expected to Create Jobs
Thousands of jobs are expected be created in counties if a Bill passed by the Senate is enacted. The County Industrial Development Bill is seeking to ease the setting up of small industries to add value to products. County governments will be at the forefront in providing financial and material support to individuals or groups…
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Loans still highest earner for banks, Tbills second
Latest financial stability report revealed by the Bank of Ghana shows interest income from loans continue to be the main source of income for banks. [contextly_sidebar id=”QiaNIc4XWsXLWm4a2dCX2sldLnZ2yeal”]Cash from loans constituted 51.5 percent of total income in December 2015 compared with 45.5 percent in December 2014. The second highest income for banks is from investments, while…