Author: citibusinessnews
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Nairobi’s Securities Exchange Bonds market starts year on low note
The secondary bonds market at the Nairobi Securities Exchange opened the year on a slower rate compared to 2015, as investors bid heavily for primary Treasury bills. Meanwhile, the Competition Authority of Kenya is conducting fresh investigation into products’ pricing by Kenyan banks. Aly-Khan Satchu, CEO of Rich Management spoke to CNBC Africa on this.…
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South Africa’s Kumba iron Ore’s FY profit falls 66 PCT
South Africa’s Kumba Iron Ore’s reported a 66 percent drop in annual profit, in line with its own forecast, as it battled slumping prices for the steel-making ingredient. Kumba, a unit of Anglo American, said headline earnings per share (EPS) totalled 11.8 rand in the year to end December compared with 34.3 rand a year…
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Nigeria’s 45% electricity tariff hike is a ‘small price to pay’-Eko Director
With Nigeria labour unions protesting over a 45 per cent electricity tariff hike, the Director at the Eko Distribution Company, George Etomi, says picketing the distribution companies will only increase the suffering of the masses. According to the Nigeria Labour Congress, a 45 per cent tariff hike was implemented without due consultation with stakeholders in…
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Nigeria hopes to cut down on borrowing, graft due to better cash management
Nigeria’s decision to collect government payments in one bank account will help limit state borrowing, reduce payment delays and curb corruption, its finance minister said on Monday. Last year, President Muhammadu Buhari ordered the merger of state accounts into one “single treasury account” at the central bank to reduce graft and a practice where the…
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New mining law to enhance community development
Mining communities are set to benefit from proceeds of a Mining Community Development Scheme with the passage of the Mining Development Fund Bill. The underdevelopment of most mining communities has been at the forefront of discussions concerning the mining industry. A situation, some industry players have also attributed to the lack of effective implementation of…
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French investors to explore business opportunities in Ghana
A delegation of French investors will begin a five day visit to Ghana from Monday 8th of February to Saturday 13th February, 2016 to explore business opportunities in country. The delegation will seek to explore areas of potential investment particularly in agro-business, hospitality and tourism, ICT, education, healthcare, packaging for export , pharmaceuticals , energy,…
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Severe harmattan cuts cocoa output
The General Agriculture Workers Union (GAWU) has revealed that the 2015/16 cocoa season may yet face another decrease in production due to the prolonged harmattan season which kills cocoa flowers before they grow into pods. In the 2014/15 season, a similar weather condition, as well as diseases, caused cocoa output to decline by 23 percent,…
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Ghana Airports Company and Met Agency brawl reignites
The Airport division of the Ghana Meteorological Agency has told Citi Business News, it has resumed operations following a temporary air site permit issued to its workers by the Ghana Civil Aviation Authority (GCAA). Activities of the meteorological unit were suspended last Friday following their inability to access the observatory site. The development, Citi…
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Two arrested over Anglogold Ashanti clashes
The Police have arrested two persons in connection with the death of Anglogold Ashanti’s Communication Director, John Owusu. John Owusu died over the weekend following clashes between workers of the mining firm and illegal miners. Officials at Anglogold prior to the incident had consistently complained about their mine concessions being taken over by the illegal…
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Finance Ministry supports IMF on eliminating tax
The Finance Ministry has backed calls by the IMF for an elimination of tax exemptions in the country’s tax laws. Although the Ministry says a complete elimination may not be possible, it believes the the country must renegotiate some of its tax exemption policies in bid to ensure fiscal consolidation. Deputy Managing Director of the…