Category: East Africa
-
Kenya:Weaker shilling makes life cheaper for Nairobi expats
A weaker shilling and low inflation rate helped Nairobi to improve its standing on the list of the world’s most expensive cities for expatriates, the latest global cost of living report says. The report by New York-based consultancy Mecer shows that the Kenyan capital improved 12 places from last year to stand at position 116…
-
Tanzania: World Bank Disburses Funds for Rural Electrification
The World Bank Board of Executive Directors has approved 200m US dollars from the International Development Association for Tanzania Rural Electrification Expansion Programme. A newly approved loan for the programme will connect 2.5 million poor households in rural areas to the national electricity grid over the next five years. The Programme aims to build on…
-
ANGOLA tops as most expensive city for expatriates in Africa
Angola has topped the chat as the most expensive country for expatriates in Africa. Although the country dropped off the top spot on the global list, remained the highest ranking city in Africa. explaining the changes in this year’s research outcome,Mercer’s Global Mobility Leader for Africa, Carl Van Heerden attributed the changes to various reasons…
-
Kenya’s NIC Bank appointed to assess assets of closed Imperial Bank
Kenya’s NIC Bank has been appointed as a consultant to assess the assets and liabilities of Imperial Bank, which was put into receivership in October after fraud was uncovered, the central bank said on Tuesday. The appointment of NIC Bank, a mid-tier bank, would ensure customers receive more of their deposits after the closed bank’s…
-
Tanzania: Magufuli Hailed for Delivering On Taxes
Several analysts have praised President John Magufuli’s administration for taking a lead role in implementing new income tax measures, saying it would positively benefit fixed low-income earners. The new tax measures approved by the National Assembly early this week directs all public leaders, including the president, to pay five per cent income tax on their…
-
Kenya to feel the pain of Britain’s possible EU exit
Kenya is one of the countries at a high risk of being hit by economic shocks associated with Britain’s plebiscite tomorrow on whether to dump or keep its membership in the European Union, economists said. The Central Bank of Kenya governor Patrick Njoroge, who is a former IMF economist, said East Africa’s largest economy would…
-
Uganda:Debts Threaten Kazibwe’s AU Job Bid
Despite securing national and regional backing for the African Union top job, Dr Specioza Wandira Kazibwe’s chances could be scuttled by Uganda’s failure to pay membership fees to continental organisations. It was reported last week that Kampala had committed Shs 3.5bn to former vice-president Kazibwe’s campaign for the July election; but sources said Uganda’s ‘serial…
-
Kenya:Vodafone recalls Safaricom finance chief from Nairobi
Telecoms operator Safaricom’s chief financial officer (CFO), John Tombleson, is set to exit the company after a five-year stint, the Business Daily has established. Safaricom chief executive Bob Collymore declined to reveal the reason behind Mr Tombleson’s imminent departure but said it is not in any way linked to matters raised in a forensic audit…
-
Tanzania: Five Percent of Tanzania’s Forex Reserve to Be in Chinese Currency
The Bank of Tanzania governor, Prof Benno Ndulu, said the government’s decision to set aside five per cent of foreign currency reserve in Chinese currency, Yuan has widened opportunity for reaping more benefits from bilateral trade between the two countries, especially the purchase of Chinese bonds. Speaking to the media at the sideline of the…
-
Kenya:US tobacco firm Alliance One loses Sh5bn to fraud
US-based tobacco firm Alliance One has confirmed losing Sh5.08 billion from its Kenyan subsidiary following a seven-year fraud reportedly executed by some of its employees. The company said it had dismissed the employees believed to be involved in the scheme and was also pursuing legal action. “We promptly engaged a third party investigator who determined…