Category: Africa
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Algeria: Finance Minister Meets IMF Chief in Washington
Minister of Finance Hadji Baba Ammi has taken part, in Washington, at the meeting of Arab Finance ministers with the director general of the International Monetary Fund (IMF), Christine Lagarde. The meeting attended by the governor of the Bank of Algeria, Mohamed Loukal, has been an opportunity for exchange of views on the situation in…
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Kenya:Radisson Blu to open its second Nairobi hotel in February
The Carlson Rezidor Hotel Group has set February 2017 as the opening date for its second outlet in Nairobi which has suffered multiple false starts blamed on building delays. Park Inn by Radisson Nairobi was initially planned to welcome its first guests in the fourth quarter of 2013, but the date has been postponed several…
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Is Nigeria losing its investment appeal?
Although the Central Bank of Nigeria left the repo rate unchanged at 14% per annum last month in a bid to control inflation and support the naira after abandoning the currency peg to the dollar in June, the economy continues to experience challenges. The fall in commodity prices that started at the end of 2014…
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Nigeria’s retail sector faces headwinds
Amid slowing economic growth, forex shortages and currency depreciation, retail rentals have doubled in naira terms since December 2014. To retain tenants, retail landlords have had to offer significant rental concessions which include rent free periods, fit out allowances, pegged exchange rates, concessions on rents for limited periods and step-up lease agreements stipulating that the…
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Egypt: China’s Yuan Global Push to Facilitate Chinese Investments in Egypt – Experts
The Chinese yuan’s recent inclusion in the International Monetary Fund (IMF)’s Special Drawing Rights (SDR) basket is expected to facilitate investments in Egypt, said Egyptian experts. “The yuan SDR inclusion will facilitate Egyptian-Chinese trade and encourage more Chinese investments in Egypt, because the Chinese investors will use the yuan in Egypt and the Arab country…
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Kenya: GT Bank paper trail links Faulu, Sidian to Sh695m of NYS cash
Up to Sh695 million of the National Youth Service (NYS) cash was channelled to individuals and companies from Guaranty Trust Bank (GT) to a number of banks, according to a paper trail the lender tabled before a parliamentary committee. Lawmakers who sat through the Monday afternoon closed-door session of the Public Accounts Committee (PAC) indicated…
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Kenya:Man wants bank interest rate capping law suspended
A Nairobi resident has moved to court seeking to have the new law that regulates interest rates on bank loans suspended. Mr Boniface Oduor has sued the Central Bank of Kenya, the Kenya Bankers Association and the Attorney General challenging the Banking Act which was signed into law by President Uhuru Kenyatta in August. Mr…
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Wells Fargo faces costly overhaul of bankrupt sales culture
Embroiled in a scandal over unauthorized customer accounts, Wells Fargo & Co (WFC.N) faces a steep challenge in overhauling its hard-charging sales culture without gutting profits. Until recently, Wells staffers labored under ambitious quotas while executives boasted to Wall Street about “cross-selling” each customer multiple accounts. That system collapsed with revelations that thousands of employees…
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Egypt Central Bank Keeps Pound Steady At Weekly Auction
The Central Bank of Egypt (CBE) kept the Egyptian pound steady against the dollar at Tuesday’s weekly auction of foreign currency, quelling speculation of a devaluation for the second week in a row. The central bank said it sold $120 million at the weekly sale, with the cut off price stable at the official rate…
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Kenya:Civil society says oil export rush will cost country Sh4 billion
Kenya’s rush to start exporting crude oil in the middle of an election year could cost the country more than Sh4 billion loss, a civil society group said yesterday. The Kenya Civil Society Platform on Oil and Gas described the plan as questionable given the costs involved and the prevailing global crude prices. The lobby…