Category: Africa
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Nigerian watchdog closes Nokia-Alacatel’s local offices
Nigeria’s telecoms regulator has shut the offices of Nokia-Alcatel for operating in Africa’s largest economy without the necessary permit, the watchdog said on Friday. The Nigerian Communications Commission’s (NCC) spokesman Tony Ojobo said that the mobile telecoms equipment manufacturer had failed to obtain the 2 million naira ($6,349) licence required for the sale and installation…
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Zimbabwe public workers reject government job cuts plan
Zimbabwe’s main public service union on Friday rejected government plans to cut 25,000 jobs and suspend annual bonuses, saying that would hurt workers already struggling to make ends meet. The Apex Council, a grouping of all state sector unions, demanded talks with the government over the plan that Finance Minister Patrick Chinamasa has said is…
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Ivory Coast cracks down on cocoa contracts
Ivory Coast’s cocoa marketing board has given exporters six days to supply documentation for export contracts, including proof of a counterparty, or they will be cancelled and resold, the Coffee and Cocoa Council (CCC) wrote in a memorandum seen on Friday. The measure, aimed at stamping out speculation in the top grower’s forward sales system,…
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S.African fund manager Abax cuts lending to state-owned enterprises
Fund manager Abax Investments has reduced bond purchases from South African state-owned firms in the past three years due to concerns over their weaker performance, a portfolio manager said on Friday. Rashaad Tayob also said Abax, which has 80 billion rand ($6 billion) under management, was concerned after the cabinet said a new committee would…
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Nigeria: Cocoa Institute Reinstates 91 Sacked Workers After Buhari’s Intervention
Ninety one workers sacked in 2013 by the Cocoa Research Institute of Nigeria, Ibadan, resumed work on Thursday. Welcoming the workers, Acting Executive Director of the institute, Abiodun Okelana, said their reinstatement was ordered by President Muhammadu Buhari after a thorough investigation by the Federal Ministry of Agriculture. She assured them that the institute would…
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Algeria Withstands Continues Reforms Despite Oil Market Collapse
The worldwide drop in oil prices doesn’t seem to hinder the momentum of reforms in Algeria which “withstands” to this external crisis and continues its socio-economic reforms. Prime Minister Abdelmalek Sellal reiterated, in Saida, that the country remains resilient to the collapse of the oil prices which has however halved its oil taxation. “Despite the…
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South Africa’s rand hovers near seven-week lows
South Africa’s rand traded close to the previous day’s seven-week low against the dollar on Thursday, hurt by investor concerns over the future of Finance Minister Pravin Gordhan. Gordhan was head of the tax service when it set up a surveillance unit which police say was used to spy on politicians. * Rand touches early…
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Kenya:KRA appeals expert lockout in Bidco Sh1.3bn tax row
The Kenya Revenue Authority (KRA) and Bidco Oil Refineries are engaged in a vicious dispute over Sh1.3 billion the taxman is claiming in unpaid revenue for undeclared insurance and crude edible oils imported between 2004 and 2008. The dispute has been brought to light by a suit the KRA has filed in the High Court…
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Mozambique president appoints IMF official as central bank governor
Mozambican President Filipe Nyusi appointed Rogerio Lucas Zandamela, an International Monetary Fund (IMF) official, as central bank governor to replace Ernesto Gove, whose term has ended, the presidency said on Wednesday. The appointment comes as Mozambique is battling to restore the confidence of donors such as the IMF as it grapples with a spiraling debt…
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Nigeria: Aviation Unions Besiege Aero Contractors Over Indefinite Leave Handed 1,400 Workers
Aviation unions on Thursday besieged the head office of Aero Contractors Airline at the Murtala Muhammed Airport (MMA), Lagos, a day after the embattled airline announced the suspension of flight operations and placed workers on an indefinite leave. Benjamin Okewu, the president, Air Traffic Services Senior Staff Association, told journalists on Thursday that the unions…