Category: Africa
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Nigeria: Oil Market Volatility May Last Till End of 2017 – Shell
Global oil giant, Shell said oil market volatility prompted by huge oversupply which has weighed on prices for the past two years may not likely clear until the second half of 2017. The potential return to the market of some 1.5 million barrels per day of supply from Libya and Nigeria and uncertainty about Iranian…
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Kenya:Banks stocks on the up following days of rout
Bank stocks appeared to have bottomed out after days of a rout with nearly all counters rising Wednesday amidst rising orders. Share prices of Housing Finance, Coop and I&M rose by the highest allowable margin of 10 per cent for a single day but those of StanChart and National Bank of Kenya remained unchanged. With…
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Zambia in talks with IMF, plans to cut subsidies
Zambia plans to cut subsidies as agreed with the International monetary Fund, with talks on an aid package at an advanced stage, a presidential spokesman said on Tuesday. “The money that is being injected into subsidies will be invested in growth areas of the economy,” presidential spokesman Amos Chanda told a media briefing. Chanda said…
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South Africa:Why Future growth is suspending loans to S.A’s state-owned enterprises
As fiduciaries for its investors’ interests, Futuregrowth has taken a decision to suspend any additional loans to some of the largest State Owned Enterprises (SOEs). Futuregrowth and the asset management industry are substantial funders to South Africa’s SOEs — notably Eskom, Transnet, Sanral, Landbank, IDC and DBSA — via direct loans and capital and money…
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Nigeria economy contracts, slides into recession
Nigeria’s gross domestic product (GDP) contracted by 2.06 percent in the second quarter, the statistics office said on Wednesday, sending Africa’s biggest economy into a recession after a decline in the first quarter. The Nigerian Bureau of Statistics (NBS) said the non-oil sector declined due to a weaker currency while lower oil prices dragged the…
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Egypt: More Egyptians Migrate for Work Abroad in 2015
The amount of Egyptians receiving permits from the ministry of interior to travel abroad for work has increased by 0.9 per cent in 2015 compared to 2014, official statistics showed on Tuesday. According to the Central Agency for Public Mobilization and Statistics (CAPMAS) statement, approximately 1.33 million Egyptians received work permits in 2015, compared to…
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Kenya:CFC Stanbic becomes first bank to cut rates for existing loans
CFC Stanbic has become the first bank to cut rates for existing loans following the move by President Uhuru Kenyatta to sign the Bill capping interest rates on bank loans into law. The new law caps loan interest rates at 4 per cent above the central bank rate. – Credit: Business Daily
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Nigeria: Actionaid Condemns Planned Tax On Phone Calls, Text Messages, Data
ActionAid Nigeria on Tuesday frowned at the proposed Communication Service Tax (CST) bill and urged the federal government to reject the bill. The group, which is the Nigerian arm of the global movement of people working together to promote human rights and defeat poverty, said imposition of the new tax would worsen the poverty situation…
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Kenya’s TransCentury swings to H1 2016 pretax profit
Kenya’s TransCentury Ltd said on Tuesday it swung to a 1.19 billion shilling ($11.75 million) pretax profit in the first half of 2016 from a loss of 646.34 million shillings in the same period the year before, helped by lower finance costs. The company said in a statement its net finance costs fell to 202.2…
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Nigeria: ‘Nigeria to Create 758,500 Jobs for Youth Through Agriculture’
The Federal Government says it will create jobs for over 758,500 youth across the country under the Youth Employment in Agriculture Programme (YEAP) to boost agricultural productivity. Mrs Karima Babangida, the National Programme Coordinator said this on Tuesday in Katsina during the inauguration of Katsina State YEAP Steering Committee. Represented by Mr Suleiman Aliyu, Babangida…