Category: Africa
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Kenyan shilling stable, seen easing due to importer dollar demand
The Kenyan shilling was stable against the dollar on Tuesday with demand coming from importers and manufacturers expected to put pressure on it, traders said. At 0700 GMT, commercial banks quoted the shilling at 101.35/45 to the dollar, unchanged from Monday’s close. – Credit: CNBC Africa
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S.African Treasury, Eskom row over coal contracts as government rifts deepen
South Africa’s Treasury and state-owned Eskom clashed on Monday over a probe into coal contracts between the power utility and a company linked to the wealthy Gupta family that is accused of holding undue political sway over President Jacob Zuma. The row further scarred relations in a government rocked by a police investigation of Finance…
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Mozambique:IMF insists on international audit of debt
The International Monetary Fund (IMF) is demanding an external forensic audit of Mozambique’s public debt to regain investor confidence after a scandal over more than $2 billion in secret loans, its local representative said on Tuesday. Parliament and the attorney-general’s office have launched investigations into the undisclosed borrowing in 2013 and 2014 but the government…
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Dangote shakes Kenya’s cement market with Ethiopia imports
Nigeria’s Dangote Cement has started its shake-up of the Kenyan market with importation of the commodity from its plant in neighbouring Ethiopia as it prepares to establish a local manufacturing plant. Dangote’s targeting of the Kenyan consumer with low-cost cement from Ethiopia is expected to further drive retail prices downward in a market where they…
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South Africa’s finance minister to be charged for graft -City Press
South Africa Finance Minister Pravin Gordhan may be charged this week for graft, the City Press newspaper reported on Sunday, citing senior sources in the police, the National Prosecuting Authority (NPA), and the tax service. Thirty witnesses had been lined up to testify against Gordhan and three former officials from the South African Revenue Service…
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Algeria: Car Imports Drop By 68 Percent in First Seven Months of 2016
The car imports bill decreased to USD 768 million during the first seven months of 2016 against USD 2.4 billion during the same period in 2015, i.e. a drop by USD 1.63 billion (-68%), Customs told APS. As for imported quantities, they decreased by 73.74% with 53,356 imported cars between early January and late July…
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South Africa’s national carrier asks lenders for $1 billion
South Africa’s cash-strapped national carrier plans to raise 16 billion rand ($1 billion) from banks and other financial institutions, a newspaper notice showed, days after saying it could pay its debts. State-owned South African Airlines is seeking secured and unsecured funding with a 3 to 15 year duration and wants to start drawing down the…
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Kenya:KRA hits insurance brokers with Sh1.5bn past tax demand
The Kenya Revenue Authority (KRA) has made a multi-billion shilling tax demand on insurance brokers in a move that industry insiders say could take down many of the underwriters. The bill is related to unpaid excise taxes on commissions earned between July 2013 and December last year when the law exempting them from paying the…
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Egypt Buys 180,000 Tonnes of Russian Wheat
Egypt’s General Authority for Supply Commodities said on Friday that it bought 180,000 tonnes of Russian wheat in a tender. Reuters quoted deputy chairman GASC Ahmed Youssef as saying that the wheat was purchased at an average price of $185.52 per tonne including cost and freight. GASC received seven offers from suppliers for its wheat…
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Guptas to sell South African businesses
The Gupta family arrived in South Africa in the early 1990s. Since then they have accumulated a large amount of wealth through their interests in mining, ICT and engineering. Oakbay Investments is the holding company for the family’s businesses. According to the company’s website, Oakbay Investments has invested more than R10 billion in the country…