Category: Africa
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S.Africa’s June retail sales slow as economy flirts with recession
South African retail sales slowed more than expected in June with purchases of credit-linked items declining sharply as consumer spending remained under pressure despite a recent pause in policy tightening by the central bank. Retail sales grew by 1.7 percent year-on-year in June according to Statistics South Africa data on Wednesday, much slower than the…
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Kenya’s central bank warns lenders over misuse of credit bureaus
Kenya’s central bank threatened commercial banks with legal action if they submit inaccurate or incomplete data to credit reference bureaus, according to a circular seen by Reuters on Wednesday. Kenyan banks have come under fire in recent weeks for the high costs they impose on borrowers. Two weeks ago, parliament passed a bill to cap…
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Nigeria: Kano Appoints First Female Accountant General
Kano State Governor, Dr Abdullahi Ganduje, has approved the appointment of Mrs Aisha Bello Muhammad as the Accountant General of the state. She is the first woman to be appointed to the position in the 49 years history of the state. The state information commissioner, Muhammad Garba, in a statement, said Mrs Muhammad’s appointment was…
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Nigeria: Govt Releases N9.8 Billion to Tackle Polio Outbreak
The federal government has approved the release of N9.8bn to fight wild polio resurgence in the country, especially in the North East. The minister of Health, Prof Isaac Adewole, who disclosed this at a press briefing in Abuja, yesterday, said the money would be released by Monday. This is just as he said Nigerian pilgrims…
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Sudan: Egyptian Investments Volume in Sudan Amounts to U.S.$2.3 Billion
The Egyptian investments in Sudan amounted to $ 2.3 billion, mostly in Khartoum State in fattening cattle projects and fodder cultivation at west Omdurman area, which is considered as one of the successful and of the large economic returns projects. This was announced by the Minister of Investment Dr. Mudathir Abdul-Ghani in an interview with…
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Kenya:Fitch Ratings says top banks to push more loans on interest capping
Large banks will protect their profit margins by pushing more loans if capping of interest rates is introduced, an international rating agency has said. Fitch Ratings noted large banks would be better placed than their smaller rivals to deal with the sharp reduction in net interest margin. “Large players, with stronger franchises and more diverse…
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South African fuel strike ends after three weeks
South Africa’s petroleum industry and striking workers agreed to a new two-year wage deal on Wednesday, ending a three-week strike that caused limited supply disruptions, an official representing employers said. Around 15,000 striking workers affiliated to Chemical, Energy, Paper, Printing, Wood and Allied Workers union (CEPPWAWU) agreed a 7 percent wage increase this year and…
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Kenya:CBK puts banks on notice for abuse of credit bureaus
The central bank has put commercial banks, who are abusing credit reference bureaus (CRB), on notice that they will henceforth be subjected to tough sanctions, including heavy fines, for misuse of the information sharing tool. In a circular dated August 10, 2016 and sent to all commercial bank chief executives, the Central Bank of Kenya…
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Zimbabwe: Selling Contaminated Fuel Lands Firm in Court
Stadic Petroleum (Private Limited) was on Monday taken to court by the Zimbabwe Energy Regulatory Authority (ZERA) for allegedly selling contaminated fuel. The company, which was being represented by its security advisor who is also accused number two, Augustine Mahwana (39), is facing charges of selling contaminated diesel in contravention of section 4 (2) of…
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Kenya:Chase Bank gets CBK approval to resume lending
Chase Bank will start taking fixed deposits and resume lending, signalling a quick recovery for the bank that was placed under receivership in April. The lender said it has received approval from the Central Bank of Kenya (CBK). “The move marks a major milestone in the turnaround efforts of the bank signalling that most of…