Category: Africa
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Kenya: 47pc of factories to shed jobs over election jitters
Half of Kenya manufacturers plan to shed jobs on reduced orders and sales linked to jitters over the prolonged electioneering period and tension over the October 26 repeat presidential poll, a new survey reveals. Kenya Association of Manufacturers’ 3rd Quarter Barometer says that 47 per cent of the industries plan to shed jobs over the…
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Kenya: How Sasra is keeping saccos fit to serve the credit market
Kenya’s famed co-operatives sector appears to be growing in the middle of turbulence arising from failure to comply with some regulatory requirements. For instance, a recent report by sector regulator said more than 100 deposit-taking savings and credit co-operative societies (saccos) did not meet the mandatory capital ratio requirement in 2016, raising questions over their…
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Kenya: Small businesses feel the weight of election standoff
Julie Scott, the managing director of travel and tour firm Bunson Travel Service, yesterday received a call from her business partners relaying what has become a regular message in the past month. A group of about 70 businesspeople that were to jet into Nairobi from around the world for a regional management meeting had changed…
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Moody’s set to downgrade 3 top banks
Global ratings agency Moodys has warned of a likely downgrade of credit and deposit scores of three Kenyan banks, citing the country’s deteriorating debt situation. The agency said it had placed on review for downgrade the B1 global scale long-term local-currency deposit ratings and the b1 baseline credit assessment (BCA) of KCB Bank Kenya Limited…
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Nigeria’s 2017 capex to hit 440.9BN naira next week: Finance Minister
Nigeria plans to release 100 billion naira for capital projects, taking its total spending in the 2017 budget for infrastructure to 440.9 billion naira ($1.44 bln) by next week, its finance minister said on Tuesday. Kemi Adeosun said the government had spent 1.5 trillion naira on recurrent expenditure so far. “We concluded our Sukuk last…
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Scandal-hit KPMG South Africa vows reforms, loses another client
South African waste management company Interwaste (IWEJ.J) fired KPMG as its auditor on Thursday, dealing another blow to the accounting firm ensnared in a scandal involving business friends of President Jacob Zuma. Interwaste joins at least seven other clients including fund manager Sygnia (SYGJ.J) and broker Sasfin (SFNJ.J) to break ties with KPMG. It comes…
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South Africa’s central bank says has not instructed banks on ties with KPMG
South Africa’s central bank said on Friday it has not instructed banks on how to deal with KPMG after the auditing firm was entangled in a scandal involving business friends of President Jacob Zuma. “The South African Reserve Bank would like to state categorically that it has not instructed banks on what steps they should,…
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South Africa’s Eskom asks McKinsey, Trillian to return $117MN
South Africa’s Eskom has asked consultancy firms McKinsey and Trillian to pay it back 1.6 billion rand ($117 million), saying that an internal inquiry had found that the state power utility’s decisions to make the payments were unlawful. “The interim findings from Eskom investigations into the circumstances surrounding payments made to both the companies point…
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Egypt: PM Meets Tourism Investors
Prime Minister Sherif Ismail on Monday 2/10/2017 received a group of tourist investors to review problems facing the sector and proposals to solve them. The ministers of tourism and civil aviation took part in the meeting. The participants discussed files related to the tourism investment field, including the procedures for granting visas to Egypt, the…
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Guinea says economic growth to dip to 5.8% in 2018
Guinea’s economy will grow 5.8 percent in 2018, down from an expected 6.7 percent in 2017, the budget minister said on Tuesday, as it struggles with low commodity prices and unrest that has interrupted bauxite mining. The forecast is lower than the 7 percent growth target authorities had been hoping to exceed in 2018, Budget…