Category: Africa
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Kenya: T-bill uptake plunges as subscribers go for bonds
Treasury bills were for the second week running under-subscribed due to reduced liquidity in the market. During last week’s auction, the overall subscription fell to 31.25 per cent from 33.6 per cent recorded the previous week. Market analysts said this was triggered by investors shifting focus to the Sh30 billion 10-year bond currently on offer.…
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Zimbabwe: Blanket Gold Mine Says Production Up 9pct
Production at Blanket Gold Mine rose by over eight percent during the first half of this year despite some teething infrastructure challenges, management has revealed. The Gwanda based mine is 49-percent owned by Canada’s Caledonia Mining Corporation which was one of the first investors in the sector to comply with the country’s empowerment laws. The…
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Zimbabwe: Come and Help Revive the Economy, Mugabe Appeals to Zimbabweans Abroad
Zimbabwean President Robert Mugabe on Friday pleaded with his country’s skilled workers living in the diaspora to return home so that they could help in reviving the southern African country’s floundering economy. This came at a time when an estimated four million Zimbabweans were living outside the country after fleeing economic problems and alleged political…
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Nigeria: Foreign Reserves Hit U.S.$30.5 Billion On Rising Oil Prices
The nation’s foreign reserves reached U.S.$30.5 billion last week as a result of increased global oil prices, checks by LEADERSHIP on the Central Bank of Nigeria’s website have revealed. Data from Organization of Petroleum Exporting Countries (OPEC) revealed that basket of 14 crudes stood at $47.48 per barrel last week from $45.21 a barrel it…
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Nigeria: We’re Interested in Nigeria’s Oil, Gas – Britain
Britain has expressed its interest in Nigeria’s oil and gas industry. It expressed its readiness to invest in pipeline infrastructure, renewable energy, gas and power of the Nigerian Oil and Gas Industry. British High Commissioner, Mr. Paul Arkwright, made this promise when the Group General Manager, Group Public Affairs of the Nigerian National Petroleum Corporation,…
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Tunisia: Commission Approves Disbursement of €100 Million in Assistance to Tunisia
The European Commission, on behalf of the EU, has today approved the disbursement of a €100 million loan to Tunisia. This represents the third and last tranche of the €300 million Macro-Financial Assistance (MFA-I) programme to Tunisia, adopted in May 2014. The MFA-I programme is part of the EU’s comprehensive efforts to help Tunisia respond…
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Egypt: China Agrees to Import Grapes From Egypt After 2 Years Negotiations
The Egyptian authorities said on Thursday that China has agreed to import grapes from Egypt after two years of intense negotiations. The announcement was made by the Egyptian Agriculture Export Council in a press release. Citrus is also among the fruits being exported to China, it added. Negotiations are underway to allow more Egyptian agricultural…
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Egypt Investment Bank Gets Brokerage Licence
Egypt-based investment bank EFG-Hermes has been licensed to operate a stockbroker unit in Kenya with an eye on an investment bank permit, targeting institutional and high net-worth investors from the Middle East. EFG had stated its intention to come into the Kenyan market earlier this year, later saying in June that its licence application with…
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Kenyan insurance brokers hit by Tanzania’s two-thirds rule
Kenyan insurance brokers operating in Tanzania will be forced to cede shareholding to locals under a new law which cut by half the ownership quota allowed for foreigners. Fresh amendments to the Insurance Act sets the mandatory stake that must be held by Tanzanian citizens to be at least two-thirds from the initial one-third or…
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East Africa: KLM now demands pay freeze at KQ
Kenya Airways’ employees are set to endure a pay freeze in the next couple of years if their employer accepts the stringent conditions that one of the major shareholders KLM wants meeting before it can inject fresh capital into the ailing business. The Dutch carrier has sought KQ’s commitment that it will keep employee costs…