Category: Africa
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S. Africa rating firm drops deal with Kenyan insurer
South African agency, Global Credit Ratings (GCR), has announced it will no longer offer a rating for Saham Assurance Company Kenya, saying the withdrawal has been made at the behest of the insurer. GCR’s final rating for Saham saw it affirm a claims paying ability rating of A-, with a negative outlook based on the assurance…
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Kenya: Uhuru woos cereal, livestock farmers with Sh1.5 bn loan waiver
The government has waived a Sh1.5 billion loan owed by wheat, sorghum and livestock farmers in Kajiado, Narok and Baringo counties to the State’s agricultural credit institution. In a statement sent to newsrooms on Monday, State House spokesman Manoah Esipisu said the waiver of a loan owed to the Agricultural Finance Corporation (AFC) is part…
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Nigeria:Peace at risk in oil heartlands
The Nigerian government’s efforts to secure peace in the oil heartlands of the Niger Delta are empty promises, community leaders say, threatening a return to violence that would derail any broader recovery in the crude-dependent economy. With Africa’s biggest economy mired in recession, delegations including Acting President Yemi Osinbajo have held talks since February with…
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Algeria to Give Legal Status to African Migrants
Algeria plans to grant residency rights and job permits to illegal African migrants amid a shortage of workers in farming and construction and after a surge in racist sentiment across the country. Prime Minister Abdelmadjid Tebboune’s plan follows the launch of an anonymous online campaign that blames African migrants for taking jobs and spreading the…
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Toyota unit fights Kenyan buyers’ vehicle defect suit
Toyota’s financing arm Tsusho Capital has denied receiving any complaints on mechanical defects affecting 45 Hino buses it sold to 11 companies and individuals. The buyers have lodged a product liability claim against it, its sister companies and the Kenya Bureau of Standards (Kebs). Tsusho claims that only one buyer, Martin Mwangi Njoki, among those…
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Kenya: KQ Gets Air Traffic Rights in U.S. Paving Way for Direct Flights
Kenya Airways (KQ) has been granted air traffic rights to the United States (US) airspaces inching closer to direct flights to the US. Transport Cabinet Secretary James Macharia told Capital FM Business the airline now awaits other crucial licenses to see it fly to the US by March 2018. Among the crucial licenses include the…
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IMF warns South Africa over economy’s vulnerability
The International Monetary Fund warned South Africa on Thursday its economy is extremely vulnerable to external shocks and funding shortfalls, although it stuck by its earlier growth forecast of 1 percent this year. In an executive report following a country visit in the last week of June, the Fund also said policy uncertainty linked to…
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Nigeria, Libya Oil Output Threaten Global Market
The increase crude oil output by both Nigeria and Libya has posed a threat to the global market, even as there are indications that the global oil market may see some rebound in the second half of the year. International Energy Agency, IEA, Chief, Fatih Birol, told Reuters in an interview that the development is…
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Egypt Wants More Trade With Zambia
Egyptian Foreign Affairs Minister Sameh Shoukry has said his country desires to increase trade and investments with Zambia. Speaking during a bilateral meeting with his Zambian counterpart Harry Kalaba in Addis Ababa, Ethiopia, on Saturday, Mr Shoukry said his country was looking for more investment opportunities in Zambia. He hailed the excellent relations existing between…
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South Africa: Oakbay Capital Statement
Three months ago, Bell Pottinger announced that it had decided to cease work for Oakbay Capital. We had worked for them for a year, following a competitive bid process. When we terminated our work with Oakbay, we said we were doing so because of increasingly strong social media attacks on our staff and our business…