Category: Africa
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EFG Hermes eyes acquisition in Nigeria, Kenya brokerage licence
Egypt’s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters on Monday. The investment bank also plans to boost its research team to between 12 and…
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S.A: Eskom Chairman Ben Ngubane resigns
Dr Ben Ngubane has resigned with immediate effect as Non-Executive Director and Chairperson of the Board of Eskom. “Dr Ngubane formally tendered his resignation, which I accepted,” Minister of Public Enterprises, Lynne Brown, said. “I would like to thank Dr Ngubane for his contribution to turning Eskom around since the load shedding days of 2014/15,…
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Moody’s downgrades the five largest South African banks to Baa3; outlook negative
Moody’s Investors Service, (“Moody’s”) has today downgraded to Baa3 (negative outlook) from Baa2 (Rating Under Review outlook), the long-term local- and foreign-currency deposit ratings of the five largest South African banks: The Standard Bank of South Africa Limited, FirstRand Bank Limited, Absa Bank Limited, Nedbank Limited, and Investec Bank Ltd.. The rating agency has also…
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Kenya:Bank targets SMEs with Sh1.5bn Indian credit line
IDB Capital has unveiled a Sh1.5 billion line of credit to small and medium enterprises seeking to fund machinery imports under an India-funded scheme. Managing director Karen Kandie told the Business Daily that SMEs with healthy balance sheets seeking to meet market demand or upgrade their machinery to reduce operational costs would be considered. Ms…
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Kenya:City Shuttle sues bank in Sh100m bus loans row
Nairobi-based transport firm City Star Shuttle has sued Sidian Bank to stop the auction of four mass transit buses it bought last year following a dispute over repayment of a Sh100 million loan the lender advanced to finance the purchase. City Star Shuttle claims that Sidian Bank has threatened to auction the four mass transit…
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Egypt sees about $1bn foreign inflows since rate boost
Egypt received about $1bn in foreign inflows since the central bank raised interest rates by 200 basis points to curb inflation. The country had $448m in “foreign investment inflows” on Thursday and $400m on Sunday, state-run news agency MENA reported, citing Central Bank Governor Tarek Amer. He didn’t specify the form for the investments, but…
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Sudan: Minister of Trade Reviews With Egyptian Ambassador Ways to Overcome Impediments Facing Trade Between the Two Countries
Minister of Commerce Hatim Al-Sir has discussed with the Egyptian Ambassador in Khartoum Osama Shaltout ways to overcome the obstacles facing the trade operations. The Minister of Commerce, during his meeting with the Egyptian ambassador to Sudan Wednesday, stressed keenness of the government of Sudan to develop relations with the Egyptian government and expand trade…
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Nigeria: CBN to Mop Up N1.2 Trillion in 12 Weeks
The Central Bank of Nigeria (CBN) will, this week, commence plans to mop up N1.23 trillion in the next 12 weeks. The apex bank disclosed this through its third quarterly Treasury Bills Issuance programme released on Friday. The programme revealed that the CBN will issue treasury bills (bills) worth N1.23 trillion from Wednesday, June 15…
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Nigeria: 26 Airlines Fail to Complete NCAA Certification Process
No fewer than 26 airlines have discontinued the process for the acquisition of the Air Operator Certificate (AOC) over stringent conditions set by the Nigeria Civil Aviation Authority (NCAA), it has been revealed. This is just as the NCAA debunked insinuations in some quarters that some airlines borrowed aircraft to complete their certification process. Spokesman…
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Kenya:Tycoons in bitter clash over Sh4.1bn planes deal
The vicious boardroom wars that have threatened to stall operations of charter airline Bluebird Aviation have now entangled two rival firms in a fresh dispute over three planes valued at $40 million (Sh4.1 billion). Bluebird co-founder Yusuf Abdi Adan has filed two fresh suits seeking to block the transfer of an airplane (model Dash 8-106…