Category: Africa
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South Africa: Markets see cutting rates to boost growth
South African bonds priced in a higher likelihood of a 50 basis point rate cut by the central bank sooner than anticipated after the economy unexpectedly slipped into recession and raised the risk of further credit downgrades. Forward rate markets on Wednesday were pricing in a nearly 30 percent chance of a 50 basis point…
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S.Africa’s Eskom to seek 20 pct electricity tariff increase: report
South Africa’s cash-strapped utility Eskom will seek power price increases of nearly 20 percent when it approaches the electricity regulator at end of the month, the BusinessDay newspaper reported on Tuesday citing confidential documents. Eskom, the sole power supplier to Africa’s most developed economy, was granted a 2.2 percent tariff increase by the National Energy…
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South African recession puts fiscal targets at risk: Treasury
South Africa’s negative economic growth is a risk to fiscal targets and puts pressure on the government to intensify growth programmes as a matter of urgency, the Treasury said on Tuesday. South Africa entered recession for the first time in eight years, led by weak manufacturing and trade, data from Statistics South Africa showed. “This…
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Kenya to export crude three times in a year
Kenya will ship out crude from Turkana oilfields three times in a year as vessels require more than 10 times the daily output. The country is this month expected to evacuate 2,000 barrels per day from Turkana via road to storage tanks in Mombasa. Petroleum principal secretary Andrew Kamau said the oil will be stored…
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South Africa’s private-sector activity little changed in May, PMI shows
Private-sector activity in South Africa was little changed in May from April, remaining in positive territory, as new orders and output failed to register significant gains. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit, was at 50.2 in May compared with 50.3 in April, still above the 50 mark that separates growth from…
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South Africa’s Telkom profit jumps on growth in mobile, enterprise
Telkom SA, South Africa’s biggest landline provider, reported a rise in full-year earnings and revenue on Monday, buoyed by a strong performance by its mobile business and its Business Connexion enterprise division. With the completion of a turnaround plan, which aimed to bring down costs, including job cuts, and better compete with wireless operators, the…
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S.A: China says 31 nationals detained in Zambia for illegal mining
Zambia has detained 31 Chinese nationals for illegal mining in the African country’s copper belt but has failed to provide strong proof of their crimes, a senior Chinese diplomat said as he lodged a complaint. Lin Songtian, the Chinese Foreign Ministry’s director-general for African affairs, told a Zambian diplomat in Beijing that China understands and…
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Botswana power utility invites bids to build 100 MW solar plant
Botswana’s state-owned power utility has invited bids to build a 100 megawatt (MW) solar power plant to boost energy security in the diamond-rich southern African country. In a document published on its website, Botswana Power Corporation (BPC) said it expects energy demand to more than double to 1,359 MW by 2035 from around 600 MW.…
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Nigeria: Banks Lost N2.19 Billion to Fraudsters through Electronic Platforms in 2016
Nigerian Deposit Money Banks, DMBs, lost N2.19 billion to fraudsters through electronic channels in 2016 fiscal period, an official has said. The Deputy Governor, Operations, Central Bank of Nigeria, CBN, Adebayo Adelabu, said this while unveiling a report on electronic frauds by the CBN on Tuesday. Speaking at the first stakeholders’ workshop on cybercrime organised…
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Tunisia: New Frontier for African Startups
Tunisia is emerging as the next eHealth hub and may just give Kenya and South Africa a run for its mone It’s the age of the startup and the business savvy are identifying local solutions to global problems. The next big thing may be lurking in a small Kenyan back office or a Tunisian coffee…