Category: Africa
-
Nigeria Likely Target of Worldwide Cyber Attack
Nigeria is likely going to be hit by a massive cyber-attack in the coming weeks, according to a top government official. This is coming in the wake of one of the largest cyber-attacks in history, which has affected over 100, 000 computers in 99 countries including Russia and China. The official, who pleaded anonymity because…
-
Tunisia Army Deployed to Protect Oil and Gas Fields Against Economic Protests
For the first time, troops in Tunisia are to be deployed to protect key industrial sites against protests, sit-ins and strikes. Poverty, unemployment and corruption are ongoing issues in the North African state. Announcing the deployment, President Beji Caid Essebsi said the troops would protect industrial sites being disrupted by general strikes and protests over…
-
Kenya: KCB earnings fall as interest income drops
KCB Group Kenya’s largest bank by assets, has posted a 1.9 per cent drop in net earnings for the first quarter on the back of lower interest income as the rate caps regime narrowed lenders’ spreads. The listed bank said net profit stood at Sh4.54 billion in the three months to March 2017 compared to…
-
Kenyattas’ CBA bank in bid to acquire Kigali lender
Commercial Bank of Africa (CBA), which is majority-owned by the Kenyatta family, is in the running to acquire the Rwandese subsidiary of Uganda’s Crane Bank in what marks the latest expansion of the wealthy family’s empire. CBA already operates an equivalent of mobile banking service M-Shwari in Rwanda using a microfinance licence. The Nairobi-based lender…
-
Namibia secures $750 million loan from African Development Bank
Namibia has secured a 10 billion Namibian dollars ($750 million)loan from the African Development Bank to finance its budget deficit and infrastructure projects, Finance Minister Calle Schlettwein said on Thursday. Namibia’s budget deficit is expected to narrow to 3.6 percent of GDP in the current 2017/18 fiscal year from 6.3 percent in the prior year.…
-
East Africa: Oil prices unlikely to rise beyond $55 soon as glut lingers
Indications are that global crude oil over-supply will linger on much longer, and this will slow down the upward movement of prices. When the Organisation of Petroleum Exporting Countries (Opec) decided last November to strengthen oil prices by reducing production by 1.8 million barrels per day(bpd), global oil prices complied and increased to a range…
-
Nigerian Officials Speak As IMF Forecasts 2.6% Growth in Economy in 2017
The federal government on Tuesday said it was optimistic of a modest recovery from recession and growth in the economy, as the International Monetary Fund, IMF, predicted a 2.6 per cent growth in the economy in 2017. Nigeria has witnessed a mixed fortune in her earnings from oil in the last three years either as…
-
Angola:Plane Power: How Software and Jet Engine Tech is Helping Angola Leapfrog into the Digital Age
Available capital isn’t the only obstacle to economic growth in Sub-Saharan Africa. Another major hurdle is the lack of reliable electricity. In fact, large parts of the region have no power at all. This makes it hard for entrepreneurs to build businesses, create jobs and generate wealth. But things are changing. This week, Angola, Africa’s…
-
Nigeria:Moody’s maintains stable outlook on banking system
Moody’s Investors Service is maintaining its stable outlook on the Nigerian banking system, reflecting the rating agency’s view that acute foreign-currency shortages will gradually ease, though loan risks will remain high. The outlook expresses Moody’s expectation of how bank creditworthiness will evolve in Nigeria over the next 12-18 months. Moody’s report, entitled “Banking System Outlook:…
-
Nigeria: Oil Workers Threaten to Shut Down ExxonMobil Operations
Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to shut down the operations of Mobil Producing Nigeria Unlimited, an affiliate of ExxonMobil until the sacked workers are recalled. The workers yesterday picketed the company’s offices in Lagos and Port Harcourt and insisted that the…