Category: Africa
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Nigeria: Oil Deal – Saudi Minister’s Statement Good News to Nigeria
A statement by Saudi energy minister on extension of oil cut agreement will be good news Nigeria, PREMIUM TIMES can report. Saudi Arabia’s Energy Minister, Khalid Al-Falih, said on Monday that oil markets were rebalancing after years of oversupply. Speaking at an industry event in Kuala Lumpur, Malaysia, Mr Al-Falih said he still expected an…
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East Africa:Savers hit as pension returns fall below the inflation rate
Pension returns fell below the rate of inflation in the year to March mainly driven by poor stock returns, effectively eroding the gains of savers in retirement schemes for the period. A pension industry survey for the first quarter of the year done by Alexander Forbes Financial Services shows the average return by pension schemes…
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East Africa: Safaricom full-year profit rises 18.3 per cent to Sh45bn
Telecommunications firm Safaricom has announced an 18.3 per cent net profit rise to Sh45.1 billion in the year to March 2017. Total revenue crossed the Sh200 billion mark for the first time to stand at Sh212.9 billion, an 8.8 per cent rise. The revenue growth is backed by a strong performance in mobile money M-Pesa…
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South Africa: Sassa Still Has 50 000 Deduction Complaints to Deal With – Dlamini
Social Development Minister Bathabile Dlamini has told MPs that more than 50 000 grant beneficiary complaints were incomplete as they were still waiting for affidavits from complainants. Dlamini told the National Council of Provinces on Tuesday that the South African Social Security Agency had received 95 429 disputes from grant beneficiaries from April 2016 to…
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S.A needs to clarify policy to boost confidence: Gigaba
South Africa needs to provide policy clarity to boost investor confidence, after a cabinet reshuffle and a pledge to introduce “radical economic transformation”, Finance Minister Malusi Gigaba said on Tuesday. Gigaba’s comments echo those of President Jacob Zuma about redistributing wealth, which remains largely in the hands of the white minority more than two decades…
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kenya: EABL blames erratic tax for its high business costs
Unpredictable tax rises have escalated East African Breweries Limited’s (EABL) cost of doing business and made planning difficult. EABL group chairman Charles Muchene on Monday said volatile tax is making it difficult for investors to attract long-term capital. “Investors are looking for a predictable environment so that they can plan. If we have a policy…
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Kenya: 50pc tax will drive us out of business, say betting firms
The Association of Gaming Operators has called for the withdrawal of the proposed 50 per cent turnover tax on gaming, betting and lottery. Chairman Ronald Karauri warned the tax would bring the gaming industry to its knees. Speaking at PrideInn Beach Resort in Mombasa on Monday during a public participation meeting organised by the Parliamentary…
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Kenya:Banks lending to Treasury up by Sh119bn from March
Bank share of government debt has gone up by Sh119 billion in the past two months to cross the Sh1 trillion mark, in a move that could signal a prolonging of slow credit growth for the private sector. The outstanding government domestic debt held by banks now stands at Sh1.088 trillion, equivalent to 55.1 percent…
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Nigeria: 41 Items Remain Ineligible for Forex Allocation – CBN
The Central Bank of Nigeria, CBN, said Wednesday’s circular on revised documentation requirements for allocation of foreign exchange for small-scale importation did not mean a reversal of its policy barring allocation of forex to some 41 items in the country. “The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports…
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Nigeria plans to set up national airline, develop aviation capacity
Nigeria has appointed advisers to help it set up a national airline and develop its aviation infrastructure — currently seen as a barrier to economic growth — to create a hub for West Africa, junior aviation minister Hadi Sirika said on Wednesday. Sirika said a group of six firms including German carrier Lufthansa would advise…