Category: Africa
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Chase Bank owners to lose control on sale
Chase Bank owners are set to be squeezed out of the industry after the Central Bank of Kenya (CBK) invited bids for a majority stake from local and foreign financial institutions. Bidders have to submit proposals in three weeks, according to a statement issued by the regulator. “Potential strategic investors interested in taking an equity…
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Rotich extends tax amnesty for fat cats with cash abroad to June 2018
Wealthy Kenyans who have stashed wealth abroad have an additional six months to file returns on the assets and return them to Kenya. Treasury CS Henry Rotich in the 2017/18 Budget statement Thursday said the fat cats wishing to enjoy the tax amnesty should file their returns by June 30, 2018. The previous deadline was…
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S.A’s central bank keeps rates on hold, warns of widening risks in last few days
Since the previous meeting of the Monetary Policy Committee (MPC) the inflation outlook has improved. This was mainly due to the further appreciation of the rand exchange rate following the benign market reaction to the US Fed monetary policy tightening, as well as the significant narrowing of the domestic current account deficit. A more positive…
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IMF urges Nigeria to lift FX restrictions, dump multiple exchange rates
The International Monetary Fund called on Nigeria on Thursday to lift its remaining foreign exchange restrictions and scrap its system of multiple exchange rates to revive the country’s recession-hit economy. The call came as part of a regular assessment of a country’s economy, in which the IMF also forecast that Nigeria’s economy would grow 0.8…
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Ex-CBK governor fights charge over Sh1.2bn deal
Former Governor of Central Bank of Kenya (CBK) Prof Njuguna Ndung’u has urged the Court of Appeal to bar his prosecution over the Sh1.2 billion tender to install a modern security system at the regulator. Prof Ndung’u, who retired in February 2015, is appealing against a High Court order by Justice George Odunga in November…
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S.A:Expectations Gordhan will go leave South African markets on edge
South Africa’s currency and bonds weakened again on Wednesday as expectations rise that President Jacob Zuma will sack finance minister Pravin Gordhan following the funeral of anti-apartheid icon Ahmed Kathrada later in the day. “Speculation is that the duo may be fired tomorrow evening, after Uncle Kathy’s funeral,” Zuma’s one-time protege Julius Malema said on…
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Kenya:Rising expenditure affirms economy is growing, Treasury says
Treasury officials have downplayed the perception that despite the much vaunted economic growth, the effects are not being felt by ordinary Kenyans. At a meeting with journalists ahead of the reading of the Budget statement on Thursday, Treasury Principal Secretary Kamau Thugge and Director of Budget, Fiscal and Economic Affairs Geoffrey Mwau also said Kenyans should…
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Egypt: Strong EIB Commitment in Support of Renewable Energy – New Eur 115 Million Financing for a Windfarm in Egypt
The EIB and the Arab Republic of Egypt signed today a loan agreement of EUR 115 million for financing a wind farm in the Gulf of Suez to further expand energy generation from renewable resources. The wind farm will contribute to meet growing electricity demand using sustainable wind energy. In the presence of Dr. Sahar…
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S.A:Barclays in talks to sell Zimbabwe bank
Barclays is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, the lenders said on Tuesday, as the British bank continues its exit from Africa. First Merchant Bank said in a statement on its website it was in exclusive talks to buy out the 68 percent of Barclays…
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Rwanda’s airline to start flights to London
Rwanda’s airline will start three weekly flights to London’s Gatwick airport on May 26 and it expects to exceed one million passengers on all its routes in the next three to four years, Chief Executive John Mirenge said on Monday. The London route, which will be served by two newly acquired Airbus A330s, will be…