Category: Africa
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Kenya:Top bank owners set for dividend windfall
Wealthy owners of public listed banks are set to earn billions in dividends this year, even as their customers continue to face difficulties accessing credit following the coming into force of a law capping interest rates last year. Nine out of the 11 listed banks that have announced 2016 financial results collectively posted a 13…
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Ivory Coast rescinds port security measures, attack threat unfounded
Ivory Coast rescinded an order on Sunday to increase security at its two main ports after determining that an earlier reported threat of terrorism was unfounded, according to a document seen by Reuters. The first transport ministry memorandum had ordered security under the International Ship and Port Facility Security (ISPS) code to be increased to…
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Kenyan firms freeze new hiring, suspend pay rise
Flat or declining sales coupled with growing concern over the August 8 General Election have left dark clouds hanging over the labour market, forcing the majority of employers to freeze plans to hire or raise workers’ salaries, a newly-released report says. The job market survey, commissioned by the Institute of Human Resource Management (IHRM), found…
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Libya’s National Oil Corp warns of new attempt at independent oil sales
Libya’s National Oil Corporation (NOC) said on Sunday that it had identified “illegal” efforts to sell crude oil without its approval and warned potential buyers not to enter into such contracts. Factions based in eastern Libya have previously tried to sell oil independently of NOC in Tripoli, but their moves have been frustrated by U.N.…
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South Africa’s Joffe bows out as Bidcorp executive to list new firm
South Africa’s Brian Joffe will step down as executive chairman of foodservice group Bidcorp at the end of June to launch his own investment firm, Bidcorp said on Monday. Bidcorp was spun out of Bidvest in a $5 billion listing, South Africa’s largest in 2016, on the Johannesburg Securities Exchange in May last year. Joffe,…
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Rand weakens on cabinet reshuffle reports, as S.A’s FinMin agrees to return from investor roadshow
Following a directive from the President Jacob Zuma, Finance Minister Pravin Gordhan and National Treasury Director General Lungisa Fuzile are preparing to return tonight from the UK and are expected to arrive in South Africa tomorrow morning, a Treasury statement revealed. The rand which was at a 2015 high this morning tumbled more than 2…
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Treasury’s Sh20bn KQ loan terms alarm MPs
Kenyan taxpayers are facing the prospect of paying a Sh20 billion ($200 million) debt next year when a government-backed short-term loan advanced to national carrier Kenya Airways matures. Members of Parliament have flagged the loan as a big risk to the stability of public finances as it has to be fully repaid in one lump…
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South Africa suspends some meat imports from Brazil
South Africa has suspended some meat imports from Brazil citing a scandal in the South American country’s meat processing industry, the Department of Agriculture, Forestry and Fisheries said on Wednesday. Police in Brazil has launched raids to investigate alleged bribes paid to conceal unsanitary conditions in Brazil’s meatpacking facilities. China and Canada also suspended some…
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Govt planning law to guide counties on revenue collection
The government is developing a national legislation to guide counties on revenue collection. This follows complaints that some devolved units had come up with prohibitive taxes that have scared away investors. The guide is meant to check on the unnecessary levies that are way above what the business community can afford and remain in business.…
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Interest rate caps erode bank valuations in buyouts
The capping of interest rates has hurt bank deals, with more lenders now being acquired at prices lower than their book value to reflect relatively weaker earnings outlook. Habib Bank, which is set to be fully acquired by DTB Bank, is the latest lender to be taken over at a price equivalent to 0.77 times…