Category: Africa
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Nigerian central bank head urges cooperation on monetary & fiscal policy
Nigeria’s monetary and fiscal authorities must cooperate on their policies to help Africa’s largest economy to develop, the central bank governor said, according to his spokesman. Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank’s Monetary Policy Committee and the ministers for finance, budget, and investment. The…
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Uber Kenya hikes fare by 20 percent after strikes
The Kenyan unit of U.S. ride-hailing firm Uber Technologies Inc has increased its fare by 20 percent, a move that follows protests and strikes by Uber drivers who said a lower fare made their service uneconomical. Uber, which operates in several African countries, cut its fare in Kenya to 35 shillings ($0.3400) per kilometre last…
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S.A’s Eskom signs R6bn deal with France’s AFD
Eskom and AFD today signed a R 6 billion (€400 million) multi-tranche framework agreement to support Eskom investments in the extension and reinforcement of its power transmission grid. Eskom’s Chief Financial Officer Anoj Singh said: “This multi-tranche loan facility will contribute towards Eskom plans to strengthen and refurbish the transmission infrastructure while diversifying our funding…
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S.A:Allan Gray may call Net1 shareholder meeting over Sassa handling
Investment company Allan Gray said on Friday its 16 percent stake in Net1 allowed it to call a shareholders’ meeting over the company’s handling of the South African welfare contract, local media reported. “Sixteen percent allows us to call a shareholders’ meeting,” Allan Gray Chief Operating Officer Rob Dower told Talk Radio 702. Chief investment…
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Kenya:Only removal of rates cap can unlock credit, banks tell Uhuru
Banks have said only removal of the interest rates cap could release credit flow to the private sector, responding to President Uhuru Kenyatta’s announcement in Wednesday’s State of the Nation address. President Kenyatta said in his address in Parliament that he was concerned about reduced lending since interest rate controls took effect in September 2016.…
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Kenya consumer confidence falls on inflation and credit squeeze
A survey by a global consultancy shows Kenya’s consumer confidence for 2017 dropped significantly towards the end of last year, eroded by concern over inflation, the credit crunch, and unemployment. An index by Nielsen Holdings, an international performance management company, shows buyer confidence slumped by 11 points in quarter four of last year compared to…
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S.A taxi drivers call for higher consumer prices
On 10 March, the metered taxi drivers took to the streets of Johannesburg and severely impacted traffic to and from O R Tambo International Airport. They were protesting the ride-hailing app Uber which they say is ‘stealing their jobs’. They state they had exhausted all avenues in government as their appeals for the government to use…
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Kenya:Coffee auction prices down 11pc after last week’s rebound
Coffee prices at the Nairobi auction declined by 11 percent in Tuesday sales after rebounding marginally last week. A market report from the Nairobi Coffee Exchange (NCE) indicates that a 50kg bag of coffee was sold at Sh24,000 this week compared with Sh27,000 in the previous sale. The Mombasa auction has also been registering low…
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Botswana’s Choppies to spend $55 million on expansion plan
Botswana budget retailer Choppies Enterprises plans to spend 570 million pula ($55 million) to open more stores in Africa in the next 15 months, its chief executive said on Tuesday. Choppies, a no-frills retailer which has 202 stores in towns often too small to attract larger competitors such as South Africa’s Shoprite, reported a 47…
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Kenya:Steady unit trust returns signal good year for money investors
Unit trust returns have held in a tight range in the first two months of the year, reflecting stable interest rates on government securities and bank deposits in the period. This signals another good year for money markets investors in contrast to fortunes of share investment that has not changed much in the period. Sector…