Category: Africa
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Kenya:Weak control puts billions of Sacco cash at risk of loss
Kenya’s savings and credit co-operatives (saccos) are operating without effective accounting and control systems, putting billions of savers’ funds at risk, the Financial Sector Development Trust (FSD Kenya) has warned. FSD in a new study, whose outcome has just been released, questions the Sacco Societies Regulatory Authority’s (Sasra) role in ensuring compliance with prudential guidelines…
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Kenya:Coffee price falls 5.3 per cent in first drop since start of the year
Coffee prices at the Nairobi auction this week dipped by 5.3 per cent, marking the first decline since the beginning of the year. The weekly market report from Nairobi Coffee Exchange (NCE) indicates that the price of a 50 kilogramme bag of coffee dropped from Sh31,000 last week to Sh29,355 on sales that were held…
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S.A:Competition Commission prosecutes banks (currency traders) for collusion
The Competition Commission has today referred a collusion case to the Tribunal for prosecution against Bank of America Merrill Lynch International Limited, BNP Paribas, JP Morgan Chase & Co, JP Morgan Chase Bank N.A, Investec Ltd, Standard New York Securities Inc., HSBC Bank Plc, Standard Chartered Bank, Credit Suisse Group; Standard Bank of South Africa…
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S.A’s December retail trade held steady by clothing sales
South Africa’s December retail trade sales expanded 0.9% year-on-year, more or less in line with expectations. As had been expected, the month-on-month number dropped sharply, falling -2.3% on a seasonally adjusted basis, largely as a result of preemptive Christmas shopping taking place in November, particularly on Black Friday. Clothing sales were the dominant driver of…
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Egypt’s Economic Transition Could Be ‘Coming to a Close’, IMF’s Lagarde Says
Egypt is making good progress in its economic reform program and the recent developments might be an indicator that the transition is coming to a close, IMF Managing Director Christine Lagarde said on Monday. The IMF executive board approved in November a three-year $12 billion loan to Egypt to support its economic reform programme. The…
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Sudan: Foreign Minister Meets Egyptian Bankers and Insurance Companies
Foreign Minister, Prof. Ibrahim Ghandour met, Tuesday, a delegation representing Egyptian bankers and insurance companies currently on a visit to the country. The delegation has congratulated the minister on the occasion of lifting the US sanctions imposed on Sudan, affirming readiness over supporting Sudan during the coming period. Prof. Ghandour, on his part, has affirmed…
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Kenya:Investors get relief as advance capital gains tax stopped
The High Court has stopped the Kenya Revenue Authority (KRA) from implementing laws that will see capital gains tax paid before transactions are completed following a lawsuit by the Law Society of Kenya (LSK). Justice John Mativo has ordered the KRA to suspend implementation of paragraph 11A of the eighth schedule to the Income Tax…
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Kenya:Higher tax burden looms in Rotich’s Sh2.6 trillion budget
Kenyan taxpayers are headed for tough times following Wednesday’s release of official documents showing they will be required to contribute Sh188 billion more in tax revenues to finance a Sh2.62 trillion budget. Treasury secretary Henry Rotich submitted to Parliament an expenditure plan that is significantly higher than this year’s Sh2.48 trillion and which comes with…
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Cyclone threat for peak maize season in Mozambique & S.A
A tropical storm heading for the coast of southern Mozambique is expected to develop into a cyclone with winds of up to 118 to 165 kms (70 to 100 miles) per hour, the South African Weather Service said on Tuesday. Mozambique, one of the world’s poorest countries which is in the throes of a debt…
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S.A needs a pro-SME Budget
Any measure that can boost the local economy beyond the projected 1.1% growth is at the top of the 2017 National Budget Speech wish-list for South Africa’s vital small and medium enterprise (SME) sector. Coupled with the hope that there is no further political turmoil, the ideal scenario for existing and aspirational SME owners would…