Category: Africa
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Tanzania: Loliondo District Conflicts ‘Cause Investor Exit’
Long standing conflicts in Loliondo District have forced more than eight investor firms to pack their bags and flee from the former Game Controlled Area, which is mapped within the Ngorongoro District, it has been learnt. A statement from the Loliondo Division’s Tourism Of-ficer, Mr Elibariki Bajuta, revealed that in the last five years, eight…
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Uganda: Parliament Agrees to Investigate Oil Tax Bonus
Parliament on Wednesday agreed to set up a select committee to look into what has been referred to as the “Golden Presidential handshake” that cost tax payers sh6 billion. The bonus was paid out to a team of 42 selected government officials in “recognition of their efforts” to recover capital gains tax in an international…
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Zimbabwe tax agency says misses 2016 revenue target
Zimbabwe’s tax agency ZIMRA said on Thursday it failed to meet its 2016 revenue target by 4 percent, as the economy stalled and weak global commodity prices hit mineral royalties. The southern African nation’s economy stagnated last year while its budget deficit exploded, putting political pressure on long-serving President Robert Mugabe’s government. ZIMRA chairman Willia…
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AngloGold plans more than 800 job cuts in South Africa
AngloGold Ashanti is in talks with unions to lay off nearly 900 workers at its South African operations, a document obtained by Reuters showed on Thursday. Africa’s biggest gold producer employs about 25,000 people in South Africa, whose vast resources are accompanied by the risk of volatile labour relations, rising costs, regulatory disruptions and dizzying…
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IMF Releases Egypt Loan Details: An Investors’ Guide
The International Monetary Fund released the details of the $12 billion loan it approved for Egypt in November, the Washington-based lender’s largest in the region. Egyptian officials have said the loan adds credibility to its program to overhaul the economy, which has already included subsidy reductions, a currency float and higher interest rates. The government is…
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S.A: Anglo American Plc shortlists bidders for SA coal mines
Anglo American Plc has shortlisted groups led by some of South Africa’s most prominent black businessmen as bidders for several of its South African coal mines as it focuses on diamonds, platinum and copper, two people familiar with the discussions said. Groups selected by Anglo include companies led by Mike Teke, president of South Africa’s…
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Carlyle to become largest shareholder in S.Africa’s Global Credit Ratings
Carlyle Group has agreed to become the largest shareholder in Johannesburg-based Global Credit Ratings (GCR), the U.S. buyout fund said on Tuesday, looking to broaden the pan-African ratings agency’s services. Terms of the deal, which was first reported by the Financial Times, were not disclosed. Carlyle is set to buy around half of the equity…
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Kenya Railways Dismisses Comparisons Between SGR and Morocco, Ethiopia Projects
Kenya Railways Corporation (KR) has come to the defence of the construction of the Standard Gauge Railway following concerns over the cost compared to other railway projects in the continent. The Corporation Managing Director Atanus Maina says the Standard Gauge Railway (SGR) is built based on the needs of the country which is to primarily…
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South Africa’s Mr Price posts drop in Q3 sales on clothing markdowns
South Africa’s Mr Price reported lower third-quarter sales on Tuesday, as weak economic growth and tough competition forced the no-frills retailer to sell its clothing at lower prices. * Total retail sales of 6.1 billion rand for the three months to end-December, 0.5 percent lower than the corresponding period in 2015. * The difficult trading…
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East Africa:Djibouti breaks ground on massive Chinese-backed free trade zone
The president of Djibouti on Monday formally launched the construction of a project touted as Africa’s largest free trade zone, to be built in the tiny Horn of African nation with Chinese backing. The agreement to build the 48 sq km (19 sq mile) free trade zone was signed in March 2016 as part of…