Category: INTERNATIONAL
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Kenya:KCB confirms plans to send home Kenya staff after Rwanda layoffs
Kenya’s largest bank by assets KCB Group has confirmed plans to lay off some staff members in its Kenyan unit to cut expenses. The lender said yesterday the redundancies had been occasioned by “fast evolving technology changes, and a dynamic regulatory regime”. “KCB Bank has over the past two years been reviewing its operations in…
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S.A:Tax predictions for Budget 2017
Since 2009, National Treasury has embarked on fiscal expansion to enhance the public sector’s infrastructure programme and support future economic capacity in South Africa. However, anaemic global economic growth over the last nine years has left the Treasury’s countercyclical expenditure programme unable to lift the GDP growth above 2% per annum. Consequently, a combination of…
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Kenya:Cash-strapped Shelter Afrique targets Sh10bn more after AfDB bailout loan
Troubled pan-African housing financier Shelter Afrique needs a further Sh10 billion this year to finance existing project obligations and meet liquidity ratio requirements. This is in addition to the Sh2.9 billion cash injection from the African Development Bank (AfDB), part of which was only approved last week. Documents seen by the Business Daily that was…
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S.A.: Budget must go bigger on tax & spending cuts
The upcoming Budget will be a critical one given there is no more room for the upward revision of deficit targets as seen over the last few years. As a result of the current slow growth environment, the tax increases and expenditure cuts set in October’s Medium-term Budget have to be adhered to if Treasury…
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S.A:Protect yourself from ATM fraud
Due to the high incidence of ATM Card Fraud, the South African Banking Risk Information Centre (SABRIC) would like to alert bank customers to an existing modus operandi, which has become prevalent again, to ensure that they are empowered to protect themselves and to prevent them from falling victim to criminals. SABRIC CEO, Kalyani Pillay…
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Kenya:Pension schemes get approval to invest in derivatives
Pension schemes can now invest in exchange traded derivatives under fresh rules which coincide with the licensing of Kenya’s first ETF contract set to be listed on the Nairobi bourse. The Retirement Benefits Authority has expanded the investment classes for pension schemes to also include income-earning real estate securities (Reits), private bonds and commercial papers…
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Competition watchdog steps into Uber’s airport taxi wars
Competition watchdog CAK has waded into a simmering row between the Kenya Airports Authority (KAA) and digital taxi hailing service Uber. At the centre of the row is the KAA’s decision to block some taxi operators from accessing airports in favour of the traditional yellow taxis. Uber taxi drivers claim that airport authorities, acting in…
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Business leaders call for inter-trade policies across Africa
In a bid to enhance and increase Ghana’s trade partners and extend the country’s export market, key players in international trading have called for policies that would enhance trading activities in Africa. The call was made at the launch of the Enterprise Africa Summit. Head of Business Development and Partnerships for British Council Ghana, Sydney…
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Egypt’s Unemployment Rate Eases Slightly to 12.4 Per Cent – Capmas
Egypt’s unemployment rate eased slightly in the fourth quarter of 2016 to 12.4 per cent from 12.6 per cent in the third quarter, state statistics agency said on Wednesday. The unemployment rate also declined from the 12.8 per cent recorded in the same period of 2015. According to a statement by the Central Agency for…
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Nigeria: Diezani Loses N34 Billion to Govt
A federal judge in Lagos yesterday ruled the sum of $153 million (N34 billion) linked to a former Petroleum Minister Mrs Diezani Allison-Madueke be forfeited to the Federal Government. Justice Muslim Sule Hassan of Federal High Court ruled in favour of the anti-graft agency, the EFCC, which last month filed a forfeiture request. It alleged…