Category: INTERNATIONAL
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S.A:De Beers to hold diamond exploration budget steady in 2017
Anglo American’s diamond unit De Beers will keep its diamond exploration budget steady at $35 million in 2017, the company said, although it has turned to new technology to try to improve the rate of discoveries. Many mining companies cut exploration spending because of a slump in commodity prices in 2015, as well as a…
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South African mine tries faster drilling technique to cut costs
Engineering services company Master Drilling will next month complete a diamond mine pilot project aimed at roughly doubling the drilling rate and cutting costs, as miners turn to technology to maximise output from depleted reserves. Although they have recovered from a deep downturn in 2015, miners face the challenge of rising exploration expenditure after the…
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Kenya:Motorists pay roads agency Sh19bn more fuel levy
The Kenya Roads Board collected Sh18.9 billion more last year from motorists following an increase in fuel levy by Sh3 per litre, indicating the heavy burden that taxpayers continue to shoulder to maintain roads. Latest data from KRB show that the government collected Sh51 billion fuel levy in the year to June 2016 compared to…
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Nigeria: Lagos Clamps Down On Illegal Abattoirs, Cattle Markets
In a renewed effort to stem the tide of illegal operations, prevent the sale of unwholesome meat and improve hygiene conditions in abattoirs in Lagos State, no fewer than 24 butchers and cattle marketers have been arrested for offences bordering on illegal operations in a weekend clampdown carried out against illegal abattoirs, slaughter slabs and…
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Nigeria: Excess Crude Revenue Up $38 Million Amid Rising Global Prices
Nigeria’s daily excess crude revenue earnings may have increased by about $38 million on Monday as prices reached a $57.01 per barrel at the international crude market. With approved crude oil price benchmark in the 2016 federal budget at $38 per barrel, about $19 is earned as excess revenue per barrel of crude oil exported.…
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China Jan FX reserves fall more than expected to $2.998 trillion, near 6-year low
China’s foreign exchange reserves unexpectedly fell below the closely watched $3 trillion level in January for the first time in nearly six years, even as authorities tried to curb outflows by tightening capital controls. Reserves fell by $12.3 billion in January to $2.998 trillion, compared with a drop of $41 billion drops in December. Economists…
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Cloudy skies ahead for Asia’s premium airlines amid strong dollar, oil
As Asia’s premium airlines enter earnings season, their prospects are looking dire amid a double whammy of a strong greenback and higher oil prices. “It’s very rare to see the U.S. dollar (USD) and oil move in the same direction. Both hit airlines’ earnings; fuel is 30 to 40 percent of costs and 70 to…
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New Zealand central bank chief to retire, deputy to act as stand in
Reserve Bank of New Zealand Governor Graeme Wheeler announced on Tuesday he would not be seeking a second term at the helm of the central bank when his current five-year term ends on Sept. 26. The RBNZ will begin the process to pick a successor later in the year and Grant Spencer, deputy governor and…
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IMF says Greece should meet lower fiscal surplus target
The International Monetary Fund said on Monday that Greece‘s economy would only grow by just under 1.0 percent in the long run given the constraints of its bailout program, but should meet the fiscal surplus target preferred by most IMF directors. In its annual review of Greece’s economic policies, the IMF said most of its…
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Citigroup gets bond settlement agent license in China
Citigroup Inc’s (C.N) China unit said on Tuesday that it had received the so-called “Type A” bond settlement agent license from China’s central bank, allowing it to add to its offering of sales, trading, and research in the fixed-income business. Citigroup is the first U.S.-based bank to be granted the Type A license to act…