Category: INTERNATIONAL
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U.S. government agency sued over sale of ‘certified’ used cars
The Center for Auto Safety and five other groups filed a lawsuit against the Federal Trade Commission (FTC) on Monday for allowing used cars to be advertised as “certified” or safe despite being the target of an outstanding safety recall. The FTC reached an agreement in January 2016 with General Motors Co (GM.N) and two…
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Euro, European bonds unnerved by French political jitters
European financial markets struggled with growing economic and political concerns on Tuesday as the euro neared its biggest fall this year and bond yield spreads over Germany reaching the widest in several years. The dollar sped higher toward its biggest gain in a month against a basket of major currencies after jumping against the offshore…
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Kenya:Treasury to sell 12-year bond at it seeks Sh30bn for roads, energy projects
The Treasury has opened the sale of a 12-year infrastructure bond seeking to raise Sh30 billion to fund roads, water, and energy projects. In a notice published on Tuesday, Central Bank of Kenya said that the bond will be on sale until February 21, offering a tax-free fixed coupon rate of 12.5 percent. Last year,…
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Nigeria: Govt Outlines Economic Recovery Plan, Targets 7 Percent GDP Growth Rate
The federal government has outlined plans to pull the country out of recession and get it on a path of sustainable growth in the shortest possible time. According to the federal government, the medium term plan is expected to drive Nigeria to a minimum GDP growth rate of 7 percent within the planned period. The…
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Zimbabwe: U.S.$ Shortages Give Rise to Cash Discounts
ZIMBABWE’s cash-selling practice is evolving with a growth in cash premiums and discounts offered for goods and services as companies struggle to raise foreign currency to import raw materials. Cash premium is the markup on top of the amount of cash that is transferred in a transaction through the Real Time Gross Settlement (RTGS) system.…
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Botswana: Expectations From Budget Speech
With the Minister of Finance and Economic Development, Mr. Kenneth Matambo, set to deliver the 2017/18 budget speech this afternoon, different constituents of society are expected to listen attentively to find out what the budget has in store for them. The annual speech outlines how funds from the treasury are allocated according to different sectors.…
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Morocco Flexed Economic Muscles and Returned to the AU
“It is a beautiful day when one returns home after too long of an absence,” King Mohammed VI of Morocco said after the North African country was readmitted to the African Union (AU) at its summit in January. The decision by AU leaders in Addis-Ababa, Ethiopia, capped a swift and remarkable process since the King…
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Banks bad loan charge set to surge by 50pc in new regime
Kenyan banks face a fresh shock under a new set of global accounting rules which require financial institutions to make higher loan-loss provisions for potential upsets. The new guidelines, technically referred to as International Financial Reporting Standard (IFRS) 9, come into force on January 1, 2018 and experts expect credit impairment to almost double from…
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Nigeria: Dangote Declares 285 Drivers Wanted for Alleged Theft of 3.5 Million Tyres
The Dangote Group of Companies Plc has declared 285 truck drivers wanted over theft of about 3.5 million customised tyres of the company. The Coordinator of the company’s National Patrol Unit, Abdullahi Magaji, a retired commissioner of police, disclosed this while addressing journalists on Sunday in Lokoja. Mr. Magaji said each tyre of the company…
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Kenya:CAK orders Total to retain Gulf Petroleum workers after buyout
French oil multinational Total Outre-Mer has been ordered to retain employees of fuel importer Gulf African Petroleum Corporation which it is set to acquire for between one and two years from completion of the ongoing takeover of the business. The job guarantees are part of the conditions the Competition Authority of Kenya (CAK) has attached…