Category: INTERNATIONAL
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Kenya leads East Africa in value of 2016 merger deals
Kenya led the East Africa region in the number and disclosed value of deals in 2016, accounting for two-thirds of the deals concluded in the period. Data compiled by I&M Burbidge Capital on market deals done in East Africa shows that Nairobi accounted for 72 out of the 107 completed transactions, and for Sh98.4 billion…
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Asia shares lag Wall St. gains, dollar in doldrums
Asian shares crept up on Monday as Wall Street gathered momentum into a busy week of earnings with more than 100 major companies due to report, while the dollar was again hobbled by a lack of progress on U.S. fiscal stimulus. E-mini futures for the S&P 500 ESc1 were barely changed and spread betters pointed…
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China’s C919 jet expects first flight within first half of 2017: state media
China’s C919 passenger jet expects to make its maiden flight within the first half of this year as it has completed almost all major tests, state media reported on Monday, in a boost for Beijing’s ambitions to compete with global aircraft makers. The People’s Daily newspaper said the plane had started preparation for its much-delayed…
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Nigeria takes 128 bids for oil-for-fuel swaps
Nigeria’s state oil company received 128 bids from companies that want to exchange processed fuels for as much as 800,000 barrels a day of unrefined crude in 2017, it said on Thursday. “This year’s programme for DSDP (direct sale of crude oil and direct purchase of products) is about 800,000 barrels (per day) at most,”…
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Morocco Funds Relocation of South Sudan Capital
Plans to move South Sudan’s capital from Juba to Ramciel have got a new boost with the signing of an agreement between the South Sudan government and Morroco’s King Mohammed VI in which a $5m feasibility study will be done with funding from Morocco. King Mohammed VI, who is in South Sudan for a three-day…
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Kenya:KRA demands its pound of flesh from Imperial Bank owners
The taxman has slapped a tax demand on a company owned by Imperial Bank’s directors, deepening woes for the embattled owners of the collapsed lender. The Kenya Revenue Authority (KRA) is seeking the unpaid taxes from Upperview Properties, a firm owned by Imperial Bank’s deceased former managing director Abdulmalek Janmohammed and the lender’s directors. Details…
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Zimbabwe introduces new bond note as cash shortages bite
Zimbabwe has started circulating a $5 “bond note”, the central bank said on Friday, as President Robert Mugabe’s government struggles with a cash crunch that has forced people to spend hours at banks queuing for money. The southern African nation introduced a $2 note and $1 coin last November to ease the cash shortages. Despite…
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East Africa:New Bill on loan charges risks eroding 22pc bank earnings
A newly proposed Bill seeking to contain loan fees and commissions charged by banks within the 14 percent interest rate cap has the potential to wipe off up to 22 percent of the lenders income, an investment bank has warned. Standard Investment Bank (SIB) head of research Francis Mwangi says in a note that the…
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S.Africa’s private sector expands at slower pace in January
Activity in South Africa’s private sector remained in growth territory in January but dipped from December as demand for exports sank, a survey showed on Friday. The Standard Bank Purchasing Managers’ Index (PMI), compiled by Markit edged down to 51.3 from 51.6, remaining above the 50 mark dividing expansion from contraction for a fifth consecutive…
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Kenya:Treasury expects Sh100bn in loans by end of March
Kenya is looking to receive up to Sh100 billion in syndicated loans by end of March as it moves to patch up the current financial year’s budget deficit ahead of the General Election, Treasury PS Kamau Thugge has said. Delays in getting the syndicated loans have been attributed to a number of factors, among them…