Category: INTERNATIONAL
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S.African mineworkers’ union vows coalmine strike in coming weeks
South Africa’s biggest union of mineworkers plans to launch a strike in coal mines in the “coming weeks” over the structure of industry wage talks, its spokesman, Livhuwani Mammburu, said on Wednesday. The National Union of Mineworkers is opposed to the coal companies’ intention to negotiate wages on an individual basis, rather than collectively under…
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Kenya:Income Tax Act set for first overhaul after more than four decades
The Treasury has invited the public to submit views on the intended overhaul of the Income Tax Act, sending a signal that proposals to amend the law could be included in this year’s budget. Those wishing to make submissions on the amendment of the Act have until February 24. “The National Treasury has commenced the…
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Egyptian Pound Remains Stable Against U.S. Dollar
The Egyptian pound remained stable against the US dollar on Monday, as it was sold at between EGP 18.75 and EGP 19.09 to the dollar in some banks. The Commercial International Bank (CIB) had the dollar sold at EGP 18.80 and bought at EGP 18.70, while it was sold at EGP 18.86 at the Arab…
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Kenya’s Uchumi posts narrower FY pretax loss
Kenya’s Uchumi Supermarkets said its pretax loss narrowed to 2.67 billion shillings ($25.70 million) for the year ended June last year from 3.51 billion shillings, in results which got a qualified opinion from its auditors. The chain closed some outlets last year and is selling assets like land after it sunk into deep losses due…
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Nigeria: NCAA to Intensify Audit of Airlines Over Poor Financial Obligations
The Nigerian Civil Aviation Authority (NCAA), yesterday disclosed plans to further intensify surveillance and economic audit of some airlines over alleged inability to meet financial obligations. The NCAA, apex regulatory body of air travel business in the country, said the motive is not to ground any airline, but to ensure strict compliance with the standard…
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Mombasa tycoon TSS’ land up for sale over bank debts
Commercial banks that had lent Mombasa tycoon Twahir Sheikh Said (TSS) billions of shillings have put up more than 6,700 acres of his leasehold land holdings and property on the Kenyan coast for sale, adding impetus to his business empire’s free fall that began late last year. Mr Said, who died early this month, had…
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U.S. consumer spending, housing data bolster economic outlook
U.S. consumer spending accelerated in December as households bought motor vehicles and cold weather boosted demand for utilities amid a rise in wages, pointing to sustained domestic demand that could spur economic growth in early 2017. There are also signs that inflation firmed last month. The growth outlook was further bolstered by other data on…
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Germany is the top destination for companies relocating due to Brexit: EY
Global investors with operations in the U.K. looking to relocate have identified Germany as the top destination following Britain’s decision to leave the European Union, according to the latest EY study. Brexit has caused global investors to reassess their assets in the U.K., with 14 percent of foreign investors with a presence in the U.K.…
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Shell to sell North Sea assets to Chrysaor for $3.8 billion
Royal Dutch Shell has agreed to sell a package of oil and gas fields to private equity-backed Chrysaor for $3.8 billion, giving the Anglo-Dutch group a major boost in its drive to reduce debt following the acquisition of BG Group. The deal, which accounts for more than half of Shell’s production in the North Sea,…
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Deutsche Bank fined $204 million by British regulator FCA for serious anti-money laundering control failings
The German lender Deutsche Bank has received a new $204 million fine for inadequate anti-money laundering controls. The British regulator Financial Conduct Authority (FCA) said Tuesday morning that Deutsche Bank exposed the U.K.’s financial system to the risks of financial crime between January 2012 and December 2015. According to the FCA, Deutsche Bank failed “to…