Category: INTERNATIONAL
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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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Snap selects New York Stock Exchange for IPO: source
Snap Inc, the owner of the popular messaging service Snapchat, has chosen Intercontinental Exchange Inc’s (ICE.N) New York Stock Exchange (NYSE) for its initial public offering (IPO), a person familiar with the matter said on Monday. The selection comes as Snap prepares to make its earnings public this week ahead of the IPO that is…
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Kenya:CAK to probe price fixing claims against supermarkets
The Competition Authority of Kenya (CAK) will investigate supermarkets over rising customer complaints of price manipulation, where customers are misled to overpay for goods. The competition watchdog announced on Friday that the retailers would face scrutiny following mounting claims they were posting different prices on the shelf from what they charge at the tills. “(The…
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Kenya:NSE-listed firms intensify asset sales to shore up flagging profits
Nairobi Securities Exchange-listed companies are increasingly turning to asset sales to shore up their medium-term performance in an operating environment that is beset by slow growth. Sameer Africa, East African Breweries Limited (EABL), Sasini, and Standard Chartered Bank Kenya make the list of companies that have raised a total of more than Sh12 billion from…
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Pests in South Africa maize strongly suspected to be armyworms
A larvae outbreak which has damaged maize in South Africa’s Limpopo and North West provinces is “strongly suspected” to be the invasive armyworm that has attacked crops in neighbouring countries, a scientist said on Monday. The infestation of fall armyworms – an invasive Central American species that is harder to detect and eradicate than its…
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Oakbay Investments responds to Finance Minister Pravin Gordhan’s affidavit
Oakbay Investments has responded to the affidavit filed by South Africa’s Finance Minister, Pravin Gordhan earlier on Monday. Mr Gordhan’s affidavit said he did not believe there was any bona fide opposition to his application for a declaratory order confirming that he could not intervene in a dispute between Oakbay Investments and the four banks and…
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S.A:Petrol users to pay more next month
The retail price of petrol in South Africa will rise by 2 percent from Feb. 1, and the price of wholesale diesel will go up by 1.8 percent, the energy department said on Friday. The price of 95 octane petrol will rise by 29 cents to 13.62 rand per litre and 93 octane by an…
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Nigeria court orders temporary transfer of Shell & Eni oilfield
A Nigerian court has ordered the temporary forfeiture of assets and the transfer of operations of a long-disputed oilfield owned by Shell and Eni, among others, to the federal government, court papers released on Thursday showed. The court orders will last until Nigeria’s anti-corruption agency concludes an investigation into how the current owners acquired oil…
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Rand falls on cabinet reshuffle report; stocks down
South Africa’s rand weakened on Friday, hurt by a stronger dollar and by media reports that President Jacob Zuma was considering firing ministers who opposed him and backed calls for his resignation. Stocks also ended lower, led by financials such as Barclays Africa Group and FirstRand. At 1512 GMT, the rand traded at 13.4600 per…
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East-Africa:Portland Cement’s AGM aborts after auditors fail to show up
The annual general meeting (AGM) of East African Portland Cement Company (EAPCC) Friday aborted after the company’s auditors failed to show up. The AGM, held at the company’s Club House, required the presence of the office of the Auditor-General or its appointee Deloitte East Africa to proceed. Auditors usually confirm their opinions on a company’s…