Category: INTERNATIONAL
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Nigeria: Govt Orders Release of N150 Billion to Oil Marketers
The Federal Government has ordered the payment of N150 billion to independent oil marketers across the country. A move by the government to douse threats of abridging steady supply of petroleum products within the nation. Chief of Staff to President Muhammadu Buhari, Abba Kyari gave the order at a meeting he had with key players…
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Oil truckers dispute with ERC sparks fuel shortage in Nairobi
Petrol stations in Nairobi and its environs reported fuel shortage caused by the standoff between oil transporters and the Ministry of Energy over the implementation of the law requiring trucks to only operate during daytime. Motorists in Nairobi and Kiambu on Wednesday complained of fuel shortage even as truckers remained cagey on the way forward…
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Nigeria: Fitch Downgrades Country’s Rating to Negative
International rating agency, Fitch Ratings yesterday revised the outlook on Nigeria’s long-term foreign and local currency issuer default ratings (IDRs) to negative from stable, putting it at ‘B+’. By this, Fitch is telling international investors that the country’s debt offer is subject to speculations (uncertainty) and moving towards a non-investment grade. A credit rating is…
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Nigeria, S.A keep rates on hold
South Africa’s central bank kept its benchmark repo rate unchanged at 7 percent on Tuesday, in line with expectations, saying the near-term outlook of inflation has deteriorated while the domestic growth outlook remained constrained. All 27 economists polled by Reuters expected the repo rate to be kept on hold. Below are comments from South African…
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Johnson & Johnson to buy Actelion for $30 billion, spin off R&D unit
U.S. healthcare giant Johnson & Johnson (JNJ.N) will buy Swiss biotech company Actelion (ATLN.S) in a $30 billion all-cash deal that includes spinning off Actelion’s research and development pipeline, the companies said on Thursday. The acquisition gives J&J access to the Swiss group’s line-up of high-price, high-margin medicines for rare diseases, helping it diversify its…
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Mombasa Cement to build 36 MW wind farm in Kilifi
Mombasa Cement is set to build a 36 megawatt (MW) wind farm in Kilifi for its own use and sale to Kenya Power. The project, which consists of 12 turbines of 3MW each, will cost an estimated Sh260 million, according to regulatory filings submitted by the cement manufacturer. The wind park will be build on a…
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Oil rises on dollar weakness, but ample supplies cap gains
Oil prices rose on Thursday, driven up by a weakening dollar, though gains were capped by plentiful supplies and bulging inventories despite efforts by OPEC and other producers to cut output to prop up the market. Benchmark Brent crude was up 50 cents a barrel at $55.58 by 0900 GMT. U.S. light crude was up…
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Zimbabwe: Bank Teller Accused of Stealing $164,000 Acquitted
A STANDBIC Bank teller was accused of stealing $164,000 from cash vaults was Wednesday acquitted after a Harare court ruled that prosecutors failed to prove their case. Aaron Rashama, 45, of New Bluffhill in Harare was facing theft of trust property charges and out of custody on $1000 bail. Despite insisting that Rashama was captured…
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Nigeria: Delta State Worried About Relocation of 26 Oil Firms
The Delta State government has raised serious concern over the exit of 26 major oil companies following unabated hostilities and attack on their facilities by militants. While the government also flayed the frequent communal crises in the state, especially in Ogbe-Ijoh/Aladja communities, Deputy Governor Kingsley Burutu Otuaro, who addressed political leaders on Tuesday in Asaba,…
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How China contractors drove Kenyan firms out of mega projects
Big Kenyan contractors are feeling the heat of competition from deep-pocketed Chinese rivals whose superior machinery and lower bids for lucrative State tenders have driven local firms out of business. Kundan Singh, Spencon Holdings and Mugoya Construction are some of the erstwhile big names that have fallen on hard times due to the Chinese invasion,…