Category: INTERNATIONAL
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Three reasons S.A’s Reserve Bank may keep interest rates unchanged
On 23 and 24 January, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) will meet for the first time in 2017 to agree on a monetary policy stance that will coax consumer inflation back into the target range of 3% to 6%. In view of current economic conditions and expectations for…
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Nigeria: Despite Comeback, MMM Users Still in the Dark Over Payment Issues
MMM users are still unsettled days after the supposed return of the scheme, PREMIUM TIMES has learnt. MMM Nigeria which has well over 3million Nigerians in its talons said it has removed all requests for payment on the system. A report in The Cable said that the scheme in a statement on Tuesday explained that…
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Nigeria: Ezekwesili – Nigeria to Save Over $100bn Oil Revenue Via Conservative Savings
A former Vice-President of the World Bank, Dr. Obiageli Ezekwesili, has said that conservative savings over a period of four years would have enabled the country save more than $100billion of oil revenue. Ezekwesili disclosed this in Lagos during the Harvard Kennedy School Alumni Association of Nigeria (HKSAAN) Public Lecture with the theme: “Nigeria Today:…
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Egypt signs two agreements for oil and gas exploration
Egypt’s Petroleum Minister Tarek al-Molla signed two agreements for oil and gas exploration in the Western Desert and the Suez Canal regions on Tuesday. Egypt aspires to increase its oil and gas production to meet the growing domestic demand for energy. According to the ministry’s statement, the first deal was signed with the Egyptian General…
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Tanzania: Loliondo District Conflicts ‘Cause Investor Exit’
Long standing conflicts in Loliondo District have forced more than eight investor firms to pack their bags and flee from the former Game Controlled Area, which is mapped within the Ngorongoro District, it has been learnt. A statement from the Loliondo Division’s Tourism Of-ficer, Mr Elibariki Bajuta, revealed that in the last five years, eight…
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Uganda: Parliament Agrees to Investigate Oil Tax Bonus
Parliament on Wednesday agreed to set up a select committee to look into what has been referred to as the “Golden Presidential handshake” that cost tax payers sh6 billion. The bonus was paid out to a team of 42 selected government officials in “recognition of their efforts” to recover capital gains tax in an international…
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Zimbabwe tax agency says misses 2016 revenue target
Zimbabwe’s tax agency ZIMRA said on Thursday it failed to meet its 2016 revenue target by 4 percent, as the economy stalled and weak global commodity prices hit mineral royalties. The southern African nation’s economy stagnated last year while its budget deficit exploded, putting political pressure on long-serving President Robert Mugabe’s government. ZIMRA chairman Willia…
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AngloGold plans more than 800 job cuts in South Africa
AngloGold Ashanti is in talks with unions to lay off nearly 900 workers at its South African operations, a document obtained by Reuters showed on Thursday. Africa’s biggest gold producer employs about 25,000 people in South Africa, whose vast resources are accompanied by the risk of volatile labour relations, rising costs, regulatory disruptions and dizzying…
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IMF Releases Egypt Loan Details: An Investors’ Guide
The International Monetary Fund released the details of the $12 billion loan it approved for Egypt in November, the Washington-based lender’s largest in the region. Egyptian officials have said the loan adds credibility to its program to overhaul the economy, which has already included subsidy reductions, a currency float and higher interest rates. The government is…
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S.A: Anglo American Plc shortlists bidders for SA coal mines
Anglo American Plc has shortlisted groups led by some of South Africa’s most prominent black businessmen as bidders for several of its South African coal mines as it focuses on diamonds, platinum and copper, two people familiar with the discussions said. Groups selected by Anglo include companies led by Mike Teke, president of South Africa’s…