Category: INTERNATIONAL
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South Africa’s Mr Price posts drop in Q3 sales on clothing markdowns
South Africa’s Mr Price reported lower third-quarter sales on Tuesday, as weak economic growth and tough competition forced the no-frills retailer to sell its clothing at lower prices. * Total retail sales of 6.1 billion rand for the three months to end-December, 0.5 percent lower than the corresponding period in 2015. * The difficult trading…
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East Africa:Djibouti breaks ground on massive Chinese-backed free trade zone
The president of Djibouti on Monday formally launched the construction of a project touted as Africa’s largest free trade zone, to be built in the tiny Horn of African nation with Chinese backing. The agreement to build the 48 sq km (19 sq mile) free trade zone was signed in March 2016 as part of…
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Egypt’s Petroleum Minister Signs Two Oil and Gas Exploration Deals
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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Nigerian Govt Amends Charges in $245 Million Fraud Suit Against Total, Chevron
A Federal High Court on Monday in Lagos granted the Federal Government’s application to amend processes in its suit against Total Nigeria Plc over alleged under-declaration of crude oil exports. The plaintiff, FG, had sued Total Nigeria Plc, alleging that it under-declared the volume of crude oil it shipped out of the country between January…
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Nigeria: Naira Stabilises At N497/$ As Hope of Recovery Imminent
The Naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery. The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515…
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S.A: 12 Month guide to financial stability
This coming year will no doubt be a tough financial year for all South Africans, with economists warning all to tighten their belts. In light of all the challenges that people face, it is essential to take control of one’s finances in 2017 to avoid falling into financial hardship. Below is a month-to-month financial planning…
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Nigeria: NLC Chief Warns Foreign Oil Firms Against Disrespect of Labour Laws
Leading labour leader, Issa Aremu has urged international oil companies (IOCs) operating in Nigeria to ensure decent work conditions for their workers in tune with the nation’s laws. Aremu was speaking yesterday against the backdrop of the recent three-day warning strike called by the National Union of Petroleum and Natural Gas Workers (NUPENG), Natural Gas…
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Nigeria: 50 Companies Bid for NNPC’s Boat Supply Contract
At least 50 companies are scrambling to provide sea worthy tug boats on charter time basis for the maritime operational requirements of the Nigerian National Petroleum Corporation (NNPC) in Lagos, Warri and Port Harcourt. The public bid opening for the contract, which held at the NNPC Headquarters Abuja, had in attendance representatives of the bidding…
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Silver lining for S.A agriculture
How the agricultural sector will help tame food inflation in 2017. The current rains are a welcome relief to farmers; they are the proverbial silver lining in what has been a gloomy season. “The past year has been testing for the industry; the drought has had an impact on the economy with South Africa’s gross…
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Kenya Railways Dismisses Comparisons Between SGR and Morocco, Ethiopia Projects
Kenya Railways Corporation (KR) has come to the defence of the construction of the Standard Gauge Railway following concerns over the cost compared to other railway projects in the continent. The Corporation Managing Director Atanus Maina says the Standard Gauge Railway (SGR) is built based on the needs of the country which is to primarily…