Category: INTERNATIONAL
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Nigeria oil union suspends three-day strike after talks
A Nigerian oil labour union has suspended a nationwide three-day strike over job losses that hit petrol stations and oil tankers, following talks with the government on Wednesday. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is one of several labour unions that have criticised oil companies for sacking workers in the last…
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Tanzania: JPM Hits At Food Shortage Cheats
President John Magufuli has come out strongly in condemnation of unscrupulous businessmen, politicians and the media for creating artificial food shortage. He has also ordered immediate review of the costs estimated for the construction of Simiyu Regional Hospital down from the whopping 46bn/- to around 10bn/-. Addressing a public rally in Simiyu yesterday where he…
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Egypt: Naguib Sawiris Egypt’s Biggest Billionaire Gainer in 2016 – Forbes
Egyptian business tycoon Naguib Sawiris was Egypt’s biggest billionaire gainer in 2016, according to a report issued by Forbes. The net worth of Naguib’s fortune increased $700 million to reach $3.7 billion. He became Africa’s seventh-richest person after he occupied the 10th position in the previous year. In December 2016, Naguib announced that he would…
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South Africa grain industry group sees 2017 maize surplus
South African industry group Grain SA sees a 2017 maize surplus after last year’s drought-induced deficit and its surveys show farmers have planted 2.4 million hectares this season, an 18 percent increase over 2016, its chief executive said on Thursday. “What I’ve learned from our surveys and discussions with the farmers is that we will…
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Uganda’s Debt Accumulation Makes It Vulnerable to Defaulting, Says IMF
Uganda’s expenditure on infrastructure projects using debt has not yet reached levels where the country is at risk of defaulting. In its seventh review of the Ugandan economy under the Policy Support Instrument (PSI) released on Wednesday, the International Monetary Fund (IMF) reveals that much as Uganda is not at risk of defaulting, is considered…
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Nigeria: W’Bank – Nigeria’s Economy to Rebound, Grow By 1% in 2017
The World Bank has predicted that the Nigerian economy would rebound from recession and grow by one per cent in 2017. The multilateral institution stated this in its January 2017 Global Economic Prospects report. Nigeria’s third quarter 2016 real gross domestic product (GDP) had contracted by 2.26 per cent from -2.06 per cent in the…
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Kenya to Raise $1.05 Billion Syndicated Loans to Fund Budget
Kenya is raising at least $1.05 billion through syndicated loans, including $250 million already secured from lenders led by PTA Bank, as East Africa’s biggest economy seeks to plug a widening budget deficit. PTA, an East African trade-finance bank based in Burundi, has already disbursed $100 million, while a further $150 million will be received…
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Volkswagen Agrees to Plead Guilty in Diesel-Emissions Scandal
Volkswagen AG took a major step toward resolving one of the darkest chapters in its history Wednesday, agreeing to plead guilty in the U.S. to an emissions-cheating scandal and agreeing to pay $4.3 billion in penalties, while prosecutors announced charges against five individuals in Germany. VW admitted to using false statements to import cars to…
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Tanzania: We Have Enough Food – Ministry
Despite food shortage reports in some parts of the country, preliminary food production forecast for 2015/2016 indicates that the country has a surplus of more than 3 million metric tonnes. However, officials of the Ministry of Agriculture, Livestock and Fisheries have linked the current situation with the alarming weather condition that has got farmers worried…
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Zimbabwe: With Water Short, Zimbabwe’s Farmers Turn to Capturing Rain
Kuziwa Matongo’s rainwater harvesting system may not look like much, but its impact is huge. Triangular metal gutters run below the corrugated roofs on all the buildings at his home, transporting water into storage tanks below. The spartan system allows Matongo to collect enough water to get through the dry season – an ever more…