Category: INTERNATIONAL
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Citigroup may benefit less from tax cuts than other U.S. banks
Citigroup Inc (C.N) stands to get less of a profit boost than other big U.S. banks from lower corporate tax rates expected from the new government in Washington. A number of bank stock analysts have worked through broad tax proposals by Republicans and President-elect Donald Trump and estimate that a new tax law could increase…
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Alibaba’s Ma meets Trump, promises to bring one million jobs to U.S.
Alibaba Executive Chairman Jack Ma met U.S. President-elect Donald Trump on Monday and laid out the Chinese e-commerce giant’s new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years, an Alibaba spokesman said. Alibaba Group Holding Ltd (BABA.N) expects the initiative to create…
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Stocks steady, oil in flux, sterling suffers ‘hard’ Brexit fears
Asian stock markets rose on Tuesday while crude oil prices languished near three-week lows, with investors uncertain whether output cuts by some major exporters would be enough to offset increasing supplies from other producers. Sterling extended losses following its lowest close in three months on renewed concerns about a “hard” Brexit. European markets were poised…
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Nigeria: Oil Workers Score NNPC’s Boss High
Oil workers say the administration and programmes of the current Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru, are worker friendly. The workers, under the Group Executive Councils (GECs) of the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff…
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Algeria: Second Production Unit of Ain El Kebira Cement Plant Commissioned
Minister of Industry and Mining Abdesslam Bouchouareb has inaugurated, Thursday in Setif, the second production unit of the cement plant of Ain El Kebira (SCAEK), coming under the Algerian public industrial cement group (GICA). According to the explanations given to the minister, this unit, which has a production capacity of 2 million tonnes per year,…
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Kenya Power says technical fault causes blackout
Kenya Power said on Monday a technical fault at one of its substations in the north of the capital has caused an electricity outage that was affecting Nairobi, Mount Kenya and Coast regions. Kenya Power said its technicians were working to restore the supply as soon as possible. “A technical fault occurred at a Kenya…
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Zimbabwe:No to local Visa card transactions – Zimbabwe’s largest bank
Zimbabwe’s biggest banking group CBZ Holdings has suspended the use of Visa cards for local transactions due to high costs and cash shortages, its chief executive officer said on Monday. The Reserve Bank of Zimbabwe last November introduced a “bond note” currency to ease chronic cash shortages, but long queues have remained at banks, which…
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East Africa: Egyptians in Talks With Several RVR Suitors
Egyptian investment firm Qalaa Holdings has confirmed that it is talking to several local and international investors as it seeks to sell its stake in Rift Valley Railways. The Business Daily on Wednesday reported that a consortium of local firms has made a $133 million bid to buy an 80 per cent interest in the…
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Shell battles Nigerian communities in high-stakes London lawsuit
A court in London will decide in coming weeks whether Royal Dutch Shell can face trial in the UK over oil spill allegations in Nigeria, a decision some legal experts predict could attract more cases against multinationals in Britain. The High Court will judge whether members from two communities, Bille and Ogale in Nigeria’s oil-rich…
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Egyptian Pound Trades Around 18 Per Dollar in Banks
Egyptian pound remained steady at around 18 per dollar in most banks on Sunday. The dollar was sold at the Al Ahli Bank, Banque du Caire and the Central Bank of Egypt at EGP 18.11, while it was bought at EGP 17.86 in all three banks. The rates at Banque Misr stood at EGP 18.1…