Category: INTERNATIONAL
-
Oil prices fall as Iran’s exports surge, U.S. adds more rigs
Oil prices fell on Monday as increased exports from Iran undermined efforts by other oil producers to curb a global fuel supply overhang and as U.S. drillers increased activity for a 10th straight week. Brent crude futures LCOc1 were trading at $56.70 per barrel at 0745 GMT (2.45 a.m. ET), down 40 cents, or 0.7…
-
McDonald’s sells most of China, HK business to CITIC, Carlyle for $2.1 billion
McDonald’s Corp (MCD.N) has agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd (0267.HK) and Carlyle Group LP (CG.O) for up to $2.1 billion, seeking to expand rapidly without using much of its own capital. The 20-year deal caps months of negotiations between the fast-food chain, private…
-
FBI arrests Volkswagen executive on fraud charges: NYT
The Federal Bureau of Investigation has arrested a Volkswagen AG (VOWG_p.DE) executive on charges of conspiracy to defraud the United States, the New York Times reported on Monday. Oliver Schmidt, who headed the company’s regulatory compliance office in the U.S. from 2014 to March 2015, was arrested on Saturday by federal investigators in Florida, the…
-
Asian stocks cut gains as caution grows; dollar eyed
Asian stocks cut early gains as investor caution grew before a news conference by President-elect Donald Trump on Wednesday, where his views on global trade and China will be carefully scrutinized for future policy implications. The dollar stood tall against rivals on Monday after the latest U.S. payrolls data indicated strong underlying wage growth, strengthening…
-
Zimbabwe: Eskom Relaxes Zesa Power Import Terms
SOUTH African power utility, Eskom has relaxed its position regarding earlier demands for Zesa Holdings to pay for power imports in advance. The power utility imports 50 megawatts from its South African counterpart during peak periods of demand and up to 300MW during off peak periods.This is because demand for power outstrips supply in Zimbabwe…
-
Egypt’s Foreign Debt Increase 185 Percent in Three Months
Egypt’s foreign debt jumped 185% from July to September 2016, according to the monthly report of the Central Bank of Egypt (CBE) on Thursday. The debt amount increased to USD 2.46 bn during the past fiscal year, from USD 863 bn in the previous fiscal year. The three months of July to September witnessed an…
-
Tanzania’s tourism industry is booming
The number of tourists visiting Tanzania rose 10.4 percent in the 10 months to October compared with the same period last year, the finance and planning ministry said on Friday, despite higher prices for some attractions. Tourism is the main source of foreign currency in Tanzania, best known for its beaches, safaris and Mount Kilimanjaro.…
-
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…
-
Nigeria: Green Shoots Start to Sprout As External Reserves Hit $26.1bn
The accretion of Nigeria’s foreign exchange (forex) reserves, which started about two months ago, continued in the new year, when figures released yesterday by the Central Bank of Nigeria (CBN) showed that reserves had grown to $26.094 billion, signifying a slow but steady improvement in the country’s current account balance. It was also indicative that…
-
Uganda: Activists Criticise Government Over Shs6b Oil Cash Bonanza
A section of Civil Society actors have voiced their displeasure at the decision by President Museveni to pay out part of the Shs6 billion oil tax money to selected government officials in “recognition of their efforts” to recover Capital Gains Tax. Mr Julius Mishambi, the director of programmes at the Uganda Debt Network, says the…