Category: INTERNATIONAL
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Zimbabwe: Rbz Orders Cash Withdrawal Charges
THE Reserve Bank of Zimbabwe (RBZ) has ordered banks to reduce charges between 1% and 1.25% of amount withdrawn for Automated Teller Machines (ATM) and over the counter. The order by RBZ comes after local financial institution increased withdrawal bank charges taking advantage of the cash shortages as depositors were now relying on multiple electronic…
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South Africa’s Sibanye Gold to buy Stillwater Mining
South Africa’s Sibanye Gold will pay $2.2 billion for U.S.-based Stillwater Mining, Sibanye said on Friday, extending its push into platinum group metals. Sibanye has entered into a definitive agreement to acquire all of the outstanding common stock of Stillwater Mining for $18.00 per share in cash, a 23 percent premium on the firm’s closing…
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Tanzania: Coal Debate Lingers Despite Dangote’s Assurance to JPM
The owner of the Mtwara-based Dangote cement factory, Mr Aliko Dngote, says he is against his company’s decision to import coal and gypsum for use at the factory. According to Africa’s richest man, importing goods that are locally available amounts to importing poverty into Tanzania and exporting jobs outside the country, adding that his company…
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Tanzania: Egyptian Investors Eye Tanzania Health Sector
Egyptian business executes have said they are interested in investing in Tanzania. They recently toured Tanzania to explore investment opportunities. Delegation leader Moustaf Nour told The Citizen that Tanzania’s abundant resources and conducive environment were attractive for investors. The World Bank’s Doing Business Report, released in October 2016 ranked Tanzania No. 132, up from No.…
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Former AfDB President Donald Kaberuka gets new post
Dr. Donald Kaberuka, the seventh president and a former chairman of the board of directors of the African Development Bank Group and a former finance minister of the Republic of Rwanda, has joined The Boston Consulting Group (BCG) as a senior advisor to its Public Sector, Social Impact, and Financial Institutions practices, the firm announced…
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Oil minister says Congo Republic oil output to reach 300,000 bpd in 2018 – oil minister
Congo Republic expects oil output to rise to some 300,000 barrels per day in 2018, up from around 250,000 bpd now, partly due to a new deep offshore field due to come online next year, the oil minister said on Thursday. Moho Nord, the second project issued on the Moho Bilondo offshore licence, is due…
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Nigeria, Morocco to Build Gas Pipeline Link
Nigeria and Morocco are set to jointly promote a gas pipeline that will connect the two countries and some other African countries. This was one of the agreement reached during the three-day visit of Moroccan King President Mohammed VI. Speaking to State House Correspondents, The Minister of Foreign Affairs, Dr Geoffrey Onyema, said the gas…
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Egypt: New Tariffs Could Boost Customs Revenues By Egp 6 Billion – Finance Ministry
Import tariffs increases would boost customs revenues by EGP 6 billion a year, if imports remained at current volumes, Egypt’s finance ministry said in a statement on Sunday. Egypt has imposed on Thursday an increase on customs duties on 320 goods, to 60 percent for many items. The decision aims to encourage domestic production and…
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Tanzania: Let’s Invest Heavily in Renewable Energy
High population growth and rapid urbanisation continue to put pressure on energy needs in Tanzania. At the same time, energy development has not been keeping pace with the surging demand. This is creating an energy crisis because the resources keep dwindling while demand is rising sharply. Rapid expansion and a construction boom in cities like…
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Tanzania: Higher Charcoal Tax Will Only Hurt the Poor
Premier Kassim Majaliwa’s directive to government organs like the army, the police and schools to stop using charcoal as fuel and switch to alternative and environmentally friendly sources of energy might be a game changer in the protection of our environment. According to PM Majaliwa, switching from the use of charcoal to natural gas and…