Category: INTERNATIONAL
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S.Africa’s Long-Term Local Currency Rating Lowered, outlook still negative
South Africa continues to depend on resident and nonresident purchases of rand denominated local currency debt to finance its fiscal and external deficits. Its financing needs have risen beyond our previous expectations, with general government debt set to increase by an average of 4.9% of GDP over 2016-2018, to reach gross debt of 54% of…
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Angola’s state-owned oil firm to pay no dividend this year
Angola’s state-owned oil firm Sonangol will not pay the government any dividends this year, its chief executive said, as crude revenues plunge in Africa’s second-largest producer. Sonangol is an important source of revenue for the government, but the firm has amassed hundreds of millions of dollars in debts and has deferred payments to its suppliers…
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South Africa’s FinMin Gordhan orders inquiry into tax agency
South African Finance Minister Pravin Gordhan has ordered an investigation into the tax collection authority, officials told parliament on Thursday, underlining rising tensions between the Treasury and the revenue agency. Gordhan has expressed concerns at the leadership of the South African Revenue Service (SARS), saying earlier this week he could not vouch for the accuracy…
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European share markets stabilize after U.S election
European share markets continued to stabilize today after Asian stocks rebounded from Wednesday’s sharp sell-off in the immediate aftermath of Donald Trump’s US election victory. Hopes that Mr. Trump will introduce a pro-business agenda to stimulate US economic growth helped to blunt concerns about his surprise win. In London, Paris and Frankfurt, the main stock…
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South Africa making little progress in economic reform: S&P
South Africa’s is making little progress in turning around the economy as political wrangling delays the implementation of reforms, raising the risk of a credit downgrade to sub-investment grade, S&P Global Ratings said on Thursday. “If things deteriorate further it becomes difficult to continue believing that government can implement the things they say want to…
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Nigeria to recieve $600 mn loan from African Development Bank
The African Development Bank’s board approved a $600 million loan for Nigeria on Wednesday aimed at helping Africa’s largest economy plug its budget deficit as it grapples with its first recession in more than 20 years, a senior bank official said. The loan is the first tranche of a total $1 billion budget support package.…
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Microsoft co-founder to sell mini solar plants in Kenya
According to the Business Daily, Microsoft co-founder Paul Allen plans to sell 10 small-scale solar plants in Kenya that his private company has constructed in recent years. Paul Allen’s multi-billion dollar private firm, Vulcan, has been operating electricity mini grids in the last two years in Samburu and Kajiado, connecting homes and businesses to solar…
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Tanzania to develop multi-million dollar water project with China
Construction of an over TZS 600bn water project to cater for an industry boom in Mtwara Region is scheduled to start this financial year, the government affirmed on Tuesday 1 November, reports the Tanzania Daily News.. Upon completion, the project which is expected to consume USD 281m (about TZS 604bn) will supply the region with…
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Nigerian tomato plant to close, layoff workers
A Nigerian tomato paste plant said on Thursday it is shutting down, firing 1,500 staff and moving abroad as it is unable to obtain the hard currency it needs to operate, in a public embarrassment for President Muhammadu Buhari and his plan to diversify the economy. Buhari, elected last year on a ticket to fix…
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Nigeria to add more than 500 megawatts to national grid
Nigeria has signed agreements to add more than 500 megawatts of capacity to its national grid, the office of the vice president said on Thursday. Africa’s most populous nation produces less than 4,000 megawatts (MW) but requires around 10 times that amount to guarantee power for its 180 million inhabitants. Chronic power shortages have hindered…