Category: INTERNATIONAL
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Kenya:Bad loans put Shelter Afrique boss in eye of a raging storm
Top managers at pan-African housing financier Shelter Afrique have been thrown into the eye of a storm after documents emerged showing massive looting of funds through creative accounting and subprime lending that is now under investigation. Documents seen by the Business Daily show that the company’s managing director, James Mugerwa, has been dishing out subprime mortgages…
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Nigerian communities threaten to block crude pipeline
Nigerian communities affected by an oil spill in the Niger Delta hub have threatened to block access to a pipeline unless state oil producer NNPC provides a cleanup and compensation within one week, a statement said. Spills from blown-up or faulty pipelines have triggered an insurgency in the Delta, where militants fight for a greater…
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World Bank: Kenya’s 2016 GDP to see growth as agriculture contributes
Kenya’s economy is expected to grow by 5.9 percent in 2016, the World Bank said on Monday, unchanged from an earlier forecast and up from actual growth of 5.6 percent last year. The bank said growth will be driven by improved performance in the agriculture sector and tourism, and increased foreign direct investments. “This is…
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S.A: Old Mutual Emerging Markets CEO quits, joins MTN
Ralph Mupita, CEO of Old Mutual Emerging Markets (OMEM) has tendered his resignation, in order to pursue interests outside of the financial service industry. The search process for his successor will be launched immediately. Mupita will join MTN as its Group Chief Financial Officer and Executive Director from 3 April 2017. Mupita will see out…
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Grand Parade takes bigger bite of Spur
Grand Parade Investments has increased its stake in Spur Corporation via its wholly-owned food services company, Grand Foods, subject to GPI shareholder approval. The proposed transaction between Coronation Fund Managers and Grand Foods will result in GPI having an effective holding of just less than 30 percent. This acquisition embeds GPI’s strategy to focus on the…
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Zimbabwe’s Mugabe paves way for bond notes
Zimbabwean President Robert Mugabe has side-stepped parliament to issue a decree clearing the way for the introduction of “bond notes” that have raised fears of a return to a domestic currency abandoned in 2009 as hyperinflation crippled the economy. The bond notes are meant to ease biting cash shortages that have gripped the southern African…
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Nigeria: Govt Lifts Embargo On Registration of New Businesses
As part of efforts to encourage entrepreneurs, facilitate investments and move the nation’s economy out of recession , the federal government has said it is prepared to remove bureaucratic and other impediments to registering new businesses. The Minister of Information and Culture, Alhaji Lai Mohammed, gave the assurance at the 2016 Tony Elumelu Foundation (TEF)…
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Bostwana’s Choppies to inject Sh755m into loss-making Ukwala
Botswana retailer Choppies is set to invest Sh754.7 million in loss-making Ukwala Supermarkets in which it acquired a 75 per cent stake earlier this year. The multinational retail chain says in its latest trading update that it will invest the cash to open 12 more stores in the local subsidiary over three years. The planned…
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Agriculture shares lose steam as ‘Rea Vipingo’ effect wears off
Agriculture stocks have this year lost the momentum that saw the sector buck a bearish trend at the Nairobi Securities Exchange (NSE) in 2015, with three of the six listed firms losing half their value as the “Rea Vipingo” effect wears off. Shares of Kakuzi, Kapchorua Tea, Williamson Tea, Limuru Tea and Sasini were the…
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Nigeria: Emirates Ends Abuja Operation
Emirates Airlines yesterday officially shut down its operations in Abuja, the nation’s capital though temporarily. The airline had announced that it would suspend its four flights per week from Abuja to Dubai, United Arab Emirates (UAE), with effect from yesterday. “The decision was made after a review of the airline’s operations to ensure the best…