Category: INTERNATIONAL
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S.A net exports show a 3 per cent growth: mini-budget
Despite the current tough economic climate in South Africa, exports have grown by 3 per cent in the second quarter of 2016 compared with the same period in 2015. This was revealed in the mid-term budget policy statement, tabled by Finance Minister Pravin Gordhan in parliament on Wednesday. The growth is supported by manufacturing and…
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Kenya:Afya House, doctors fraud schemes cost KNH Sh1.5bn
Kenya’s largest referral health facility, Kenyatta National Hospital (KNH), lost more than Sh1.5 billion in a series of fraudulent transactions that were dominated by illegal staff compensation and diversion of its funds at the parent ministry. A damning Ministry of Health internal audit report seen by the Business Daily shows the money was lost in…
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Algerian-Swedish Business Council to Be Set Up in 2017
Algeria and Sweden agreed to set up an Algerian-Swedish business council to strengthen the partnership and investment opportunities between the two countries, said the Ministry of Industry and Mining. This decision was taken following a proposal made by Minister of Industry and Mining Abdessalem Bouchouareb, who is on a working visit since Monday to Stockholm…
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Kenya’s luxury car market contracts by 26.5 per cent
Kenya’s new luxury car market recorded a contraction of 26.5 per cent in the nine months ended September, with Jaguar Land Rover (JLR) being the only dealer to have recorded sales growth in the period. Data from the Kenya Motor Industry Association shows that sales of high-end cars dropped to 224 units in the period…
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S.A:Tough balancing act for FinMin in budget speech
South Africa’s Finance Minister Pravin Gordhan faces a tough balancing act on Wednesday when he unveils a midterm budget meant to boost the sickly economy and show his looming fraud case is not distracting him. Gordhan has said he plans to reduce government spending, raise taxes and cut the budget deficit to 3.2 percent of…
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Algeria: Human Development in Algeria – ‘Significant Progress’ to Make Up for Social Deficits
Algeria, through its human development policy, has made a “significant progress” allowing it to make up for social deficits and improve people’s living conditions, said a report on the Millennium Development Goals (MDGs) in Algeria 2000-2015. “The gross domestic product (GDP) per inhabitant has increased by 2% a year and household consumption, in relation to…
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Nigerian oil production at 1.9 million bpd
Nigerian oil production has risen to 1.9 million barrels per day (bpd), the country’s Petroleum Ministry said on Twitter, as it recovers from militant attacks earlier this year. The nation’s oil output, typically close to 2.2 million bpd, fell to less than 1.3 million bpd this spring as militant bombed pipelines and other oil infrastructure.…
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S.A:Total, Glencore and Gunvor bidding for Chevron’s South African assets
Total, Glencore and Gunvor are bidding for a 75 percent stake in Chevron’s South African downstream assets, which include a refinery, three industry sources told Reuters on Tuesday. U.S. oil major Chevron said in January it planned to sell 75 percent of its South African business unit, which includes a 110,000-barrels-a-day refinery in Cape Town.…
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White House urges ban on non-compete agreements for many workers
The Obama administration on Tuesday called on U.S. states to ban agreements prohibiting many workers from moving to their employers’ rivals, saying it would lead to a more competitive labor market and faster wage growth. The administration said so-called non-compete agreements interfere with worker mobility and states should consider barring companies from requiring low-wage workers…
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Asia stocks slide on Wall Street losses, oil drops as glut worries return
Asian shares on Wednesday followed in the footsteps of Wall Street, which pulled back overnight on disappointing earnings, while the dollar strengthened and oil prices extended this week’s losses. European markets were set for a similarly weak start, with financial spreadbetters expecting Britain’s FTSE 100 and France’s CAC 40 to open down about 0.4 percent,…