Category: INTERNATIONAL
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Algeria:OPEC’s move puts a higher floor under the oil price
Yesterday’s OPEC outline agreement to reduce production has surprised the market, as recent OPEC gatherings had failed to generate alignment at a time of high regional tensions. We believe comments running up to the meeting, and yesterday’s statement do indicate a change in Saudi policy. We see any agreement between Iran and Saudi in the…
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Kenya:Incentives to attract investment in automotive industry
Kenya’s removal of excise duty on locally assembled cars will boost the industry, but the government must make power supplies cheaper and address other concerns to draw more investment, the automobile industry association chief said on Thursday.With little growth in mature markets, automakers are looking to tap into emerging African markets, but there is plenty…
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Nigeria: Galaxy Note 7 – Samsung Announces Voluntary Exchange Package for Local Customers
Samsung Electronics West Africa Limited has complied with the ultimatum given to it by the Consumer Protection Council (CPC), which required it to give a status report on the global recall of Galaxy Note 7 phone in Nigeria following reports of explosion of dozens of the device while charging. The company, which disclosed that the…
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Egypt Inflation Expected to Remain High As Pound Devaluation Looms – Moody’s
Egypt’s inflation rates are expected to “remain elevated” in the upcoming fiscal year as plans to devalue the pound and introduce subsidy fuel reforms loom, Moody’s said on Wednesday. The annual consumer inflation rate jumped to 16.4 percent in August, marking a significant rise from the previous month, according to the Central Agency for Public…
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Kenya:Lower cost of loans increases banks lending
Kenya’s biggest lender by assets KCB on Wednesday reported a five-fold increase in average monthly lending to individuals, signalling rising interest in borrowing since the coming into force of a new law capping of interest rates. The bank said it had lent out Sh6.3 billion in three weeks, disapproving earlier fears that the new loan…
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Nigeria: Country On the Way Out of Recession – Finance Minister
Mrs Kemi Adeosun, the Minister of Finance, on Wednesday said that the nation was already getting out of recession, saying the Federal Government had taken steps that were in the best interest of the citizens. Adeosun disclosed this in her closing remarks at a two-day conference of National Council of Finance and Economic Development (NACOFED)…
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Kenya:Treasury takes its pound of flesh from betting companies
The Treasury has moved to claim its share of the betting industry’s runaway success with the introduction of new taxes expected to yield billions of shillings in additional revenues. The tax measures, set to come into force in January, are contained in the Finance Act 2016 and will see betting firms part with a sizeable…
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Two Tanzanian officials charged with stealing quake relief funds
Tanzania has charged at least two senior public officials over allegations of embezzlement of earthquake relief funds, President John Magufuli said on Wednesday. The officials were sacked on Tuesday following allegations that they had set up a fake bank account to siphon off relief funds given in response to a 5.7 magnitude earthquake which killed…
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South Africa: Johannesburg first to experience Uber food delivery
Uber Technologies starts its UberEats food-delivery service in South Africa on Thursday before expanding in the rest of the country and into the continent, it said on Wednesday. It will begin delivering meals in the northern suburbs of Johannesburg, South Africa’s largest city, before moving across the Gauteng province and to Cape Town in 2017,…
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LSE-Deutsche Boerse merger plan being investigated
The European Commission is planning to open an in-depth investigation into the planned £21bn merger of London’s Stock Exchange and Germany’s Deutsche Boerse. The scheme would combine the stock exchanges of the UK, Germany and Italy and some big clearing houses to create Europe’s largest exchange operator. Commissioner Margrethe Vestager said it had to make…