Category: INTERNATIONAL
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Algeria: Import Licenses to Include Electrical Appliances, Agricultural Products
The import licenses system will soon include other industrial and agricultural products, particularly electrical appliances, soya and maize, announced Monday Trade Minister Bakhti Belaib. “This system will soon include other industrial products (electrical appliances and electronic products) and some agricultural products (maize and soya) whose import cost hit USD 3.5 billion,” the minister said at…
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Nigeria’s finance minister discusses plans to end recession
In an exclusive interview with CNBC Africa Nigeria’s Finance Minister Kemi Adeosun argued that the focus of the West African country should be on stimulating growth. I would rather seek growth, we can manage inflation let’s stimulate the economy, we need lower interest rates, she told the channel. The finance minister wants the central bank…
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Kenya:Uhuru hands low-cost housing firms 15pc tax break in new law
Developers who put up at least 400 low-cost residential houses will now enjoy a lower corporate tax rate of 15 per cent, down from the normal 30 per cent, as the government looks to boost housing for low-income earners. President Uhuru Kenyatta last week signed into law the Finance Bill 2016 handing developers the terms…
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Kenya:MPC meets as confusion over interest rates cap law mounts
Central Bank of Kenya governor Patrick Njoroge is Tuesday morning expected to chair the first monetary policy committee (MPC) meeting since the introduction of interest rate caps. The meeting comes as confusion persisted in the market over interpretation of key aspects of the new law. On Monday, many consumers of financial services reported that their…
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Nigeria: How We Got Into Trouble – Central Bank
INTERVIEW The CBN Governor Mr. Godwin Emefiele, Weekend, had a chat with members of Nigeria Newspaper Proprietors Association of Nigeria NPAN. He spoke on efforts being made by government, monetary and fiscal policy authorities to revive the economy. Here are excepts. Nigeria is in recession, the first in decades or few decades, one or two…
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Nigeria Plans N4.72 Trillion Stimulus for Troubled Economy
The Federal Government is considering an ambitious $15 billion (N4.72 trillion) fiscal stimulus plan to reflate and pull the economy from the current recession. Following the National Bureau of Statistics (NBS) recent official confirmation that Nigeria’s economy had slipped into one of the worst recessions in its history, the government convened a ministerial retreat last…
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South Africa’s rand gains as risk currencies rally
South Africa’s rand firmed for a fourth consecutive session on Monday, gaining alongside fellow emerging currencies as the dollar stumbled ahead of an interest rate decision by the Federal Reserve later in the week. – Credit: CNBC Africa
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Algeria: Guitouni – No Increase in Electricity, Gas Prices
Chief Executive Officer of the national electricity and gas group (SONELGAZ) Mustapha Gouitouni reassured customers that no increase in the prices of electricity and gas is scheduled for this year. There will no increase in the prices of electricity and gas, Guitouni told APS on the sidelines of a meeting with executives of Sonelgaz in…
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Nigeria: Labour Urges Intervention Over 50% Salaries Slash
The Nigeria Labour Congress (NLC) has urged Federal Government to intervene over the cut of workers’ salary by 50 percent by the governors of Benue, Imo and Nasarawa states. Labour describe the act as an abuse of law by the states government to threatening sack of workers who embark on strike saying whosoever rightly protested…
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Kenyan fishermen under pressure as Chinese fish imports hit Sh1bn
China’s fish exports to Kenya hit the Sh1 billion mark for the first time last year, adding impetus to concerns that the Asian nation is flooding the local market with sea food to the detriment of local fishermen. Kenya’s appetite for Chinese fish imports grew 60.2 per cent to Sh1.02 billion in 2015 compared to…