Category: INTERNATIONAL
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Kenya:MPC meets for the first time tomorrow in era of rates cap
Central Bank of Kenya’s (CBK) Monetary Policy Committee (MPC) Tuesday meets for the first time in the shadow of a controlled interest rate regime that some say will impede its ability to make decisions. The banking sector regulator last operated in such an environment in July 1991, just four months before Kenya reverted to a…
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Libya: UN Envoy Calls for Immediate Cessation of Hostilities in Oil Crescent Area
Expressing grave concerns over recent fighting in Libya’s Oil Crescent area, Special Representative of the United Nations Secretary-General for the country and the head of the UN Support Mission in Libya (UNSMIL) Martin Kobler called on military forces that moved into the area to immediately stop fighting and refrain from any further military escalation. “I…
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Nigeria: Only Companies Interested in Electricity’ll Get Coal Mining Licences – Govt
The Federal Government, yesterday, said that coal mining licences would be issued only to companies that are interested in generating electricity from coal. It also declared that it has not concessioned the Ajaokuta Steel Company, and that it is currently undertaking a technical audit of the facility to determine structures that are on site. Speaking…
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Kenya:Sugar imports rise 67pc on low output from local factories
Sugar imports are set to rise by 67 per cent this month as Kenya moves to plug a deficit caused by underperforming millers, the industry regulator has said. The sugar directorate said it will import up to 15,000 tonnes this month up from 9,000 tonnes in August to boost market supply after the local millers…
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South Africa’s Aspen Pharmacare FY profit drops 23 percent
South Africa’s Aspen Pharmacare Holdings reported a 23 percent drop in full-year profit on Wednesday as heavy losses from its Venezuelan business and a weak performance in its home market weighed on earnings. The firm has been expanding rapidly outside South Africa, where a heavily regulated pharmaceuticals market has put a cap on growth, and…
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Kenya:IMF says rates capping could erode Central Bank autonomy
Control of interest rates may compromise the independence of the Central Bank of Kenya (CBK) since it will set the base rate with consideration of public or political interests, the International Monetary Fund (IMF) has said. The multilateral lender said it feared the CBK’s decisions on monetary policy have been captured by politics through the…
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Kenya:Equity shakes market with mobile phone loans rate cut
Equity Bank yesterday pulled down interest rates charged on mobile phone-based loans, breaking ranks with rival Kenya Commercial Bank (KCB) and Commercial Bank of Africa (CBA), as it moved to comply with the new law capping the price of loans. Equity Bank chief executive James Mwangi said customers borrowing through the lender’s Eazzy loans (its…
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Nigeria:Arik Air resumes services, denies unpaid fuel bills
Nigeria’s largest airline Arik Air said Wednesday it had resumed services after a 24-hour suspension that stranded thousands of passengers across Africa. The carrier also denied speculation that it had not paid its fuel bills. It had earlier said Tuesday’s disruption was linked to a delay in getting insurance renewal during the long weekend holidays…
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Nigeria: Unity Bank Sacks 215 Workers in Repositioning Strategy
Unity Bank Plc, yesterday sacked not less than 215 of its employees as part of its reengineering strategy for greater performance. According to information gathered from sources close to the bank, the workers were sacked for their inability to cope with the new ideas and strategy of the institution. The bank is said to have…
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Egypt’s Wheat Policy Has ‘No Major Impact’ On Russian Exports – News Outlet
Egypt’s rejection of several shipments of wheat after readopting zero ergot tolerance has “no major impact” on Russian wheat exports, the Russian agriculture ministry said on Wednesday according to Interfax news outlet. Egypt’s agriculture minister reinstated the zero ergot policy late August, thereby reversing an earlier decree that had allowed for 0.05 per cent, a…