Category: INTERNATIONAL
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Kenya:IRA slaps insurers with new rules to lock out illicit cash
Insurers will be required to conduct know-your-customer (KYC) exercise, appoint a money laundering reporting officer and file compliance reports on any suspicious transactions with the regulator every three months. IRA though was mum on ownership disclosure of insurance firms, which has been cited as a key weakness of the financial sector in fighting illicit cash.…
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Namibia: Fishing Industry Could Face Increased Levies
DUE to a struggling economy, the fishing sector may face increased levies to finance the management of Namibia’s fishing sector. According to fisheries minister Bernhard Esau, investors were still running to the bank smiling because fish exports are at a high because of low fuel prices and a weak Namibia dollar, compared to other major…
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Nigeria: Cassava Growers Seek Compensation for Insured Farmlands Damage By Herdsmen
Nigeria Cassava Growers Association, NCGA, has appealed to the Nigerian Agricultural Insurance Corporation, NAIC, to compensate farmers whose insured farmlands were destroyed by herdsmen in various states. President of the association, Pastor Segun Adewumi, made the appeal in an interview in Lagos, yesterday. Adewumi lamented that most of the destroyed farmlands were set up with…
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Malawi: Government Commends Egypt for Investing in Malawi
Government has praised the Arab Republic of Egypt for its continued investment in the people of Malawi. Health Minister, Dr. Peter Kumpalume said Egypt despite not being the richest nation, they have made tremendous investment in skills development in Malawi in many sectors of the economy including health. Speaking in Lilongwe on Thursday, when the…
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Senegal:Sheep business boosted by mobile money
Sheep are a hot commodity in Senegal leading up to the Muslim holiday Eid al-Adha, when each family traditionally slaughters a ram for a feast that has become a boomtime for traders who often travel hundreds of miles to sell their livestock. It is a tradition stretching back centuries, but these days paying for the…
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Kenya urged to issue a fresh sovereign bond
Financial analysts say time is ripe for the National Treasury to access cheap dollar debt on the international market after Ghana issued a $750 million Eurobond last Thursday at a yield of 9.25 per cent. Accra badly needed cash to balance the budget before elections in December but had been unable to raise funds, even…
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South Africa’s finmin approves cash-strapped national airline application
South Africa’s Finance Minister Pravin Gordhan has conditionally approved an application from the cash-strapped national airline for a guarantee as a going concern, the ministry said on Friday. South African Airways (SAA) has been surviving on state-guaranteed loans and has failed to submit financial statements for the past two years, with results for 2015/16 held…
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Nigerian watchdog closes Nokia-Alacatel’s local offices
Nigeria’s telecoms regulator has shut the offices of Nokia-Alcatel for operating in Africa’s largest economy without the necessary permit, the watchdog said on Friday. The Nigerian Communications Commission’s (NCC) spokesman Tony Ojobo said that the mobile telecoms equipment manufacturer had failed to obtain the 2 million naira ($6,349) licence required for the sale and installation…
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Zimbabwe public workers reject government job cuts plan
Zimbabwe’s main public service union on Friday rejected government plans to cut 25,000 jobs and suspend annual bonuses, saying that would hurt workers already struggling to make ends meet. The Apex Council, a grouping of all state sector unions, demanded talks with the government over the plan that Finance Minister Patrick Chinamasa has said is…
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Ivory Coast cracks down on cocoa contracts
Ivory Coast’s cocoa marketing board has given exporters six days to supply documentation for export contracts, including proof of a counterparty, or they will be cancelled and resold, the Coffee and Cocoa Council (CCC) wrote in a memorandum seen on Friday. The measure, aimed at stamping out speculation in the top grower’s forward sales system,…