Category: INTERNATIONAL
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S.African fund manager Abax cuts lending to state-owned enterprises
Fund manager Abax Investments has reduced bond purchases from South African state-owned firms in the past three years due to concerns over their weaker performance, a portfolio manager said on Friday. Rashaad Tayob also said Abax, which has 80 billion rand ($6 billion) under management, was concerned after the cabinet said a new committee would…
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Nigeria: Cocoa Institute Reinstates 91 Sacked Workers After Buhari’s Intervention
Ninety one workers sacked in 2013 by the Cocoa Research Institute of Nigeria, Ibadan, resumed work on Thursday. Welcoming the workers, Acting Executive Director of the institute, Abiodun Okelana, said their reinstatement was ordered by President Muhammadu Buhari after a thorough investigation by the Federal Ministry of Agriculture. She assured them that the institute would…
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Algeria Withstands Continues Reforms Despite Oil Market Collapse
The worldwide drop in oil prices doesn’t seem to hinder the momentum of reforms in Algeria which “withstands” to this external crisis and continues its socio-economic reforms. Prime Minister Abdelmalek Sellal reiterated, in Saida, that the country remains resilient to the collapse of the oil prices which has however halved its oil taxation. “Despite the…
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South Africa’s rand hovers near seven-week lows
South Africa’s rand traded close to the previous day’s seven-week low against the dollar on Thursday, hurt by investor concerns over the future of Finance Minister Pravin Gordhan. Gordhan was head of the tax service when it set up a surveillance unit which police say was used to spy on politicians. * Rand touches early…
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Kenya:KRA appeals expert lockout in Bidco Sh1.3bn tax row
The Kenya Revenue Authority (KRA) and Bidco Oil Refineries are engaged in a vicious dispute over Sh1.3 billion the taxman is claiming in unpaid revenue for undeclared insurance and crude edible oils imported between 2004 and 2008. The dispute has been brought to light by a suit the KRA has filed in the High Court…
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Mozambique president appoints IMF official as central bank governor
Mozambican President Filipe Nyusi appointed Rogerio Lucas Zandamela, an International Monetary Fund (IMF) official, as central bank governor to replace Ernesto Gove, whose term has ended, the presidency said on Wednesday. The appointment comes as Mozambique is battling to restore the confidence of donors such as the IMF as it grapples with a spiraling debt…
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Nigeria: Aviation Unions Besiege Aero Contractors Over Indefinite Leave Handed 1,400 Workers
Aviation unions on Thursday besieged the head office of Aero Contractors Airline at the Murtala Muhammed Airport (MMA), Lagos, a day after the embattled airline announced the suspension of flight operations and placed workers on an indefinite leave. Benjamin Okewu, the president, Air Traffic Services Senior Staff Association, told journalists on Thursday that the unions…
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Nigeria: Another Airline Suspends Operations
A day after Aero Contractors announced the suspension of operations and placed staff on indefinitely leave, another national airline, First Nation, has closed business. The National Civil Aviation Authority announced on Thursday that First Nation had been ordered to shut down for mandatory maintenance. The director-general, Nigerian Civil Aviation Authority (NCAA), Muhtar Usman, said in…
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Nigeria: How N215 Billion Import Waiver Was Disbursed in 4 Years, Mostly During ‘Night Visits to President’
A total N215 billion in import duty exemptions was granted in four years, between 2011 and May 2014 under the leadership of ex-President Goodluck Jonathan, PREMIUM TIMES can report today. Most of the waiver deals, it was gathered, were sealed during midnight visits to the presidential villa. Data obtained from the Budget Office of the…
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Kenya:CBK orders banks to obey vague rate caps law in 2 weeks
Commercial banks have two weeks to comply with new interest rate caps even as the wording of the law transmitted by the Central Bank of Kenya (CBK) to chief executives remained vague and confusing. The CBK, whose guidance the Kenya Bankers Association (KBA) had said was awaited on the matter of capping interest rates, Thursday…