Category: INTERNATIONAL
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Dangote shakes Kenya’s cement market with Ethiopia imports
Nigeria’s Dangote Cement has started its shake-up of the Kenyan market with importation of the commodity from its plant in neighbouring Ethiopia as it prepares to establish a local manufacturing plant. Dangote’s targeting of the Kenyan consumer with low-cost cement from Ethiopia is expected to further drive retail prices downward in a market where they…
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South Africa’s finance minister to be charged for graft -City Press
South Africa Finance Minister Pravin Gordhan may be charged this week for graft, the City Press newspaper reported on Sunday, citing senior sources in the police, the National Prosecuting Authority (NPA), and the tax service. Thirty witnesses had been lined up to testify against Gordhan and three former officials from the South African Revenue Service…
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Algeria: Car Imports Drop By 68 Percent in First Seven Months of 2016
The car imports bill decreased to USD 768 million during the first seven months of 2016 against USD 2.4 billion during the same period in 2015, i.e. a drop by USD 1.63 billion (-68%), Customs told APS. As for imported quantities, they decreased by 73.74% with 53,356 imported cars between early January and late July…
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South Africa’s national carrier asks lenders for $1 billion
South Africa’s cash-strapped national carrier plans to raise 16 billion rand ($1 billion) from banks and other financial institutions, a newspaper notice showed, days after saying it could pay its debts. State-owned South African Airlines is seeking secured and unsecured funding with a 3 to 15 year duration and wants to start drawing down the…
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Kenya:KRA hits insurance brokers with Sh1.5bn past tax demand
The Kenya Revenue Authority (KRA) has made a multi-billion shilling tax demand on insurance brokers in a move that industry insiders say could take down many of the underwriters. The bill is related to unpaid excise taxes on commissions earned between July 2013 and December last year when the law exempting them from paying the…
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Egypt Buys 180,000 Tonnes of Russian Wheat
Egypt’s General Authority for Supply Commodities said on Friday that it bought 180,000 tonnes of Russian wheat in a tender. Reuters quoted deputy chairman GASC Ahmed Youssef as saying that the wheat was purchased at an average price of $185.52 per tonne including cost and freight. GASC received seven offers from suppliers for its wheat…
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Guptas to sell South African businesses
The Gupta family arrived in South Africa in the early 1990s. Since then they have accumulated a large amount of wealth through their interests in mining, ICT and engineering. Oakbay Investments is the holding company for the family’s businesses. According to the company’s website, Oakbay Investments has invested more than R10 billion in the country…
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Kenya:Japan promises aid to fund development, power generation
Japan will give Kenya 1 billion yen ($9.78 million) in aid to spur economic and social development, and will extend an as yet unspecified amount for a geothermal power project, the leaders of the two countries said. Resource-poor Japan has long been keen on tapping Africa’s vast natural resources, even more so since dependence on…
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![South African Airlines marks one year of Accra-Washington flights [photos]](https://citibusinessnews.com/wp-content/uploads/2016/08/IMG-20160829-WA0010-1.jpg)
South African Airlines marks one year of Accra-Washington flights [photos]
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The South African Airlines (SAA) has celebrated one year of its non- stop travel between Ghana and the United States. The SAA, launched the Accra Washington route on August 2, to among other things strengthen SAA’s presence in West Africa. The event was attended by the South African High Commissioner to Ghana, H.E Lulu Xingwana, …
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Egypt: UAE Deposit to Egypt ‘Timely’, Contributes to Pound Stability – Cbe Governor
The latest Emirati deposit of one billion dollars to Egypt is “timely” and contributes to the stability of the pound, the governor of the Central Bank of Egypt (CBE) said on Wednesday. In his statements to the Emirati state-owned news agency, WAM, Tarek Amer said that the deposit will support Egypt’s foreign reserves enough to…