Category: INTERNATIONAL
-
Egypt Closes 53 Forex Bureaus Since Beginning of Year – Cbe
A total of 53 foreign exchange bureaus have been closed since the start of the year, deputy Governor of the Central Bank of Egypt (CBE) Gamal Negm said on Friday. The CBE has accelerated a crackdown against black market traders, closing a large number of the countries’ foreign exchange offices, which it blames for growing…
-
Kenya:Equity’s half-year profit up by 18pc to Sh10bn amid cuts in lending
Equity Group on Monday reported an 18 per cent growth in after-tax profit in the half-year ended June as it cut ordinary lending in favour of buying government securities. The Nairobi Securities Exchange-listed firm’s net profit in the period stood at Sh10.1 billion compared to Sh8.6 billion the year before. The lender’s loan book shrunk…
-
Nigeria’s Buhari seeks emergency powers to revive economy
Nigerian President Muhammadu Buhari will ask parliament for extra powers for one year allowing him to take “emergency” decisions to revive the flagging economy, a government source said on Monday. Africa’s biggest economy contracted in the first quarter and government officials have said recession is likely as vital oil revenues have crashed due to low…
-
Zimbabwe stops hiring public workers as it struggles to pay
Zimbabwe has stopped hiring new state workers after failing to pay its soldiers and teachers on time, according to an official notice, as President Robert Mugabe’s government struggles with a big financial squeeze. The southern African nation dumped its hyperinflation-hit currency in 2009 and adopted the U.S. dollar, but it is facing biting dollar shortages…
-
How Nigeria is making it easier for small businesses to get funding
n Nigeria, there are an estimated 37 million micro, small, and MSMEs and their contribution to economic growth and job creation is significant. However, many of these smaller businesses struggle to gain access to the capital they need to grow and prosper since they lack traditional collateral such as land and buildings. In May 2016,…
-
South Africa’s MTN to sell 9.9 bln rand in shares to black investors
South African mobile phone company MTN Group will sell shares worth 9.9 billion rand ($729 million), a 4 percent stake, to black investors to meet government quotas on black ownership. Africa’s biggest telecoms firm said the new black economic empowerment deal would be launched via a public offer next month to replace an existing scheme…
-
Kenya:Growth of mobile banking boosts Co-op Bank’s earnings
Increased mobile and internet banking helped Co-operative Bank of Kenya increase its pretax profit in the first half of 2016 by 19 percent to 10.45 billion shillings ($103.08 million), the lender said on Wednesday. The bank, which has its roots in the country’s vibrant co-operative movement and also operates in South Sudan, said 87 percent…
-
S.Africa’s June retail sales slow as economy flirts with recession
South African retail sales slowed more than expected in June with purchases of credit-linked items declining sharply as consumer spending remained under pressure despite a recent pause in policy tightening by the central bank. Retail sales grew by 1.7 percent year-on-year in June according to Statistics South Africa data on Wednesday, much slower than the…
-
Kenya’s central bank warns lenders over misuse of credit bureaus
Kenya’s central bank threatened commercial banks with legal action if they submit inaccurate or incomplete data to credit reference bureaus, according to a circular seen by Reuters on Wednesday. Kenyan banks have come under fire in recent weeks for the high costs they impose on borrowers. Two weeks ago, parliament passed a bill to cap…
-
Nigeria: Kano Appoints First Female Accountant General
Kano State Governor, Dr Abdullahi Ganduje, has approved the appointment of Mrs Aisha Bello Muhammad as the Accountant General of the state. She is the first woman to be appointed to the position in the 49 years history of the state. The state information commissioner, Muhammad Garba, in a statement, said Mrs Muhammad’s appointment was…