Category: INTERNATIONAL
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South Africans could lose 60,000 jobs on sugar tax
South Africa could lose 60,000 jobs in the beverage industry due to a proposed tax on sugary drinks, chairman of Coca-Cola Beverages Africa, Phil Gutsche, said on Tuesday. The National Treasury has proposed a 20 percent tax on sugar sweetened drinks under a plan that delighted health campaigners and angered drink makers. The sector employs…
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Nigeria:Private equity investors led by rock star Bob Geldof invest in Nigeria
A group of private equity investors led by rock star Bob Geldof have acquired a minority stake in Nigerian biscuit maker Beloxxi Industries Limited for $80 million to help the company expand, they said on Monday. Geldof’s fund 8 Miles, which plans to acquire more stakes in African companies before the end of the year,…
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Kenya’s finance minister gives his view on capping of banks’ lending rates
Kenya’s Treasury opposes a move by parliament to cap commercial lending rates because other measures being put in place will help bring down borrowing costs over time, the finance minister said on Tuesday. Parliament passed changes to the banking law two weeks ago to cap commercial interest rates at 400 basis points above the central…
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Egypt: Somalia Seizes Expired Food Aid From Egypt
The Federal government of Somalia says it seized a shipment of expired food aid imported by a relief agency from Egypt at Mogadishu seaport on Sunday (July 29, 2016). Speaking at a press conference in Mogadishu, the state minister of the interior ministry Abdirashid Mohamed Hidig, said the food aid was destined to drought-hit areas…
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Kenya buys Sh3.6bn ship to battle illegal fishing in Indian Ocean
Kenya has acquired a new ship to patrol its Indian Ocean territory as the country steps up the campaign against illegal fishing which has seen it lose up to Sh10 billion annually. The Sh3.6 billion ship, which has ability to detect illegal movement of fishing vessels in Kenya’s territorial waters, is expected in the country…
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Nigeria: Naira Dips Against Dollar As Oil Price Rises to $48.05
The Naira, yesterday, depreciated against the dollar at the parallel market, just as crude oil price hit five-week high, gaining about 10 per cent in a three-day rally to close at $48.05 as speculations intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm, Genscape, estimating a draw…
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CBK injects Sh13bn into market as small banks face cash shortage
Small banks continued to struggle for cash in the money markets last week despite the sector registering healthy overall liquidity levels, forcing the Central Bank of Kenya (CBK) to inject Sh12.8 billion into the banking system in support. The CBK says in its latest weekly report that the market remained relatively liquid on account of…
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Egypt: Prosecution Orders Detention of 13 Defendants Over Wheat Fraud Allegations
Egypt’s prosecutor general ordered on Saturday the detention of 13 defendants for 15 days pending investigation over allegations of fraud in local wheat procurement. The defendants face accusations of facilitating seizure of public funds, illicit profiteering and forgery. The prosecution ordered last week travel bans and asset freeze on those involved in the case. Egypt,…
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Kenyan retailer Uchumi secures cash injection
Kenya’s Uchumi Supermarkets will use a cash injection of 1.2 billion shillings ($11.83 million) from the government to repay debts owed to suppliers and stock its stores with goods, the retailer’s chief executive said on Monday. The government, which holds a 15 percent stake in the company, approved the cash injection at a cabinet meeting…
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Zimbabwe plans to use drones to fight elephant poaching
Zimbabwe plans to deploy aerial drones in its biggest wildlife sanctuary in the west to combat poaching of elephants, a parks official said on Monday, as the country aims to protect one of its top tourist attractions. Tourism contributes 11 percent to Zimbabwe’s $14 billion economy, according to Ministry of Tourism data, with the country’s…