Category: INTERNATIONAL
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Egypt Suspends Five Foreign Exchange Bureaus As Black Market Crackdown Continues
The Central Bank of Egypt (CBE) has suspended five foreign exchange bureaus after finding them guilty of manipulating and speculating on the prices of foreign currencies. This comes one day after the CBE revoked the license of one foreign exchange office and suspended six others over similar reasons. Monday’s decision included the suspension of three…
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Nigeria: 14 Airlines Close Shop Amid Forex Hike
No fewer than 14 airlines have withdrawn their services from the country due to low patronage on account of the economic recession. The airlines, including Iberia, United Airlines and Air Gambia, are among the 50 that operated the Nigerian routes some months ago. Besides, foreign airlines operating in the country are estimated to have lost…
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South Africa’s net reserves rise to $40.901 billion in July
South Africa’s net gold and foreign exchange reserves rose to $40.901 billion in July from $40.826 billion in June, Reserve Bank data showed on Monday. Gross reserves fell to $46.157 billion from $46.366 billion, the central bank said. The forward position, which represents the central bank’s unsettled or swap transactions, edged up to $1.723 billion…
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Delta Airlines to cancel over 100 flights today
Delta Airlines says it expects more than 100 flight cancellations today [Tuesday] morning as it continues to recover its operations following a loss of power Monday, August 8, 2016. In addition, the airline company says it anticipates roughly 200 delays affecting morning departures. Delta however says these numbers could grow overnight as it works to…
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Kenya:World Bank deal paves way for work on Nairobi’s first elevated highway
The construction of Nairobi’s first double-decker highway linking Jomo Kenyatta International Airport (JKIA) to Nairobi-Nakuru highway is set to begin later this year following the recent signing of a financing agreement with the World Bank. The Sh38 billion elevated highway, meant to decongest central Nairobi, has been on the cards for nearly a decade. The…
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Flight cancellations and delays hit Delta Airlines worldwide
US based Delta Airlines, has lifted a ground stop with limited departures resuming, following a power outage in Atlanta that impacted the airline company’s computer systems and operations worldwide. Delta however says cancellations and delays continue. In a statement to update customers on the latest developments, the company cautioned customers heading to the airport to…
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Delta Air Lines grounds flights
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Delta Air Lines said early Monday that all of its departing flights have been grounded by a global computer system outage. “Our systems are down everywhere,” it tweeted in response to disgruntled customers. Delta (DAL), the world’s second largest airline, said the problem is a power outage at its Atlanta hub, starting at about 2:30 a.m.…
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Three banks fined Sh3 million for NYS cash transfers
The Central Bank of Kenya (CBK) slapped three commercial banks with a fine totalling Sh3 million for failing to report suspicious transactions relating to the Sh791 million National Youth Service (NYS) scandal, Governor Patrick Njoroge revealed in Parliament Thursday. Dr Njoroge said the banking industry regulator also forced the sacking of nine top managers of…
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Nigeria: Stop Selling Tickets in Foreign Currencies, NCAA Warns Airlines
The Nigerian Civil Aviation Authority (NCAA) has warned all airlines selling flight tickets in foreign currencies in Nigeria to desist from the practice forthwith. The NCAA issued the warning in a statement issued by its Acting General Manager, Public Relations, Mr Sam Adurogboye, in Lagos on Sunday. The statement said the act contravened the Central…
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South Africa’s MTN pegs H1 loss on Nigeria fine
South African mobile phone operator MTN Group flagged a half-year loss on Thursday, blaming a hefty fine in Nigeria and underperformance at home. MTN said on June 10 it had agreed to pay a heavily reduced fine of 330 billion naira ($1.2 billion), or a third of the initial penalty, in a settlement with Nigeria…