Category: INTERNATIONAL
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South Africa’s PPC shareholders approve rights issue
Shareholders in South Africa’s PPC on Monday overwhelmingly approved a proposal to issue additional shares for a planned 4 billion rand ($289 million) rights issue as the loss-making cement maker seeks cash to reduce debt. PPC, which has pushed deeper into the rest of Africa as profit has slumped in its domestic market, is raising…
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Nigerian banks need to take extra provisions on foreign exchange loans
Nigeria’s central bank has told commercial lenders to take extra provisions on all dollar loans, in the aftermath of its decision to let the naira trade freely on the interbank market, causing the currency to tumble. The naira has lost 40 percent of its value since Nigeria ditched its 16-month-old peg of 197 naira to…
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Tanzania: VAT Debate Rages On As Transporters Doubt Data
The debate on valued added tax (VAT) on auxiliary services is still raging on as transporters now doubt the credibility of data produced by Tanzania Revenue Authority (TRA) on port charges. While TRA maintains that a drop in the volume of cargo passing through the Dar es Salaam Port is due to global factors, fuelled…
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Ghana stays in top five as Barclays Africa’s revenue grows
Ghana maintained its status as one of the top three countries in terms of revenue for Barclays Africa. Ghana is one of the top performing countries for Barclays’ operations in Africa. The financial results for the first half of 2016 showed that three other countries; South Africa, Zambia and Botswana contributed significantly to the Bank’s…
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Kenya overtakes SA as biggest investor in African countries
Kenya overtook South Africa to become the biggest investor in other African countries in terms of the number of projects in 2015. Kenya invested in 36 projects last year in other parts of the continent against South Africa’s 33, a new study by financial consulting firm Ernst & Young shows. It noted that most of…
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Kenya:Controversy stalks airtime, banking, money transfer taxes as KRA cuts revenue shortfall
When the National Treasury scrapped the value added tax (VAT) on mobile phone handsets in June 2009, a number of tax experts questioned the ingenuity of letting a possible growth area of the economy off the hook. Data gathered at the time by audit firm Deloitte however shows the move precipitated a ‘revolution’ as handset…
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British Airways passengers protest against poor services
Close to four hundred customers of British Airways have signed a petition seeking for the airline to improve its services and make amendments to a number of its operations especially on the Accra-London (Heathrow) route. The petitioners, majority Ghanaians, are unhappy with what they term as the airline’s poor services including severe delays, lack of…
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Nigeria: Govt to Encourage Production of Crops for Exports
The Minister of Agriculture and Rural Development, Mr. Audu Ogbeh has disclosed that the federal government would continue to encourage the production of some crops for export. Ogbeh said the measure was in line with the government’s efforts to diversify the economy for Sustainable development. Speaking in Kano on Tuesday at a North-West Business Summit…
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Kenya:Eyes on Uhuru as MPs pass law capping cost of loans
Parliament yesterday passed a Bill capping bank interest rates at four per cent above the indicative Central Bank Rate (CBR), taking the battle to bring down the cost of loans to the doorsteps of President Uhuru Kenyatta, who must sign it before it can become law. Mr Kenyatta, like his predecessors who have twice rejected…
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Tanzania: Private Sector Nods to Dodoma
The government has been challenged to prepare clear-cut strategies that will enable the private sector to come up with an appropriate business plan on how to tap the emerging potential in the form of the move to Dodoma, the new capital designate. Both the Tanzania Private Sector Foundation (TSPF) and an economist from the Confederation…