Category: INTERNATIONAL
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Kenya:Why drop in fuel prices is not good news for cargo business
Even as it fights to regain financial muscle after its bet on fuel first backfired two years ago, Kenya Airways (KQ) faces another round of uncertainty linked to low petroleum prices. Its cargo division, launched 12 years ago as next growth area, has increasingly come under pressure, with clients demanding lower charges in proportion to…
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Kenya:Treasury bursts local borrowing target by Sh49bn on tax shortfall
The Treasury last month surpassed its annual domestic borrowing target by Sh49.2 billion to plug revenue shortfalls as tax collections continued to fall below targets, newly released data show. Net domestic borrowing hit Sh446.6 billion in May – one month before the end of the fiscal year – against the annual target of Sh397 billion,…
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Kenya: Safaricom Drops Roaming Charges By Up to 99%
Following successful negotiations with its global network of partners, Safaricom reduced roaming charges for calls and data by up to 99 per cent for over 200 networks across the world. Safaricom customers will be able to enjoy reduced data roaming rates at the rate of Sh14 per MB in over 52 countries, as well as…
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Kenya: Imperial Bank Customers Commence Accessing of Funds
NIC Bank has begun the process of providing access of funds to depositors at Imperial Bank Limited which is under receivership. This follows an earlier joint agreement between the Kenya Deposit Insurance Corporation (KDIC) and NIC, to kick start the process. Imperial Bank depositors will have access to funds of up to a maximum of Sh1.5…
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S.Africa court confirms amount Zuma should repay for upgrades to private home
South Africa’s constitutional Court on Tuesday approved Treasury’s recommendation that President Jacob Zuma should pay 7.8 million rand ($541,362) for non-security upgrades to his private Nkandla home. The Constitutional Court in Africa’s most industrialised country in March ordered Zuma to pay back some of the $16 million of state money spent upgrading his private home,…
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Nigeria’s central bank raises benchmark rate to 14 percent
Nigeria’s central bank raised its benchmark interest rate by a surprise 200 basis points to 14 percent on Tuesday and maintained its existing cash reserve ratios for commercial banks in a bid to stabilise the Naira. In a Reuters poll, the median forecast of 13 analysts taken July 18-21 predicted that Nigeria would raise interest…
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Nigeria: Presidency Proposes U.S.$42.5 Oil Price Benchmark for 2017
For the next fiscal year, the executive arm of government has proposed a crude oil benchmark price of $42.5 per barrel, up from the $30 in the 2016’s budget. An estimated N7.775 trillion is expected as revenue to be generated from the oil mineral resources alone based on the proposed $42.5 benchmark price and an…
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South Africa:Fitch downgrade domestic debt a risk to sovereign rating: Treasury
The downgrade of South Africa’s rand denominated debt rating by Fitch to one notch above subinvestment highlighted the risk of a sovereign downgrade to “junk” status, the Treasury said on Tuesday. “Although the action represents an alignment, it also serves as a timely reminder of the risks of a downgrade that lie ahead and the…
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Egypt’s Central Bank Keeps Pound Stable At 8.78 Per Dollar
The Central Bank of Egypt (CBE) kept the pound stable at 8.78 per dollar at its weekly foreign currency auction on Tuesday, the state-owned MENA reported. The CBE devalued the pound by about 14 per cent to reach EGP 8.78 against the dollar in March in an effort to close the gap between the official…
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Kenya:Safaricom slashes roaming charges in over 52 countries
Safaricom has reduced roaming charges for calls and data by up to 99 per cent for over 200 networks across the world following successful negotiations with its global network of partners. Safaricom customers will be able to enjoy reduced data roaming rates at Sh14 per MB in over 52 countries, as well as make calls…