Category: INTERNATIONAL
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Kenya:Safaricom announces Sh27bn special dividend
Safaricom has declared a special dividend of Sh0.68 per share for the year ending March 31, 2017 to be paid out on or prior to December 1, 2016. This is an additional dividend over and above the Sh0.76 per share for the year ended March 31, 2016 that the board is recommending to shareholders at…
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Nigeria:No need to panic about sliding into recession, finance minister says
Nigeria will face only a short recession if its economy shrinks again in the second quarter, because removing fuel subsidies and implementing policies to reduce dependency on oil will pay off, Finance Minister Kemi Adeosun said on Thursday. On Tuesday, the International Monetary Fund said Nigeria’s economy is likely to contract by 1.8 percent this…
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Tanzania hands out cash to help its very poorest kickstart businesses
Tatu Mtulya looks older than her age. Her sun-parched skin and the repairs to her well-worn dress say it all. She is poor. The 49-year-old single mother lives in a grass-thatched house with her four children in a village next to a highway in Tanzania’s northern Muheza district. She is among thousands of women from…
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Zimbabwe: Zera Blocks Tariff Increase
The Zimbabwe Energy Regulatory Authority (ZERA) has shot down a proposal by Zesa Holdings to increase electricity tariffs by 49 percent, declaring the average power charge should remain at 9,86 cents per kilowatt hour this year. The regulatory authority said it had considered the performance of the economy as well as efforts being made by…
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Nigeria: Avengers Warns NUPENG, Pengassan, Foreigners to Leave Oil Fields
Niger Delta Avengers, NDA, has denied claims by the Nigerian Navy that it arrested the group’s logistics supplier, saying its operatives were intact adding that the militants were winning the war. The militant group in a statement by its spokesperson, self-styled Brig. General Mudoch, said: “The news that the Nigerian Navy has arrested Niger Delta…
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Kenya:Fuel hedging sinks Airways deeper into loss
National carrier Kenya Airways’ big bet on fuel hedging paired up with foreign exchange turbulence to sink it deeper into loss even as green shoots of recovery began to show in revenue growth. KQ, as the airline is popularly known, reported a Sh26.2 billion net loss for the year ended March compared to Sh25.7 billion…
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Asia:BOJ to cut 2017 price forecast only slightly, stick to rosy view-sources
The Bank of Japan will likely cut next fiscal year’s inflation forecast only slightly and largely maintain its upbeat view for 2018 at a policy review next week, sources said, an outlook which could allow it to argue there is no need for imminent monetary easing. Hyped-up speculation of radical BOJ policy action has whipsawed…
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Zimbabwe regulator turns down power tariff hike request
Zimbabwe’s energy regulator has turned down an application by the state-run power distributor to raise electricity tariffs by nearly 50 percent because it would hurt a struggling economy, it said on Thursday. The southern African nation has experienced a devastating drought that has left millions facing hunger while a slump in commodity prices has left…
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Crude oil prices face weekly decline as glut fears persist
Crude futures were on track for weekly losses on Friday as investors reassessed U.S. data on oil stocks and excesses in oil products in Europe and Asia. While many expect global oversupply of oil to ease in the near term, huge amounts of crude remain in vessels at sea and storage tanks on land as…
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Japan business lobby says Abe government can’t rely on nuclear energy
Japan’s use of nuclear power is unlikely to meet a government target of returning to near pre-Fukushima levels and the world’s No.3 economy needs to get serious about boosting renewables, a senior executive at a top business lobby said. Under Prime Minister Shinzo Abe’s energy policies, nuclear is supposed to supply a fifth of energy…