Category: INTERNATIONAL
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Asia:Singapore seizes assets, to take action against major banks in 1MDB probe
Singapore widened a crackdown on alleged money laundering in a probe tied to scandal-hit Malaysian state fund 1MDB, seizing assets and announcing it will take action against some of the biggest banks based in the city-state Singapore authorities said in a statement on Thursday that they had seized S$240 million ($177 million) of assets in…
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Europe:Greek banks reopened with capital controls still in place
After a three-week long shutdown imposed by the government to prevent a banking system collapse, Greek banks opened their doors on Monday, the very first step towards a return to normal after the deal. However, all the capital controls on financial activities remained in place; the daily cash withdrawal limit of €60 has been replaced…
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U.S:Microsoft opens its first flagship retail store
Microsoft Inc. is all set to open its first flagship brick-and-mortar retail store in New York City’s famed Fifth Avenue, just a few blocks away from Apple’s Fifth Avenue Store. It’s a big day for the company that brought us Windows and Office. To celebrate the grand opening of the flagship store in the heart…
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Europe:UK unemployment rate falls to fresh 11-year low
The UK unemployment rate has fallen to 4.9%, the lowest since July 2005, according to official figures. The unemployment total fell to 1.65 million in the March-to-May period, down 54,000 from the previous quarter, the Office for National Statistics (ONS) said. The figures cover the period before the UK vote to leave the European Union.…
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Asian shares at nine-month highs as oil prices, Fed hike views strengthen
Asian stocks climbed to nine-month highs on Thursday, helped by a recovery in global oil prices, while the dollar strengthened against the safe-haven yen on resurgent expectations of a U.S. interest rate hike this year. European shares are expected to buck the trend and open lower before a European Central Bank meeting later in the…
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Kenya:US mining rules turn the heat on Kenya-based oil explorers
New rules requiring oil and mineral companies to disclose all payments made to governments around the world have come into force in the United States, turning the heat on oil exploration and mining firms with operations in Kenya, including Tullow Oil. The newly published industry rules, derived from the Dodd-Frank Wall Street Reform and Consumer…
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Kenya:KQ extends record after tax loss to Sh26.2bn
Kenya Airways announced a record net loss of Sh26.2 billion in the year ended March, widening the Sh25.7 billion net loss the year before. KQ, as the airline is popularly known, suffered from a Sh9.7 billion foreign exchange loss and an acceleration of other costs including interest expenses. Its revenue increased to Sh116.1 billion from…
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Nigeria: FEC Approves New Agric Policy, Farmers May Have to Pay for Security At Farms
Farmers may have to pay for the federal government to provide them with security against kidnappers and other intruders who may want to invade their farms. This was disclosed yesterday by the Minister for Agriculture and Rural Development, Chief Audu Ogbeh, while briefing journalists at the end of the Federal Executive Council (FEC) meeting held…
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S.A:Bank loans beyond reach for Zimbabwe farmers without land titles
Charles Samuriwo, a farmer from the Odzi area north west of Mutare city, cannot hide his frustration. As a beneficiary of Zimbabwe’s controversial programme to redistribute land taken from white farmers, Samuriwo has been working his tobacco farm since 2001. Today he is struggling because 15 years after taking over the farm, he still has…
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South Africa’s Astral weighs job cuts as drought, imports hurt poultry producers
South African poultry producer Astral has to cut jobs, it said on Wednesday, under pressure from high feed prices due to drought and from an over-supplied domestic market. Maize prices in South Africa have hit record highs as an El Nino triggers the largest rainfall shortages in over a century, while cheap chicken imports flood…