Category: INTERNATIONAL
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Tanzania gets $7.6 bln loan from China’s Exim Bank for railway
Tanzania has secured a $7.6 billion loan from China’s Export-Import Bank (Exim) to build a railway line that will link it to its neighbours, President John Magufuli’s office said on Wednesday. Tanzania wants to profit from its long coastline and upgrade its rickety railways and roads to serve growing economies in the landlocked heart of…
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Algeria: Prices of Public Industrial Production Up 5.4 Percent in 1st Quarter
The prices of the non hydrocarbon public industrial production increase by 5.4% in the first quarter of 2016 in comparison with the same period 2015, the National Statistics Office (ONS) told APS. The increase is explained by an important hike of producing prices of the mining and quarrying sector (+34.3%) and those of energy products…
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Kenya:Deacons to list on Nairobi bourse after six-year wait
Deacons Kenya plans to list its shares on the Nairobi Securities Exchange (NSE) for Sh15 each valuing the clothing retailer at Sh1.85 billion. The listing by introduction of 123,558,228 shares is scheduled for August 2, at the NSE’s alternative investment market segment (Aims). With the listing the retailer’s shares will stop trading on the over-the-counter…
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Kenya: KRA goes after big banks accused of falsifying bad loans
The Kenya Revenue Authority (KRA) has opened investigations into the activities of eight top commercial banks accused of inflating their stock of bad loans to reduce their tax obligations. The taxman insists that a large stock of the bad loans is the product of irresponsible and insider lending that does not qualify as losses for…
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Nigeria:Delayed budget is the main culprit in the Nigerian recession
The International Monetary Fund (IMF) says it is likely that the Nigerian economy will contract this year. The Bretton Woods institution attributes the impending recession to energy inadequacies and the delayed budget. The delays in the budget’s passing will probably be among the regrets of many Nigerians this year, as analysts believe that it is…
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South Africa generating enough energy to avoid blackouts: Eskom
South Africa’s state power utility Eskom is generating enough electricity to meet demand and avoid chronic power outages that plagued Africa’s most developed economy for most of 2015. “Eskom has sufficient generation capacity to meet peak demand,” Eskom chief executive Brian Molefe told a new conference, adding that the firm expected to avoid blackouts at…
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Algeria: Ink Three Industrial Investment Agreements Worth U.S$4.5 Billion with Indonesia
Three investment agreements worth US$4.5 billion have been inked Monday here between the National Public Companies and Indonesian industrial group. These agreements on joint-ventures were signed by CEO of Group Asmidal Miloud Louhichi and CEO of Manal Messaoud Houfani while the Indonesian side was represented by CEO Group Indorama Corporation, Sri Prakach Lohia. Under these…
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U.S:Microsoft’s cloud unit boosts profits
Microsoft reported substantial growth in its cloud computing unit, which helped to boost quarterly profits. The software giant posted a $3.1bn (£2.4bn) profit for the three months to June. That was far better than the $3.2bn loss for the same period last year when Microsoft booked hefty charges on writing down the value of mobile…
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Europe:Drivers sue Uber over employment rights
Cab hire service Uber has been taken to a London employment tribunal by two of its drivers who claim it is acting unlawfully by not offering holiday and sick pay. Uber, which allows users to book and pay for a mini cab through a smartphone app, is used by up to 30,000 Londoners. The test…
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Asia:Profit taking weighs on stocks, dollar holds gains
Profit taking weighed on Asian stocks on Wednesday after a record run on Wall Street showed signs of petering out, while the dollar hovered near a four-month high against a basket of currencies following upbeat U.S. data. Investors’ risk appetite, which has recovered rapidly from the Brexit shock late in June, received a sobering reminder…