Category: INTERNATIONAL
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Kenya:Moody’s says CBK lacks capacity to handle new crisis
The Central Bank of Kenya is too stretched to deal with potential future banking crisis, a senior Moody’s official has warned. Vice president and senior sub-Saharan Africa banking analyst at Moody’s Financial Institutions Group Akin Majekodunmi Thursday said there is urgent need to revamp the regulator’s capacity to monitor and also handle potential future banking…
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Nigeria: Oil Workers Reach Agreement With Govt, End Strike
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have called off their one-week strike and therefore directed members to resume work at their various stations. It was learnt that the unions decided to call off the strike after the National Executive…
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Nigeria: Tariff Hike Reversal – Electricity Distributors Appeal Judgment
The Association of Nigerian Electricity Distributors (ANED) on Thursday said that it has appealed against the judgment of a Lagos Federal High Court annulling the 45 per cent electricity tariff hike. Sunday Oduntan, the Executive Director of ANED, announced the decision in a telephone interview with the News Agency of Nigeria (NAN) in Lagos. ANED…
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Zimbabwe wants Implats land as $6.7bn mine plan stalls
Zimbabwe has applied for a court order to force an Impala Platinum Holdings unit to sell almost 28 000 hectares of its mining lease to the state, land the government says will benefit the economy. The land, held under a lease by Zimplats Holdings but owned by the state, hasn’t been developed as the company…
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Egypt: Cabinet Approves Several Decisions On Investments, Projects
The cabinet under Prime Minister Sherif Ismail took a number of pro-investment decisions on Wednesday 13/7/2016. During its weekly meeting, the cabinet also approved a number of recommendations pertaining to dispute settlements. The measure aims at overcoming the obstacles faced by investors dealing with a number of government entities. The cabinet also assigned the duties…
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U.K:Pound rises as shares head down
UK shares have dipped further and the pound has edged higher as investors continue to digest the Bank of England’s latest pronouncement. On Thursday, the Bank stunned the markets by keeping interest rates on hold, following speculation that it would cut rates from 0.5% to 0.25%. At the open on Friday, the FTSE 100 was…
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Kenya:1.2m Philips-branded bulbs seized in Kebs anti-fakes crackdown
The Kenya Bureau of Standards (Kebs) has seized 1.2 million Royal Philips-branded light bulbs declared substandard because they failed to meet the durability and output specifications stated by their makers. The bulbs, estimated to be worth Sh50 million, were seized from one of the 13 companies that import the products following persistent consumer complaints on…
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U.S:Major win for Microsoft in ‘free for all’ data case
The US government cannot force Microsoft to give authorities access to the firm’s servers located in other countries, a court has ruled. The decision is being seen as a precedent for protecting the privacy of cloud computing services. The US Department of Justice had wanted to access a server in Ireland, as part of an…
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Nigeria: Naira Dips Further Against Dollar
The Naira on Wednesday dipped further against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. It lost 4 points to exchange at N357 to the dollar, from N353 it traded on Monday. The Nigerian currency also weakened further against the Pound Sterling and the Euro as it exchanged at N462…
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S.A: Zuma endorses efforts to attract investment
The Department of Trade and Industry will in the next few months launch a national one-stop-shop that will be responsible for issuing permits, licences and registering new businesses, President Jacob Zuma said in a written reply to a parliamentary question. Cope MP Deirdre Carter asked Zuma whether government has started efforts to remove red tape…