Category: INTERNATIONAL
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Nigeria:Why We Won’t Allow Buhari Export Crude Oil – Avengers
The Niger Delta Avengers, NDA, weekend, said since President Muhammadu Buhari had decided to shun the demand for legitimate dialogue with militants and stakeholders on the Niger Delta question, it would continue to encumber all avenues by him to export crude oil from the region. Avengers, in an exclusive interview with Vanguard, disclosed that the…
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East Africa:Congo says to repay VAT to mining companies
Congo will pay some $700 million in value-added tax reimbursements owed to mining companies and suspend VAT on their imports, the finance minister said on Friday. The government suspended the reimbursements in April, seeking to shore up the franc currency, but Finance Minister Henri Yav Mulang told Reuters he has instructed the central bank to…
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Nigeria: Inflation Rate to Return to Stability – Economic Research
Nigeria’s inflation readings may close first half positive as research reports indicate a moderation to 15.4 per cent in the month of June 2016, down from 15.6 per cent recorded for the preceding month, May 2016. The trend has been on upswing month-on-month for the past ten months culminating in a huge 6-year high recorded…
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South Africa: Rand sees ‘impressive’ recovery against pound amid Brexit
The rand has seen a 25% recovery against the British pound since January, after Britain voted to leave the European Union on June 24. “The rand has certainly been doing well,” said RMB analyst John Cairns on Monday. “The fall in (the pound to rand exchange rate) has been the most impressive, with moves below…
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Asia stocks hit four-week high, look forward to stimulus
Asian shares enjoyed a relief rally on Monday as upbeat U.S. jobs data soothed immediate concerns about the health of the world’s largest economy, while the prospect of more policy stimulus helped keep sovereign yields near record lows. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS jumped 1.9 percent to a one-month top. Australia…
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U.K. begins hunt for new business after dumping EU
The U.K. has just voted to divorce its biggest trade partner. Now it needs to find new markets, and quickly. Negotiations on the terms of Britain’s exit (Brexit) from the European Union will take years, and that means prolonged uncertainty for exporters. Businesses are clamoring for government to come up with a plan. Two weeks…
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Iran:Oil price stable as Iran boosts crude exports
Oil markets will remain stable this year even as Iran plans to keep boosting crude exports to regain the market share it lost due to sanctions, according to a senior official at state-run National Iranian Oil Company. Iran exports about 2 million barrels of its daily output of 3.8 million, said Mohsen Ghamsari, NIOC’s director…
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S.African economy could weaken further in the third quarter, warns economist
The International Monetary Fund revised South Africa’s growth prospects down to 0.1 per cent from 0.6 per cent for 2016. “South Africa faces significant challenges and needs decisive action to revive growth,” the IMF said in its latest economic review.” Among others, the IMF cited low growth amid China’s slowdown and global financial volatility, political…
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Nigeria Skye Bank shares at three-month low on central bank action
Shares in Nigeria’s Skye Bank sank to a three-month low on Friday, as investors continued to sell after the central bank replaced Skye’s top executives this week. Skye Bank shed 8.4 percent on its second day of trading after the central bank’s intervention on Monday. The regulator replaced Skye’s bosses after it failed to meet…
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Egypt: Sisi Urges Maintaining Measures to Reduce Public Debt, Increase Foreign Reserve
President Abdel Fattah El Sisi underlined on Saturday 9/7/2016 the importance of taking all necessary measures to continue reducing public debt and increasing foreign reserve. The remark was made at a meeting with Prime Minister Sherif Ismail, Governor of the Central Bank of Egypt Tarek Amer and Finance Minister Amr El Garhy. The president stressed…