Category: INTERNATIONAL
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Egypt Threatens Retaliation Over Italy’s Decision to Halt Aviation Supplies
Egypt said on Wednesday it was considering taking similar measures against Italy, which halted aviation supplies to Egypt in protest over the killing of Italian student Giulio Regeni earlier this year. The Italian Senate voted on June 29 to halt supplies of spare part for F16 warplanes to Egypt over Egypt’s handling of Regeni’s case…
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Nigeria:Shell lifts force majeure on Bonny Light exports
Royal Dutch Shell’s Nigerian division lifted a force majeure on exports of Bonny Light crude oil on Thursday, the latest sign that Nigeria’s oil production is recovering after being hit by militant attacks in its oil-rich delta region. The force majeure was lifted from 09:00 a.m. Nigerian time (0800 GMT) on Thursday, the company said…
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Angola: Sonangol’s Debt Woes
Angola’s state oil giant, Sonangol, is running out of time to prove it has a credible plan to repay US $13 billion in loans it obtained from a syndicate of European banks. The loans’ agreements came with a contractual obligation to produce annual balance sheets showing a healthy ratio of debt to capital and it…
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Kenya Airways to cut 80 jobs in first phase of layoffs
Kenya Airways has commenced its staff rationalisation exercise with 80 staff set to be affected in the first phase of a redundancy plan that will see 600 employees retrenched or moved. KQ, as the national carrier is known by its international code, is laying off the employees as part of cost-cutting measures it is implementing…
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Nigeria: Attacks On Oil Facilities – How Nigeria Economy Lost N1.0 Trillion in Six Months
About N1.0 trillion may have been lost to production shortfalls due to the resurgence of attacks on oil and gas facilities in the Niger Delta, between January and June 2016 as well as various facility related repairs and leakages. In the first quarter, going by the figures of the Central Bank of Nigeria, CBN, at…
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S.Africa should not underestimate ratings downgrades risk – deputy cbank governor
South Africa should not underestimate the risk of credit rating downgrades this year if the ailing economy does not improve, Central Bank Deputy Governor Daniel Mminele said on Wednesday. Pretoria dodged ratings downgrades from Moody’s, S&P Global Ratings and Fitch earlier this year, giving policymakers time to act to strengthen the economy of Africa’s most…
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Zimbabwe: Recover U.S$35 Million, Says House
The Parliamentary Portfolio Committee on Public Accounts says Government must recover about $35 million that was loaned to State parastatals and enterprises through the Infrastructure Development Bank of Zimbabwe in 2010. The committee chaired by MDC-T MP for Mufakose Paurina Mpariwa, made these recommendations in its third report on the findings by the Auditor-General on…
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Nigeria: Fuel Scarcity Looms, As Oil Workers Go On Strike
Nigeria’s senior oil workers union will go ahead with a planned strike on Thursday over some unresolved industry issues with the federal government. The Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), has directed its members to begin a gradual shut down of the industry in protest of job losses, delay in the…
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Uganda: Russian Firm Speaks Out on Failed Refinery Talks
Just days after the government announced publicly it had suspended negotiations with a Russian consortium, RT Global Resources, for the development of the proposed 60,000 barrels per day (Bpd) refinery; the consortium has said it is still interested and open to talks for the project. The coordinator of the consortium, Rostec, a Russian State corporation…
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Kenya:Rotich eases Kibaki, Moi pension pain for taxpayers by Sh22m
Former presidents Mwai Kibaki and Daniel arap Moi will earn less pension in the current financial year after the Treasury reduced the annual allocation to them by Sh22 million, reversing last year’s increment that was seen as burdensome to the taxpayers. The retired presidents have been allocated Sh42 million for pension this year down from…