Category: INTERNATIONAL
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Nigeria:Brent oil falls below $50 as Nigeria ups production
Oil prices retreated in Asia on Tuesday, with Brent easing below $50 on news of increased production from Nigeria following the repair of infrastructure damaged in militant attacks. Bloomberg News reported on Tuesday that Nigeria, Africa’s biggest oil producer, pumped an average 1.53 million barrels a day last month, up around 90 000 a day…
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Algeria Catches Its Full Annual Quota of Bluefin Tuna
Algeria has caught its full annual quota of bluefin tuna, 450 tonnes, as set by the International Commission for the Conservation of Atlantic Tunas (ICCAT), said the Ministry of Agriculture, Rural Development and Fishing in a communiqué. The eleven Algerian tuna fishing vessels authorized to participate in the 2016 season, from 26 May to 24…
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Zimbabwe: ‘Import Controls to Boost Capacity, Save Jobs’
Nestle Zimbabwe says measures taken by Government to restrict certain imported products will allow it to fully utilise the idle capacity into which it had recently invested. Country manager for Zimbabwe Ben Ndiaye said the company has invested $30 million over the past five years, demonstrating its commitment to Zimbabwe. As such, he said to…
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Nigeria:Crisis Looms, As Oil Workers Mobilise Nationwide Strike Over Unresolved Issues
One of Nigeria’s oil workers unions, the Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), has directed its members to prepare for strike from Thursday over some unresolved industry issues with the federal government. In a statement, Monday, PENGASSAN directed its four zones to sensitize members for the planned strike. The statement, signed…
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Kenya:Forex reserves dip by Sh28bn as CBK fights to stabilise shilling after Brexit
Kenya’s foreign currency reserves plunged by Sh28 billion last week as the Central Bank of Kenya (CBK) used its fire power to stabilise the market in the wake of financial markets’ turmoil that followed Britain’s recent vote to leave the European Union. The CBK’s reserves stood at $7.237 billion (Sh732.45 billion) at the end of…
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Nigeria: U.S. Will Block Stolen Nigerian Funds From American Banks – Envoy
The outgoing United States Ambassador to Nigeria, James Entwistle, has assured that the US is committed to ensure no stolen public funds from Nigeria are laundered through American banks. Entwistle said that the Obama administration was committed to stand with Nigeria in its fight against corruption. According to him, the U.S. government has offered technical…
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Kenya:Rotich’s taxes on locally made cars put 10,000 jobs at risk
Nearly 10,000 vehicle and motorcycle assembly jobs are at risk of disappearing in the wake of the recently introduced excise taxes on locally assembled vehicles, industry officials said. The assemblers said they had already retrenched 415 workers in the first five months of the year in response to a slowdown in business associated with the…
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Algeria:Total files arbitration against oil tax change
French oil major Total has filed a request for arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s, chief executive Patrick Pouyanne said on Saturday. “We tried as always to find a mutual agreement first, it failed, so we decided that we would seek arbitration,” Pouyanne told Reuters on…
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Zimbabwe: NSSA Faces $1,7 Million Lawsuit
National Social Security Authority (NSSA) guaranteed $17,5 million in loans extended to a private company, Africom (Pvt) Ltd, by Stanbic Bank Zimbabwe Limited in 2011 and 2013. Africom failed to pay back the full amount with around 10 percent ($1 712 475,59) still outstanding. Stanbic Bank a fortnight ago issued summons at the High Court,…
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South Africa:Brown suspends pay hikes for Eskom execs
Public Enterprises Minister Lynne Brown is holding off remuneration increases for Eskom’s executives, but she approved a 4.6% increase for non-executives. “Public Enterprises Minister Lynne Brown … approved a below inflation increase of 4.6% in non-executive remunerations for the company, and has decided to defer the decision regarding remuneration increases for Eskom’s executives,” the power…