Category: INTERNATIONAL
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Kenya:Rotich prolongs consumers pain with delayed tax relief
Kenyans will have to wait longer for some of the tax benefits that Treasury secretary Henry Rotich announced in his Budget Speech earlier this month, even as they suffer the pain of new taxes that took effect immediately, the Business Daily has learned. The implementation of beneficial tax measures such as reduced Pay-As-You-Earn (PAYE) for…
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Zimbabwe: Govt Sets Aside U.S.$52 Million for Cotton Farmers
GOVERNMENT has set aside $52 million to support cotton farmers with inputs this farming season. According to Cotton Company of Zimbabwe managing director Engineer Chris Murove, 400 000 hectares will be put under cotton. He said this during a meeting with cotton farmers in Gokwe-Nembudziya over the weekend. Eng Murove said Cottco was ready to…
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Nigerian Equity Market Drops Further By 0.89 Percent
The market indices of the Nigerian Stock Exchange (NSE) on Tuesday, dropped further by 0.89 per cent due to persistent sell pressure embarked by some investors. The All-Share Index lost 264.99 points or 0.89 per cent to close at 29,575.24 against 29,840.23 recorded on Monday. Also, the market capitalisation which opened at N10.248 trillion shed…
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South Africa:Rand shows muscle after oversold levels of Brexit
The rand clawed back further ground against the dollar on Wednesday, pulling back from recent oversold levels after a British vote to exit the European Union triggered a flight from risky assets. Government bonds also firmed, and the yield for the 2026 benchmark instrument fell 12.5 basis points to 8.785%, its lowest in nearly 7…
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Algeria: Lower House Adopts Bill On Investment
The People’s National Assembly (Lower House of Parliament) adopted Monday by majority the bill on the promotion of investment in a plenary session chaired by Mohamed Larbi Ould Khelifa, Speaker of the Assembly, in the presence of Minister of Industry and Mining Abdessalem Bouchouareb. Among the 274 voices, the Party of Workers voted against the…
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Nigeria: Court Summons EFCC, Zenith Bank to Defend Freezing of Fayose’s Account
The Federal High Court, Ado-Ekiti, has summoned the Economic and Financial Crimes Commission and the Zenith Bank Plc to show why an order exparte to unfreeze Governor Ayodele Fayose’s accounts now before it should not be granted. Presiding judge, Taiwo Taiwo, gave Monday, July 4, 2016 for the EFCC (1st defendant) and the bank (2nd…
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Kenya’s major power line to remote north to be ready this year
A major new power line that will connect the remote northern region of Kenya to the national grid, and will be used to transmit wind power, should be completed by the end of this year, a senior government official told Reuters on Tuesday. The East African nation is ramping up electricity production and investing in…
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Angola’s central bank sanctions seven banks
Angola’s central bank said on Tuesday it will sanction seven financial institutions for failing to comply with foreign exchange rules, but did not state the specific breaches or the sanctions it would take. In a statement posted on its website, the central bank named the banks, which include Angolan Bank SA Investments and the local…
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Nigeria’s Buhari questions benefit of currency float
Nigeria’s President Muhammadu Buhari on Monday told a gathering of business leaders that he did not see the benefit of the naira’s currency peg against the U.S. dollar being removed. Nigeria’s central bank abandoned the naira’s 16-month old exchange rate peg, of 197 naira to a dollar, a week ago in an effort to alleviate…
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Nigeria Will Be Self-Sufficient in Rice Production in 18 Months – Buhari
President Muhammadu Buhari on Monday in Abuja said his administration would make Nigeria self-sufficient in rice production within 18 months. The president, who was speaking at the Ramadan breaking of fast with members of the business community, said 13 states of the federation had been identified for the production of the crop. He said the…