Category: INTERNATIONAL
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S.A:Brexit hits businesses with overseas operations
The share price of South African businesses with overseas operations will for the foreseeable future continue to be affected by the relative exchange rate in the aftermath of Brexit, says Pieter Fourie, Sanlam Private Wealth’s head of global equities. “Ultimately, the business fundamentals will determine if a dual-listed stock performs well in the long term,…
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Nigerians Split Over Negotiating with Oil Militants
Nigeria’s government is trying to talk its way out of an unfolding crisis in its oil-producing Niger Delta region, but activists and traditional leaders are divided over whether negotiation is the best solution. The minister of state for petroleum, Emmanuel Ibe Kachikwu, says the government wants to work with the Niger Delta Avengers, a militant…
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Kenya:Maersk Oil to focus on Kenya after Qatar contract loss
Maersk Oil, a unit of Danish conglomerate A. P. Moller-Maersk, will focus on building on its operations in the North Sea and in Kenya, after it lost the contract to operate Qatar’s largest offshore oilfield. Maersk Oil owns 25 per cent of of the three exploration blocks owned by Tullow and Africa Oil Corp. France’s…
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Zimbabwe: Allied Timbers Re-Hires Milling Contractors
ALLIED Timbers has re-hired milling contractors to argument production after lifting the suspension, which was also meant to eliminate indiscriminate harvesting of trees. Allied, the State owned company with more than 10 estates in Manicaland, Madlands and Matabeleland provinces, suspended contract milling in January this year.The move was meant to ensure resource sustainability. Allied had…
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Kenya:Equity Bank boss roots for State domestic borrowing
Keeping the government out of the domestic borrowing market will hurt the economy by creating a shortfall in financing of key infrastructure necessary for lowering the cost of doing business, a bank executive says. Equity Bank chief executive officer James Mwangi said the business community expects the government to create an enabling environment by providing…
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South Africa:Rand recovers after two days of Brexit volatility
The rand recovered its footing against the dollar today (Tuesday) after two days of volatile trading spurred by Britain’s decision to leave the European Union. The stock market also got off to a firm start at 08:00, with the Top-40 index adding 1.3%, while the All-share index was up 1%. The rand scaled a session high…
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Nigeria:Africa’s richest man, Aliko Dangote shifts focus from cement to oil and gas
Africa’s richest man, Aliko Dangote, plans to launch Nigeria’s first private crude oil refinery by 2019 while almost doubling his cement production on the continent by adding plants in eight countries as he shrugs off a regional economic downturn. Dangote told Reuters the $12 billion refinery would have a capacity of 650,000 barrels a day,…
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Kenya:Top three mobile operators to pay Sh2.5bn each for 4G licence
Safaricom, Airtel and Telkom Kenya will pay Sh2.5 billion each for the 4G spectrum licence fee that the Communications Authority of Kenya (CA) has said it will start issuing next month upon payment of the fees. Francis Wangusi, the CA director-general, told the Business Daily that the technical committee has approved the issuance of the…
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Zimbabwe: Tobacco Farmers Wipe Out Cash From Banks
The Reserve Bank of Zimbabwe (RBZ)’s decision to channel all tobacco payments through banks as part of a financial inclusion strategy has backfired amid indications producers of the golden leaf are wiping out financial institutions with large withdrawals. A snap survey by businessdigest this week revealed that as cash shortages continue unabated, tobacco farmers are…
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Nigeria: Why Economy Bleeds Despite Oil Exploration – Experts
Experts in the country’s oil and gas sector, have accused the Federal Government and the oil communities of ignorance to contractual agreement signed before exploration and production in the region. This was as they attributed such dysfunction to policies and regulations supposedly meant to guide petroleum operations. Disclosing this at a workshop with journalists organized…