Category: INTERNATIONAL
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South African black lobby disappointed by MTN’s new white CEO
South Africa’s Black Management Forum (BMF) said it was disappointed by the appointment of white South African Rob Shuter as MTN Group’s new CEO and viewed it as a serious blow to giving blacks a larger role in business. The forum, which lobbies for black rights, criticised the mobile phone operator’s decision saying it was…
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Kenya:Naira devaluation might hit exchange inflows
The intended devaluation of the Nigerian Naira is likely to see dollar investors pump capital into Lagos stocks in pursuit of cheap assets at the expense of the Nairobi Securities Exchange (NSE), a senior economist says. Renaissance Capital global chief economist Charles Robertson told Bloomberg that in the medium term, Nigerian investments are set to…
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NIGERIA: Fitch downgrades Nigeria
Fitch Ratings has downgraded Nigeria’s Long-term foreign currency Issuer Default Rating (IDR) to ‘B+’ from ‘BB-‘ and Long-term local currency IDR to ‘BB-‘ from ‘BB’. The Outlooks are Stable. The issue ratings on Nigeria’s senior unsecured foreign-currency bonds have also been downgraded to ‘B+’ from ‘BB-‘. The Country Ceiling has been revised down to ‘B+’…
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Algeria’s Trade Deficit Hits U.S.$9.8 Billion in First Five Months
Algeria’s trade balance has recorded a deficit of US$9.8 billion in the first five months of 2016, against US$7.23 billion during the same period in 2015, up by 35.5%, said the Algerian Customs’ National Centre of Data Processing and Statistics (CNIS). Exports have sharply dropped to US$9.82 billion between January and May 2016, against US$15.39…
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Morocco: Cameroon-Morocco – Ever-Growing Bilateral Relations
Major highlights are in education, training, trade and the effective contribution of Moroccan private enterprises in boosting Cameroon’s socio-economic sector. For over 50 years now, relations and cooperation ties between Cameroon and the Kingdom of Morocco have been growing from strength to strength with the Moroccan government offering training scholarships to Cameroonian students. Ambassador Lahcen…
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SA’s financial institutions can withstand Brexit shock – Zuma
President Jacob Zuma has said government will “advise the South African public” about unfolding developments where necessary around the outcome of the Brexit referendum. He also said South Africa would continue with strong trade and financial relations with Britain and the European Union. Just under 52% of the electorate in Britain voted on Thursday to…
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Uganda Airlines to Fly Again, Says Museveni
After nearly two decades in limbo, Uganda Airlines, a national carrier, could fly again after President Museveni, in his first address to the new Cabinet yesterday termed the lack of a national airline “a big shame,” criticising Kenyan, Ethiopia and South African “brothers” for ditching the comradeship and instead opting to exploit Ugandans. The president…
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NIGERIA:Africa’s richest man got a fistful of dollars in Nigerian currency squeeze
As Nigeria grapples with a foreign exchange crisis, one person stands out in the scramble to obtain hard currency: Aliko Dangote, Africa’s richest man. When the government restricted the supply of dollars in June 2015 to prop up the value of the Nigerian naira, firms owned by Dangote landed a healthy share of dollars available…
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South Africa:Brexit sends rand diving worse than Nene firing
The rand plunged more than the day President Jacob Zuma fired former finance minister Nhlanhla Nene on Friday as the UK voted to leave the European Union (EU).’ The rand dropped over 7.8% from midnight to Friday morning at 6:30 from R14.33 to R15.45, according to Adam Phillips of Umkhulu Consulting. The rand plunged just…
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Kenya:Central Bank says ready for Brexit
The Central Bank of Kenya Friday said it is ready to intervene and minimize disruption in money markets, as Britain voted to exit the EU. “The Central Bank of Kenya stands ready to intervene in the money and foreign exchange markets to ensure their smooth operation” the regulator said as Britons voted to leave the…