Category: INTERNATIONAL
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Zim poses high risk for trade and investment – survey
Zimbabwe has been ranked 31st out of 53 countries across Africa in BMI Research’s latest operational risk index. According to BMI Research, a Fitch Group company, the highest risk in Zimbabwe is related to trade and investment. “The combination of endemic corruption, weak rule of law, restrictions of foreign investment and a lack of its…
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Zimbabwe:Drought restricts imports to stem dollar outflow
Zimbabwe has imposed restrictions on imports of a list of basic goods, mainly from South Africa, to protect local industries and stem an outflow of scarce dollars from the drought-hit economy, industry minister Mike Bimha said on Wednesday. Importers of the affected products – from bottled water to furniture and canned beans to fertlisers according…
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Nigeria: Oil Exports On Course Despite Militants’ Attacks
Nigeria in May exported 1.89 million barrels per day, contrary to fears that crude export has dropped to as low as 1.3 million barrel per day. Data released by Windward, a maritime intelligence firm showed that Nigeria’s crude oil exports in May dropped by just 62,000 barrels per day (bpd) from April, with exports still…
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Egypt: Govt Agrees to 7 Percent Increase in Pay Raise – Minister
The Egyptian government is keen on increasing the annual pay raise from 5 to 7 percent, said Planning Minister Ashraf el Araby. The government respects a decision by the manpower committee of parliament to increase the annual increment, Araby said, agreeing to the fact that wages are low in Egypt. But the financial and economic…
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Kenya:Power generation, irrigation get Sh12.1bn more in mini budget
Power generation and irrigation will get an additional Sh12.1 billion in the second mini budget prepared by the National Treasury, hardly eight days to the close of the current financial year. The Sh14.7 billion Supplementary Budget tabled in Parliament by Majority Leader Aden Duale, shows that the Ministry of Energy and Petroleum will get the…
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Egypt: U.S Investments in Egypt Fell By 85.9 Pct. in 2015 – Capmas
U.S. investments in Egypt have retreated during the past year by 85.9 per cent compared to investments made in 2014, the state’s official statistics agency said on Wednesday. The Central Agency for Public Mobilisation and Statistics (CAPMAS) said in a statement that Egypt’s imports from the U.S. fell by 11.3 per cent in 2015, to…
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Nigeria:Investors cheer currency float but won’t rush back yet
Nigeria’s swift one-step move to a floating currency has been welcomed by investors but most nonetheless will stay away until Africa’s biggest economy shows signs of recovering from damage inflicted by the 16-month old exchange rate peg. Nigeria this week finally ditched the peg that had throttled foreign exchange markets, led to widespread capital flight…
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South Africa’s rand firmer, eyes on British referendum
South Africa’s rand extended gains against the dollar in early trade on Thursday as cautious optimism that British voters would opt to stay in the European Union in the session helped risk appetite. At 0635 GMT, the rand traded at 14.5920 per dollar, 0.2 percent firmer from its New York close on Wednesday. The currency…
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Kenya:Weaker shilling makes life cheaper for Nairobi expats
A weaker shilling and low inflation rate helped Nairobi to improve its standing on the list of the world’s most expensive cities for expatriates, the latest global cost of living report says. The report by New York-based consultancy Mecer shows that the Kenyan capital improved 12 places from last year to stand at position 116…
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South Africa’s Eskom raises wage offer to union to 7 pct: NUM
South African power utility Eskom has raised its wage offer to 7 percent from 5.75 in negotiations with workers, the National Union of Mineworkers (NUM) spokesman said on Wednesday. “NUM is going to seek a mandate from its members about Eskom’s latest offer, then we will respond to the management,” Livhuwani Mammburu said. The offer…