Category: INTERNATIONAL
-
Nigeria distributable revenues rose to 305 bln naira in May -finance ministry
Nigeria’s distributable revenues to the three tiers of government rose in May to 305 billion naira ($1.07 billion), up from 281.5 billion in April, boosted by higher oil prices and tax revenues, the finance minister said on Wednesday. Nigeria, an OPEC member with Africa’s biggest economy which relies on crude sales for about 70 percent…
-
Tanzania: World Bank Disburses Funds for Rural Electrification
The World Bank Board of Executive Directors has approved 200m US dollars from the International Development Association for Tanzania Rural Electrification Expansion Programme. A newly approved loan for the programme will connect 2.5 million poor households in rural areas to the national electricity grid over the next five years. The Programme aims to build on…
-
South Africa’s rand steady, caution prevails ahead of British referendum
South Africa’s rand pulled back from seven week highs against the dollar on Wednesday, with traders and analysts expecting caution to prevail on the eve of a British referendum on whether to remain in the European Union. Domestic economic headlines have taken a backseat in moving the currency this week, although inflation data due out…
-
Nigeria: N50 Billion Debt – Amcon Takes Over Jimoh Ibrahim’s Firms, Freezes Accounts
The Asset Management Corporation of Nigeria (AMCON) on Tuesday moved swiftly to enforce the order of the Federal High Court in Lagos which granted the application to restrain NICON Investment Limited, Global Fleet Oil and Gas Limited and their owners, Jimoh Ibrahim, from dealing with any assets or funds belonging to them. Following the court…
-
South Africa:Tshwane violence worrying – economist
Although intra-African National Congress (ANC), election-related, factional violence is being currently ignored by markets trading on external factors, it remains worrying, said emerging markets economist Peter Attard Montalto of Nomura. He said at the moment, nothing is relevant to the market except the imminent Brexit referendum, and a shift to a yet more dovish view…
-
Zambia: Kwacha Hits K11
THE kwacha closed last week trading at K11 against the US dollar, its weakest since last March when it appreciated from K11.50. And financial market analyst Maambo Hamaundu says the local market continues to face low supply of foreign exchange but demand continues to remain substantially high. According to the market experts, the kwacha lost…
-
ANGOLA tops as most expensive city for expatriates in Africa
Angola has topped the chat as the most expensive country for expatriates in Africa. Although the country dropped off the top spot on the global list, remained the highest ranking city in Africa. explaining the changes in this year’s research outcome,Mercer’s Global Mobility Leader for Africa, Carl Van Heerden attributed the changes to various reasons…
-
Nigeria agrees one-month ceasefire with Delta militants, officials say
Nigeria has agreed a one-month ceasefire with militants behind recent attacks on oil facilities in its southern Niger Delta, a petroleum ministry official said on Tuesday, as efforts continue to end the unrest that has pushed crude output to 30-year lows. Militants say they want a greater share of Nigeria’s oil wealth to go to…
-
Kenya’s NIC Bank appointed to assess assets of closed Imperial Bank
Kenya’s NIC Bank has been appointed as a consultant to assess the assets and liabilities of Imperial Bank, which was put into receivership in October after fraud was uncovered, the central bank said on Tuesday. The appointment of NIC Bank, a mid-tier bank, would ensure customers receive more of their deposits after the closed bank’s…
-
Nigeria: Transport Minister Receives Report On Revival of National Shipping Line
The Minister of Transportation, Mr. Rotimi Amaechi, Monday received the committee report he constituted in April to revive the country’s national shipping line. On presentation of the report from the Chairman of the committee, Mr. Olu Olusoji, in Abuja, the minister immediately constituted an implementation committee which he said would be headed by the Chief…