Category: INTERNATIONAL
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Kenya:CBK, Deloitte on the spot over change of Chase Bank results
The Central Bank of Kenya (CBK) allowed audit firm Deloitte to alter and publish Chase Bank’s 2014 financial results as part of Deloitte’s cover-up of the reporting mess it created in the classification of the lender’s controversial Islamic assets, it has emerged. Documents that Chase Bank directors submitted to Parliament last week show that Deloitte…
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Cote d’Ivoire: Coffee Business Brewing in Ivory Coast
Most of the coffee beens come to the world market from African countries like Ivory Coast, but few companies roast and package them locally. However, things started to change slowly and some of the Robusta variety is now being processed for local consumption. “International brands are coming to Ivory Coast. They have understood and realised…
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Nigeria: We’ll Shut Oil Sector in 7 Days If… – Pengassan
Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has threatened to shut the nation’s oil sector over alleged anti-labour practices by employers, handing down a seven day ultimatum to government to call the affected employers to order. PENGASSAN in a statement weekend warned that it would not hesitate to direct members to withdraw…
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Tanzania: Development Programme to Improve Employment for 30,000 Youth
At least 30,000 youth will benefit from a new skills improvement programme that will promote the expansion as well as the quality of skills development opportunities in key economic sectors in Tanzania. A statement issued by the World Bank said that the Education and Skills for Productive Jobs (ESPJ) Programme for results approved by the…
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Algeria: Benefits Planned By Investment Bill Will Not Affect Public Treasury, Assures Bouchouareb
The incentives and tax exemptions granted to investors in the bill on investment promotion, debated in the Lower House, seek wealth generation and job creation, Minister of Industry and Mines Abdessalam Bouchouareb said Tuesday. The minister was answering MPs questions, following the discussions of the investment bill, in a Lower House session chaired by Speaker…
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Zimbabwe delays military pay over dollar shortage
Army and airforce personnel in Zimbabwe will be paid two weeks after their usual payday because the cash-strapped finance ministry can’t meet its wage obligation on time. The southern African nation spends about 83% of the revenue it collects paying government workers, according to Finance Minister Patrick Chinamasa. A shortage of dollar notes in recent…
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South Africa:MTN finally hires a new CEO
Africa’s biggest mobile network by subscribers, MTN Group, has finally moved to appoint a new chief executive officer following months of upheaval at the company. The company announced to shareholders on Monday morning that its board has moved to appoint Rob Shuter as its new group president and CEO. Shuter is set to head up…
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Rwanda: Central Bank Steps Up Efforts to Check Effects of Dollar Shortage
The National Bank of Rwanda (BNR) has responded to the prevailing US Dollar shortage by increasing the volumes and frequency of supply into the market. The intervention follows dollar shortage in the market that players say has persisted for close to two weeks. Speaking in an interview, Chantal Kasangwa, the BNR director-general for operations, said…
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Nigeria’s naira set to devalue as market trading begins
Nigeria’s naira is expected to lose around a third of its value when market trading begins on Monday, bringing to an end the central bank’s much-criticised fixed exchange rate system. The naira has been pegged at 197 to the U.S. dollar for the past 16 months but the currency trades at around 350 on the…
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Egypt: Location of Doomed Egyptair Flight’s Black Box Detected – Sources
A naval vessel has detected the location of one of the two recorders of the doomed EgyptAir flight that plunged into the Mediterranean in May, sources from the Egypt-led investigative committee said Thursday. The French vessel John Lethbridge “has detected the location of one of the plane’s black boxes,” the sources said. The committee had…