Category: INTERNATIONAL
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$1.86 bln of Mozambique loans “illegal”, social groups say
A group of 26 Mozambique civil society organisations said on Monday $1.86 billion of government debt arranged by Credit Suisse and Russia’s VTB Bank was illegal and should not be paid. In a joint statement, the organisations said the loans breached a law requiring all borrowing and guarantees longer than a year to be approved…
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Kenya:Pension industry asset growth falls to single-digit rate for first time in 4 years
The pension industry assets for the first time in many years grew by a single-digit rate at 3.3 per cent in 2015, as a tougher investment climate saw equities and offshore investments drop in favour of property and fixed deposits. Official industry data from the Retirement Benefits Authority (RBA) shows the schemes held Sh814.11 billion…
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Nigeria: Sacked Total ‘Workers’ Protest Unfair Treatment
Several workers who worked in the security department of Total E&P Nigeria Limited on Monday protested the non-payment of their severance packages by the company. The protesters, who bore placards and chanted solidarity songs outside the oil multinational’s office in Lagos, accused the company owing them severance benefits after 17 years of service. The former…
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South Africa’s rand steady, focus on current account data
South Africa’s rand steadied early on Tuesday, before the release of current account data later in the day and a Federal Reserve monetary policy meeting this week. At 0648 GMT, the rand traded at 15.1725 per U.S. dollar, largely unchanged from its New York close on Monday. “ZAR is likely to be vulnerable to foreign…
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Rwanda: Manufacturers Call for New Interventions to Spur Exports
The government made a bold move above two years ago to support selected firms from priority sectors of the economy with a view of boosting their capacity so that they are able to improve output and hence increase exports. The move was part of concerted efforts geared at solving challenges affecting the industrial sector, and…
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Nigeria: N94.6 Billion Debt Restructuring Deal Lifts Oando Shares
Shares in Oando Plc rose 13 per cent last week as investors reacted positively to the news of the restructuring of the company’s debt into a N94.6 billion five year facility by 10 banks. Investors had seen Oando as highly geared, a perception that has made its shares unattractive at the stock market despite its…
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South Africa:Gordhan rejects accusations he misused public money
Finance Minister Pravin Gordhan on Friday rejected accusations that he misused public money to set up an investigative unit when he led the SA Revenue Service (Sars). “Neither myself or many of the people who are accused of all sorts of things have ever stolen one cent of public money,” Gordhan said at an event…
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Egypt Discuss Boosting Cooperation With Afreximbank
International Cooperation Minister Sahar Nasr received on Thursday 9/6/2016 President of the African Export-Import Bank (Afreximbank) Okey Oramah where they discussed boosting cooperation ties between Egypt and the Afreximbank as well as supporting regional integrity among the countries of the African continent. During the meeting, Nasr welcomed Oramah, noting that the meeting comes after the…
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Rwanda:IMF helps absorb some trade shocks
Rwanda has had to deal with reduced private flows and prices, and because of that, the country has suffered on the trade front, this is according to Alun Thomas, the International Monetary Fund (IMF) Resident Representative for Rwanda. Above assisting the government with this financial intervention, Thomas said, the IMF was also encouraging the government…
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Kenyan Privately-held firm envisage plans to buy 23 pct stake in Britam
Kenya’s Plum LLP plans to buy a 23.34 percent stake in insurer British-American Investments Co (Britam) that had been seized by the government of Mauritius from a disgraced businessman in 2015, the privately owned firm said on Monday. Plum said it expected the acquisition was expected to be completed by July 31 and would raise…