Category: INTERNATIONAL
-
S.Africa rating downgrades could lead to capital outflows -central bank
The impact of a possible further ratings downgrade on the South African economy and financial system could lead to increased capital outflows, the central bank said on Tuesday. Ratings agencies have warned of possible ratings cuts should Pretoria show a lack of commitment to reining in its budget deficit. The warnings came after President Jacob…
-
Dubai eager to invest in SA
Chairman of the Dubai Chamber of Commerce and Industry, Majid Saif Al Ghurair, firmly believes that South Africa remains the gateway to the continent. He says the country’s current low economic growth rate can be turned around very quickly if changes to legislation are made that will open up key sectors of the economy to…
-
Nigeria to stay in MSCI Equity Indexes
Early last month MSCI announced it is considering removing Nigeria from the MSCI Frontier Markets Index given restrictions on the country’s currency trading and the resulting deterioration of its forex liquidity impacting investors’ ability to repatriate capital. On Tuesday it revealed that it will apply special treatment to Nigeria in the MSCI Equity Indexes, see…
-
Rotich refers MPs to Uhuru on CBK board nominees list
Treasury secretary Henry Rotich has asked MPs to demand the list of nominees for the Central Bank of Kenya board from President Uhuru Kenyatta who is the appointing authority. Mr Rotich said he has no power to submit the list of the nominees to Parliament after MPs amended the CBK Act to give the power…
-
CEO of Nigeria’s Fidelity Bank remains in custody, shares down
The chief executive of Nigeria’s Fidelity Bank remained in custody on Tuesday, having been detained last week by the country’s financial crimes agency, prompting the lender to appoint a temporary replacement. A spokesman for Nigeria’s Economic and Financial Crimes Commission (EFCC) said the agency obtained a court order to detain Fidelity Nnamdi Okonkwo and that…
-
Tunisia: Travel Agencies Explore New Products in Turkey
Turkish airlines plans to increase the number of its flights from Tunis, to 3 flights daily, against 2 presently, to move from 14 flights to 21 flights a week, according to Huzefe Akhan, marketing official in Turkish Airlines Tunisia. For this company, ranking first in Europe, the Tunisian market is its first Maghreb market. In…
-
Rwanda: Egypt, Rwanda in New Drive to Boost Trade
The government of Rwanda and the Republic of Egypt have pledged to enhance bilateral economic relations between the two countries. Namira Nabil Mohamed the Egyptian Ambassador to Rwanda, said Egypt will continue to support Rwanda’s aspirations to become a middle income economy through shared experiences, knowledge and technical knowhow. It will also continue to encourage…
-
Tunisia: Parliament Approves Non-Double Taxation Protocol Between Tunisia and Luxembourg
The House of People’s Representatives (HPR) has approved at a plenary session on Tuesday the protocol signed on July 8, 2014 in Brussels on the amendment to the agreement signed in Luxembourg between Tunisia and the Grand Duchy of Luxembourg (March 1996) to avoid double taxation and fight against tax evasion. The purpose of this…
-
Rwanda says in talks with IMF for short-term facility to support forex reserves
Rwanda is in talks with the International Monetary Fund for a short-term credit facility to help it support its foreign exchange reserves in anticipation of them dwindling in future, Finance Minister Claver Gatete said on Friday. “This is a stand-by short term credit facility. Our situation is still okay. It is still okay because we…
-
World Bank delays aid to Mozambique pending debt analysis: spokesman
The World Bank is delaying approval of further development loans to Mozambique pending a debt sustainability analysis to be conducted with the International Monetary Fund, a spokesman said on Wednesday. The IMF said last week Mozambique had admitted to having more than $1 billion of undisclosed debt and that the two parties were evaluating the…