Category: INTERNATIONAL
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South Africa’s Treasury says not yet approved Denel deal with Gupta firm
South Africa’s Treasury said on Wednesday it was still considering an application by state-owned arms manufacturer Denel to do business with a company owned by the Gupta family, which has been under scrutiny over its alleged close ties to President Jacob Zuma. South Africa’s top banks and some audit firms recently cut ties with the…
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Heathrow slot sale earned Kenya Airways Sh5.3 billion
National carrier Kenya Airways earned Sh5.3 billion from the sale of the prized London Heathrow landing slot. The figure was revealed Wednesday in a report by Standard Investment Bank (SIB) based on an analysts’ briefing with the airline. “The disposal of KQ’s London morning arrival slot was made in conjunction with Air France, which sold…
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SA needs to participate more in its oil and gas infrastructure
South Africa’s first black-owned and operated fuel distributor celebrates its 20-year anniversary this year and, while happy to reflect on the past 20 years, the company is eager to shape the future of the industry in a much more significant way in the years ahead. “We have stuck it out and grown ourselves to the…
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Emirates increases baggage allowance on all Africa routes
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Emirates, the world’s largest international airline with an extensive network across Africa, is set to increase its free baggage allowance for customers travelling on all its flights originating from destinations across the continent. Starting from 15 April 2016, all Emirates customers travelling in any of the airline’s three cabin classes on outbound African flights will…
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Nigeria’s fuel crisis: How some are finding business opportunities amid the chaos
It’s 7:30 am in Victoria Island, Lagos and across the road from Oniru, a suburb in the city, cars are piled up in front of the Total petrol station. There is also a separate line of about 100 people with empty yellow containers waiting to be filled. Toke Ogunlesi, founder of GQ Shoes, a local…
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Zimbabwe- World’s once-biggest gem field idle as $13bn said stolen
At Zimbabwe’s biggest diamond field, cattle that strayed through a sagging fence graze unattended near idled dump trucks and conveyors as police stop and check visitors’ vehicles for clearance. Security forces and state-owned Zimbabwe Consolidated Diamond Co. on Feb. 22 took over the deposits in Marange, the biggest source of diamonds by volume in 2013,…
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Bankers seek key court ruling on loan charges in class action suit
Commercial banks have asked the High Court to rule on whether they have been levying illegal charges on borrowers over the years, in a pivotal ruling that could determine the direction of two class action suits filed against the lenders. The Kenya Bankers Association (KBA) wants the court to examine all evidence provided by an…
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Algeria: Growth in Algeria Will Remain At 3.4 Percent in 2016, According to the IMF
Growth in Algeria will be sustained and should establish at 3.4% in 2016, against 3.5% in 2015, according to the International Monetary Fund’s (IMF) latest forecasts, published Tuesday in Washington. For 2017, the IMF foresees a slight decrease in economic growth at 2.9%, but this rate is expected to improve and rebound to 3.4% in…
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Sudan: Finance Minister Participated in a Conference of Government Investment Funds in Rabat
The Minister of Finance and Economic Planning Badr-Eddin Mahmoud has been participating in the business of the Second Annual Conference of the Government Investment Funds of the member states at the Islamic Development Bank Group, which kicked off Tuesday in the Morocco’s Capital, Rabat and lasts for two days. The conference will discuss the experiences…
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Cape Town-S.A Alleged Ponzi scheme exonerated
Alleged pyramid scheme DiPESA has been exonerated by the National Consumer Commission (NCC) after an investigation showed that the business was “legitimate”. In September 2015 the NCC launched a preliminary investigation into nine suspected pyramid schemes to establish whether they were in contravention of the provisions of the Consumer Protection Act (CPA) and its regulations.…