Category: INTERNATIONAL
-
MTN’s Nhleko plans exit amid Nigeria fine optimism
Group executive chair Phuthuma Nhleko, who returned to lead the African wireless company’s negotiations over a record $3.9bn fine in Nigeria, is moving forward with plans to step down in May, according to a person familiar with the matter, a sign he’s confident a resolution will be reached by then. Nhleko won’t step away from…
-
Nigeria agrees currency swap with China to shore up naira, help fund deficit
Nigeria on Tuesday agreed a currency swap deal with China, officials said, as it looks for ways to shore up its ailing currency and fund a record budget deficit, possibly by issuing yuan-denominated bonds in China. The West African nation is facing its worst economic crisis in decades as sinking oil prices eat into its…
-
Uganda’s economy expanded by 2.1 pct in Q2 of 2015/2016 financial year
Uganda’s economy grew by 2.1 percent in the second quarter of 2015/2016 (Jul-Jun) fiscal year from a revised 1.8 percent in the previous quarter, helped by faster expansion in the agricultural sector, official data showed on Tuesday. The East African country’s central bank this month cut interest rates, saying it wanted to stimulate slowing growth…
-
South Africa’s economy seen weighed down by policy uncertainty: IMF
South Africa’s economy is now expected to grow by 0.6 percent in 2016, down slightly from the 0.7 percent seen in January, as weaker exports and policy uncertainty take their toll, the International Monetary Fund said on Tuesday. In its April world economic outlook, the IMF reiterated its GDP growth projection for Africa’s powerhouse Nigeria…
-
Nigeria: Small Businesses Groan As Power, Fuel Crises Defy Solution
The sector that contributes 57.9 per cent of Nigeria’s Gross Domestic Product, GDP, is at risk of closure, as the unending fuel crisis witnessed across the country has started to take its toll on small businesses in Abuja and other parts of the country, since majority of the businesses were now struggling to remain open.…
-
Botswana firm buys 51pc stake in Mara company
Wilderness Holdings Ltd, a Botswana-based firm, has acquired a 51 per cent stake in Maasai Mara camps firm, Governor’s Camp Group of Companies, as it seeks to expand its business in East Africa. Wilderness said it has concluded agreements with Monitor International Ltd (the vendor) to acquire 51 per cent of the shares and shareholder…
-
Senegal plans imminent launch new national airline
Senegal plans to launch a new national airline to replace loss-making Senegal Airlines, which had its air operator’s certificate revoked last month amid mounting debts, Finance Minister Amadou Ba said on Monday. “Senegal has initiated the creation process of a new airline”, he said at a news conference with his French counterpart, Michel Sapin, in…
-
Oakbay CEO says to set up meetings with banks to restore ties
South Africa’s Oakbay Investments will start setting up meetings with banks on Tuesday to try restore relations after the top four lenders cut links with the company amid speculation that its owners, the Gupta family, are wielding undue political influence. Last week, several South African companies, including two major banks, cut ties with Oakbay following…
-
Kenya: Senators Want CBK Governor Patrick Njoroge Questioned Over Collapsed Banks
Senators have asked the Director of Criminal Investigations to question Central Bank of Kenya governor Patrick Njoroge and senior officials under him tasked with monitoring commercial banks saying it was not enough to only target directors of collapsed lenders and let the regulator free. The lawmakers on Monday said customers of Chase Bank and two…
-
Nigeria wants to boost non-oil income by 87%
Nigeria expects its non-oil revenues to nearly double this year as Africa’s top oil producer seeks to offset a slump in oil revenues, according to a presentation seen by Reuters on Monday. President Muhammadu Buhari plans a record 6.06 rn naira ($30.6bn) budget to stimulate Africa’s biggest economy, which has been hammered by a fall…